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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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I.O.C. LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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I.O.C. LIMITED |
I.O.C. LIMITED (REGISTERED NUMBER: 04690924) |
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Contents of the Financial Statements |
for the year ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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I.O.C. LIMITED |
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Company Information |
for the year ended 31 March 2017 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
Coopers House |
65a Wingletye Lane |
Hornchurch |
Essex |
RM11 3AT |
I.O.C. LIMITED (REGISTERED NUMBER: 04690924) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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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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Creditors |
Amounts falling due after more than one
year |
7 |
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Net assets |
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Capital and reserves |
Called up share capital | 9 |
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Capital redemption reserve | 10 |
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Retained earnings | 10 |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
(a) |
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 Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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I.O.C. LIMITED (REGISTERED NUMBER: 04690924) |
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Notes to the Financial Statements |
for the year ended 31 March 2017 |
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1. | Statutory information |
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I.O.C. Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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This is the first year in which the financial statements have been prepared under FRS 102. Transition to FRS |
102 has not resulted in any changes in accounting policies, amounts stated in the Statement of Comprehensive |
Income or balances held in equity. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out |
by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as |
possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out |
by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, |
there remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are |
as accurate as possible, there remains a risk that the provisions do not match the level of debts which |
ultimately prove to be uncollectable. |
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Turnover |
Turnover comprises the invoiced value of goods and services supplied by the company, exclusive of Value |
Added Tax and trade discounts. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value after making due |
allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of |
fixed and variable overheads. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charges to the profit and loss account on the straight line basis over the lease term. |
I.O.C. LIMITED (REGISTERED NUMBER: 04690924) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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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. | Tangible fixed assets |
Fixtures |
Improvements | Plant and | and | Motor |
to property | equipment | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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Net book value |
At 31 March 2017 |
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At 31 March 2016 |
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as |
follows: |
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2017 | 2016 |
£ | £ |
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Motor vehicles | £28,691 | 30,140 |
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5. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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I.O.C. LIMITED (REGISTERED NUMBER: 04690924) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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7. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 8) |
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8. | Leasing agreements |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 400 | 800 |
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On the 8th April 2016 the company repurchased £400 of it's own £1 Ordinary Shares. |
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10. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 April 2016 |
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1,222,719 |
Profit for the year |
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Dividends | ( |
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Purchase of own shares | (1,182,029 | ) | 400 | (1,181,629 | ) |
At 31 March 2017 |
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317,823 |
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11. | Directors' advances, credits and guarantees |
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Included within other debtors due within one year is a balance of £247,945 due from the directors. Interest is |
being charged at 3% per annum on the balance. |