Ingleton 7 Limited Filleted accounts for Companies House (small and micro)

Ingleton 7 Limited Filleted accounts for Companies House (small and micro)

INGLETON 7 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09253601
Ingleton 7 Limited
Filleted Unaudited Financial Statements
31 March 2018
Ingleton 7 Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Ingleton 7 Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Current assets
Stocks
1,156,345
1,152,514
Debtors
5
970
555
Cash at bank and in hand
9,418
3,348
------------
------------
1,166,733
1,156,417
Creditors: amounts falling due within one year
6
1,159,800
1,155,648
------------
------------
Net current assets
6,933
769
-------
----
Total assets less current liabilities
6,933
769
-------
----
Net assets
6,933
769
-------
----
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
6,833
669
-------
----
Shareholders funds
6,933
769
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 December 2018 , and are signed on behalf of the board by:
Mr M J Parker
Director
Company registration number: 09253601
Ingleton 7 Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Average number of employees
During the year the average number of employees was 3 (2017: 3) which consisted of the directors only.
5. Debtors
2018
2017
£
£
Other debtors
970
555
----
----
6. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
79
–
Accruals and deferred income
2,600
5,805
Corporation tax
1,446
168
Director loan accounts
1,153,815
1,149,675
Other creditors
1,860
–
------------
------------
1,159,800
1,155,648
------------
------------
The directors G A Macfarlane and M J Parker have a formal charge over all the freehold land and buildings owned by the company.
7. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
100
100.00
100
100.00
----
--------
----
--------
8. Related party transactions
At the year end the company owed the directors £ 1,153,815 (2017: £ 1,149,675 ) which is shown amongst creditors. During the year, the company was invoiced expenses of £1,279 (2017: £2,693) from a company in which a director of Ingleton 7 Limited is also a director.