Company Registration No. 07512362 (England and Wales)
IPRACON LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
IPRACON LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
IPRACON LTD
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2016
2016-02-29
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,621
2,161
Current assets
Debtors
69,254
1,957
Cash at bank and in hand
473,016
325,919
542,270
327,876
Creditors: amounts falling due within one year
(50,300)
(31,940)
Net current assets
491,970
295,936
Total assets less current liabilities
493,591
298,097
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
493,590
298,096
Shareholder's funds
493,591
298,097
For the financial year ended 29 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 November 2016
Mr J Robinson
Director
Company Registration No. 07512362
IPRACON LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% reducing balance
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015 & at 29 February 2016
4,530
Depreciation
At 1 March 2015
2,369
Charge for the year
540
At 29 February 2016
2,909
Net book value
At 29 February 2016
1,621
At 28 February 2015
2,161
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary shares of £1 each
1
1