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No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
06291597
2016-04-01
2017-03-31
06291597
2017-03-31
06291597
2016-03-31
06291597
2015-04-01
2016-03-31
06291597
2016-03-31
06291597
core:PlantMachinery
2016-04-01
2017-03-31
06291597
core:FurnitureFittings
2016-04-01
2017-03-31
06291597
core:MotorVehicles
2016-04-01
2017-03-31
06291597
bus:LeadAgentIfApplicable
2016-04-01
2017-03-31
06291597
bus:Director1
2016-04-01
2017-03-31
06291597
core:PlantMachinery
2016-03-31
06291597
core:FurnitureFittings
2016-03-31
06291597
core:MotorVehicles
2016-03-31
06291597
core:PlantMachinery
2017-03-31
06291597
core:FurnitureFittings
2017-03-31
06291597
core:MotorVehicles
2017-03-31
06291597
core:WithinOneYear
2017-03-31
06291597
core:WithinOneYear
2016-03-31
06291597
core:ShareCapital
2017-03-31
06291597
core:ShareCapital
2016-03-31
06291597
core:RetainedEarningsAccumulatedLosses
2017-03-31
06291597
core:RetainedEarningsAccumulatedLosses
2016-03-31
06291597
core:PlantMachinery
2016-03-31
06291597
core:FurnitureFittings
2016-03-31
06291597
core:MotorVehicles
2016-03-31
06291597
bus:FRS102
2016-04-01
2017-03-31
06291597
bus:AuditExemptWithAccountantsReport
2016-04-01
2017-03-31
06291597
bus:FullAccounts
2016-04-01
2017-03-31
06291597
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
06291597
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
COMPANY REGISTRATION NUMBER:
06291597
Filleted Unaudited Financial Statements
|
|
Year ended 31 March 2017
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
|
8
|
|
|
Statement of Financial Position
|
|
31 March 2017
Fixed assets
Tangible assets
|
5
|
12,736
|
16,624
|
|
|
|
|
Current assets
Stocks
|
1,500
|
1,000
|
Debtors
|
6
|
51,070
|
7,817
|
Cash at bank and in hand
|
51,662
|
26,423
|
|
---------
|
--------
|
|
104,232
|
35,240
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
53,321
|
21,523
|
|
---------
|
--------
|
Net current assets
|
50,911
|
13,717
|
|
--------
|
--------
|
Total assets less current liabilities
|
63,647
|
30,341
|
|
|
|
|
Provisions
|
2,420
|
1,414
|
|
--------
|
--------
|
Net assets
|
61,227
|
28,927
|
|
--------
|
--------
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
61,127
|
28,827
|
|
--------
|
--------
|
Members funds
|
61,227
|
28,927
|
|
--------
|
--------
|
|
|
|
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 2017 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
.
Statement of Financial Position (continued)
|
|
31 March 2017
These financial statements were approved by the
board of directors
and authorised for issue on
7 December 2017
, and are signed on behalf of the board by:
Company registration number:
06291597
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Vicarage Hill, Rhostyllen, Wrexham, LL14 4AR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
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 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.
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 and machinery
|
-
|
25% reducing balance
|
|
Fixtures and fittings
|
-
|
25% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
5.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 April 2016
|
11,553
|
1,167
|
12,195
|
24,915
|
Additions
|
4,350
|
–
|
–
|
4,350
|
Disposals
|
(
2,275)
|
(
334)
|
(
3,900)
|
(
6,509)
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2017
|
13,628
|
833
|
8,295
|
22,756
|
|
--------
|
-------
|
--------
|
--------
|
Depreciation
|
|
|
|
|
At 1 April 2016
|
4,544
|
436
|
3,311
|
8,291
|
Charge for the year
|
2,600
|
156
|
1,490
|
4,246
|
Disposals
|
(
1,315)
|
(
227)
|
(
975)
|
(
2,517)
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2017
|
5,829
|
365
|
3,826
|
10,020
|
|
--------
|
-------
|
--------
|
--------
|
Carrying amount
|
|
|
|
|
At 31 March 2017
|
7,799
|
468
|
4,469
|
12,736
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2016
|
7,009
|
731
|
8,884
|
16,624
|
|
--------
|
-------
|
--------
|
--------
|
|
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
49,016
|
7,417
|
Other debtors
|
2,054
|
400
|
|
--------
|
-------
|
|
51,070
|
7,817
|
|
--------
|
-------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
10,211
|
578
|
Social security and other taxes
|
41,705
|
13,730
|
Other creditors
|
1,405
|
7,215
|
|
--------
|
--------
|
|
53,321
|
21,523
|
|
--------
|
--------
|
|
|
|
8.
Director's advances, credits and guarantees
Dividends paid to directors who are also shareholders amounted to £30,000 in the period. The director operates a loan account with the company. At the start of the period the account stood £6,167 in credit and was £1,654 overdrawn at the end of the period.
9.
Related party transactions
In the year the company employed the partner of the director. The total salary paid in the year was £5,200.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Year ended 31 March 2017
The following pages do not form part of the financial statements.
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
ICL Formwork Limited
|
|
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ICL Formwork Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of ICL Formwork Limited in accordance with the terms of our engagement letter dated 16 December 2015. Our work has been undertaken solely to prepare for your approval the financial statements of ICL Formwork Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ICL Formwork Limited and its director for our work or for this report.
It is your duty to ensure that ICL Formwork Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ICL Formwork Limited. You consider that ICL Formwork Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of ICL Formwork Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED
Chartered Accountants and Business Advisers
18 Ruabon Road
Wrexham
LL13 7PB
7 December 2017