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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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IC CONSTRUCTION LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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IC CONSTRUCTION LIMITED |
IC CONSTRUCTION LIMITED (REGISTERED NUMBER: 03813941) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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IC CONSTRUCTION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
IC CONSTRUCTION LIMITED (REGISTERED NUMBER: 03813941) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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IC CONSTRUCTION LIMITED (REGISTERED NUMBER: 03813941) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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IC Construction Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that |
are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimate |
are recognised in the period in which the estimate is revised where the revision affects only that period. or in the |
period of the revision and future periods where the revision affects both current and future periods. There are no |
significant judgements or estimates involved in the preparation of the financial statements. |
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Revenue |
Revenue represent the value, net of value added tax and discounts, of goods provided to customers and work |
carried out in respect of services provided to customers. |
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Revenue is recognised when the work is complete. |
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Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment |
losses.Such cost included costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated |
residual value over their expected useful lives, on the following basis: |
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Plant and machinery | 20% reducing balance method |
Motor vehicles | 20% reducing balance method |
Office Equipment | 25% straight-line method |
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The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances |
indicate the carrying value may not be recoverable. |
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Inventories |
Inventories have been valued at the lower of cost and estimated selling price less costs to sell. |
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In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to |
the stage of manufacture/completion. |
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Financial instruments |
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using |
the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets |
classified as receivable within one year are not amortised. |
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IC CONSTRUCTION LIMITED (REGISTERED NUMBER: 03813941) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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