Registered Number SC460135
ICAMSTEEL LIMITED
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Other accounting policies
The directors have considered a period of twelve months from the date of their approval of the financial statements and taking into account the company's net assets position and expected future trading they consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would be required should the directors consider this not to be the case.
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents value of the goods and services supplied by the company during the year, excluding value added tax.
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Motor vehicles 25% on cost
Plant, machinery Equipment, fixtures and fittings 33% on cost
Stock
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
Cost of raw materials is determined on the first in first out basis based on suppliers invoice price. In the case of work in progress, cost includes all direct expenditure and direct overheads based on the normal level of activity. Net realisable value is the price at which the stock can be sold in the normal course of business, less further costs to completion of sale.
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Hire purchase and lease transactions
Assets acquired under hire purchase agreements are capitalised in the balance sheet and are depreciated in accordance with the company's normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account evenly over the term of each agreement. Rentals under operating leases are charged to the profit and loss account as they fall due.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 16,272 |
At 31 March 2015 | 10,172 |