Registered Number 03349195

INDUSTRIAL VENTILATION PRODUCTS LIMITED

Abbreviated Accounts

31 March 2013

INDUSTRIAL VENTILATION PRODUCTS LIMITED Registered Number 03349195

Abbreviated Balance Sheet as at 31 March 2013

Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 8,667 24,320
8,667 24,320
Current assets
Stocks 545,741 314,094
Debtors - 79,086
Cash at bank and in hand 13,615 59,239
559,356 452,419
Creditors: amounts falling due within one year (502,031) (337,708)
Net current assets (liabilities) 57,325 114,711
Total assets less current liabilities 65,992 139,031
Provisions for liabilities (1,734) (4,350)
Total net assets (liabilities) 64,258 134,681
Capital and reserves
Called up share capital 3 2 2
Other reserves (2,900) (2,900)
Profit and loss account 67,156 137,579
Shareholders' funds 64,258 134,681
  • For the year ending 31 March 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 17 December 2013

And signed on their behalf by:
Mr L Arnison, Director

INDUSTRIAL VENTILATION PRODUCTS LIMITED Registered Number 03349195

Notes to the Abbreviated Accounts for the period ended 31 March 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents net invoiced sales of goods and services, excluding value added tax and adjusted to include certificates issued, but not yet invoiced at the year end, and retentions not yet receivable.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible assets depreciation policy
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:
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Other accounting policies
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.

Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Transactions with directors
Mr & Mrs L F Arnison maintain a current account with the company. As at 31 March 2013 the balance outstanding was £64,467 cr (2012 - £80,307).

The company rents equipment from Mr and Mrs L F Arnison, director and company secretary, and during the period ended 31 March 2013 has made payments totalling £6,300 (2012 - £6,300) to Mr Arnison in respect of such equipment.

2Tangible fixed assets
£
Cost
At 1 April 2012 105,408
Additions 193
Disposals (34,550)
Revaluations -
Transfers -
At 31 March 2013 71,051
Depreciation
At 1 April 2012 81,088
Charge for the year 2,178
On disposals (20,882)
At 31 March 2013 62,384
Net book values
At 31 March 2013 8,667
At 31 March 2012 24,320
3Called Up Share Capital
Allotted, called up and fully paid:
2013
£
2012
£
50 A Ordinary shares of £0.005 each 0 0
400 Ordinary shares of £0.005 each 2 2
24 B Ordinary shares of £0.005 each 0 0