Company Registration No. 03349195 (England and Wales)
INDUSTRIAL VENTILATION PRODUCTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
INDUSTRIAL VENTILATION PRODUCTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
INDUSTRIAL VENTILATION PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
24,385
24,592
Current assets
Stocks
307,614
242,853
Debtors
13,934
14,130
Cash at bank and in hand
310,893
135,597
632,441
392,580
Creditors: amounts falling due within one year
(560,548)
(385,851)
Net current assets
71,893
6,729
Total assets less current liabilities
96,278
31,321
Creditors: amounts falling due after more than one year
(2,279)
(7,745)
Provisions for liabilities
(4,877)
(4,952)
89,122
18,624
Capital and reserves
Called up share capital
3
2
2
Other reserves
(2,900)
(2,900)
Profit and loss account
92,020
21,522
Shareholders' funds
89,122
18,624
INDUSTRIAL VENTILATION PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 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 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.
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 14 October 2016
Mr L F Arnison
Director
Company Registration No. 03349195
INDUSTRIAL VENTILATION PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
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
Turnover and profits
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.
1.3
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:
Plant and machinery
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
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.
INDUSTRIAL VENTILATION PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
80,095
Additions
6,421
At 31 March 2016
86,516
Depreciation
At 1 April 2015
55,503
Charge for the year
6,628
At 31 March 2016
62,131
Net book value
At 31 March 2016
24,385
At 31 March 2015
24,592
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
400 Ordinary of 0.5p each
2
2
4
Related party relationships and transactions
Transactions with directors
Mr & Mrs L F Arnison maintain a current account with the company. As at 31 March 2016 the balance outstanding was £36,176 (2015 - £36,176).
The company rents equipment from Mr & Mrs L F Arnison, director and company secretary, and during the year ended 31 March 2016 has made payments totalling £6,300 (2015 - £6,300).