Island Wall Limited - Period Ending 2014-03-30

Registration number: 04551917

Island Wall Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 March 2014
 

Island Wall Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Island Wall Limited
(Registration number: 04551917)
Abbreviated Balance Sheet at 30 March 2014

		Note			30 March 2014 £			30 March 2013 £
Fixed assets
Tangible fixed assets		2			-			97
Current assets
Debtors		3			55,454			46,271
Cash at bank and in hand					486			-
					55,940			46,271
Creditors: Amounts falling due within one year					(29,454)			(24,255)
Net current assets					26,486			22,016
Total assets less current liabilities					26,486			22,113
Provisions for liabilities					(23,762)			(23,762)
Net assets/(liabilities)					2,724			(1,649)
Capital and reserves
Called up share capital		4			200			200
Profit and loss account					2,524			(1,849)
Shareholders' funds/(deficit)					2,724			(1,649)

For the year ending 30 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 30 December 2014
 

 

.........................................
R Hunter
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Island Wall Limited
Notes to the Abbreviated Accounts for the Year Ended 30 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

The business recognises revenue under an assignment for a client when and to the extent that it obtains the right to consideration in exchange for its performance. At that time, the business recognises a new asset in the form of accrued income within debtors.

Revenue recognition

The business recognises revenue under an assignment for a client when and to the extent that it obtains the right to consideration in exchange for its performance. At that time, the business recognises a new asset in the form of accrued income within debtors.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Office equipment	25% straight line, per annum

Deferred tax

Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised only to the extent that it is likely that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax liabilities and, where recognised, assets are not discounted.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Provisions

Provisions are recognised by the company when:

- it has a present obligation (legal or constructive) as a result of a past event

- it is probable that a transfer of economic benefits will be required to settle the obligation; and

- a reliable estimate can be made of the amount of the obligation.

Page 2

Island Wall Limited
Notes to the Abbreviated Accounts for the Year Ended 30 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 31 March 2013		391			391
At 30 March 2014		391			391
Depreciation
At 31 March 2013		294			294
Charge for the year		97			97
At 30 March 2014		391			391
Net book value
At 30 March 2014		-			-
At 30 March 2013		97			97

3

Debtors

Debtors includes £11,004 (2013 - £8,687) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

	30 March 2014						30 March 2013
		No.			£			No.			£
Ordinary Shares of £ 1 each		200			200			200			200

5	Advances to director

At 31 March 2013 the director's loan account of Mr R Hunter had a debit balance of £34,745. During the year the company made advances totalling £26,843 to Mr Hunter and Mr Hunter repaid a total of £17,577 to the company. The maximum debit balance on the account during the year was £47,350. At 30 March 2014 the director's loan account of Mr Hunter had a debit balance of £44,011. Advances to Mr Hunter and the balance on the loan account are unsecured, interest-free and repayable on the company's demand.

Page 3