For the year ended 31 March 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 05271424
IMPACT EXPRESS LIMITED
For the year ended 31 March 2015
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
IMPACT EXPRESS LIMITED
Accountants' Report
For the year ended 31 March 2015
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
|
ended
31
March
2015
and you consider that the company is exempt from an audit under the Companies Act
2006
.
|
In accordance with your instructions
,
we have compiled these unaudited financial statements in order to assist you
|
to fulfil your statutory responsibilities
,
from the accounting records and information and explanations supplied to us
.
|
HMD Management Services
9 Thornbrook Gardens
Chapeltown
Sheffield
South Yorkshire
S35 2BA
19 June 2015
1 of 4
Notes to the Abbreviated Financial Statements
|
IMPACT EXPRESS LIMITED
For the year ended 31 March 2015
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
|
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
|
by the shareholders prior to the balance sheet date
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. 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:
|
Land and Buildings
Plant and Machinery
Motor Vehicles
Fixtures and Fittings
No depreciation is provided on the company
'
s freehold properties since in the opinion of the directors the expected
|
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
|
would be immaterial
.
The directors undertake an annual impairment review of these properties
.
|
Assets on finance lease and hire purchase
|
Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and
|
rewards of ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets
|
and depreciated over the shorter of the lease term and their estimated expected useful lives
.
|
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
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 items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
3 of 4
Notes to the Abbreviated Financial Statements
|
IMPACT EXPRESS LIMITED
For the year ended 31 March 2015
89,856
14,539
104,395
49,455
5,549
Charge for year
55,004
49,391
40,401
Allotted called up and fully paid
|
2015
2014
36
,
500
Class A shares of £
1
.
00
each
|
36,500
36,500
36,500
36,500
4 of 4