Registered number
04952530
All Iceland Ltd
Filleted Accounts
31 December 2016
All Iceland Ltd
Registered number: 04952530
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 74 1,327
Current assets
Debtors 4 35,088 61,275
Cash at bank and in hand 96,800 198,885
131,888 260,160
Creditors: amounts falling due within one year 5 (28,051) (123,646)
Net current assets 103,837 136,514
Net assets 103,911 137,841
Capital and reserves
Called up share capital 100 100
Share premium 30,000 30,000
Profit and loss account 73,811 107,741
Shareholders' funds 103,911 137,841
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Jonsdottir
Director
Approved by the board on 30 June 2017
All Iceland Ltd
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Equipment
£
Cost
At 1 January 2016 14,045
At 31 December 2016 14,045
Depreciation
At 1 January 2016 12,718
Charge for the year 1,253
At 31 December 2016 13,971
Net book value
At 31 December 2016 74
At 31 December 2015 1,327
4 Debtors 2016 2015
£ £
Trade debtors 1,659 4,620
Other debtors 33,429 56,655
35,088 61,275
5 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 474 415
Trade creditors 10,622 3,128
Corporation tax (8,169) 16,547
Other taxes and social security costs 2,275 1,796
Other creditors 22,849 101,760
28,051 123,646
6 Controlling party
The company was under the control of Mrs J Jonsdottir throughout the current and previous year. Mrs J Jonsdottir is the managing director.
7 Other information
All Iceland Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Fulford Business Centre Unit 5
35 Hospital Fields Road
Fulford Industrial Estate
York
YO10 4DZ
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