IPLA Trading Co Limited Filleted accounts for Companies House (small and micro)

IPLA TRADING CO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00534592

IPLA Trading Co Limited

Filleted Unaudited Financial Statements

31 October 2018

IPLA Trading Co Limited

Financial Statements

Year ended 31st October 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

IPLA Trading Co Limited

Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£

Current assets

Debtors	5	377	1,297
Cash at bank and in hand		32,429	6,441
		--------	-------
		32,806	7,738

Creditors: amounts falling due within one year	6	8,255		4,452
		--------		-------
Net current assets			24,551	3,286
			--------	-------
Total assets less current liabilities			24,551	3,286
			--------	-------
Net assets			24,551	3,286
			--------	-------

Capital and reserves

Called up share capital	200	200
Profit and loss account	24,351	3,086
	--------	-------
Shareholders funds	24,551	3,286
	--------	-------

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 comprehensive income has not been delivered.

For the year ending 31st October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 18 January 2019 , and are signed on behalf of the board by:

M Del Canto
Director

Company registration number: 00534592

IPLA Trading Co Limited

Notes to the Financial Statements

Year ended 31st October 2018

1. General information

The principal activity of the company during the year was that of sale and supply of parts and components for machinery to the plastics industry. The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 101 Brunswick Quay, Greenland Dock, Surrey Quays, London, London, SE16 7PX.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover shown in the profit and loss accounts represents revenue earned during the year exclusive of Value Added Tax.

Taxation

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	20% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1st November 2017 and 31st October 2018	299	299
	----	----
Depreciation
At 1st November 2017 and 31st October 2018	299	299
	----	----
Carrying amount
At 31st October 2018	–	–
	----	----
At 31st October 2017	–	–
	----	----

5. Debtors

	2018	2017
	£	£
Trade debtors	–	1,297
Other debtors	377	–
	----	-------
	377	1,297
	----	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	8	9
Amounts owed to group undertakings	3,109	2,206
Corporation tax	4,988	1,603
Social security and other taxes	–	134
Other creditors	150	500
	-------	-------
	8,255	4,452
	-------	-------

7. Related party transactions

The company was under the control of Mr M Del Canto throughout the current and previous year. Mr M Del Canto is the managing director and majority shareholder. Management charges of £882 (2017: £772) in the accounts was payable to Industrial Plastics Limited, a company controlled by Mr M Del Canto who is a director of this company. At the year-end an amount of £3,109 (2017: £2,206) was due to Industrial Plastics Limited, a company controlled by Mr Del Canto who is a director of this company.