Ice Warrior Expeditions Ltd ABBREVIATED ACCOUNTS COVER
Ice Warrior Expeditions Ltd
Company No. 06177730
Abbreviated Accounts
31 March 2016
Ice Warrior Expeditions Ltd ABBREVIATED BALANCE SHEET
at
31 March 2016
Company No.
06177730
Notes
2016
2015
£
£
Fixed assets
Intangible assets
2
5,3466,990
Tangible assets
2
1,8153,341
7,16110,331
Current assets
Stocks
14,80015,400
Debtors
3,3082,694
Cash at bank and in hand
21,4905,903
39,59823,997
Creditors: Amounts falling due within one year
(39,259)
(45,908)
Net current assets/(liabilities)
339
(21,911)
Total assets less current liabilities
7,500
(11,580)
Net assets/(liabilities)
7,500
(11,580)
Capital and reserves
Called up share capital
3
55
Share premium account
9,9999,999
Profit and loss account
(2,504)
(21,584)
Shareholder's funds
7,500
(11,580)
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
For the year ended 31 March 2016 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 12 November 2016
And signed on its behalf by:
J.E. McNeill
Director
12 November 2016
Ice Warrior Expeditions Ltd NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 March 2016
1
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].
Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery
25% Straight line
Motor vehicles
25% Straight line
Furniture, fittings and equipment
33% Straight line
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks and research and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded in sterling using the exchange rate ruling at the date of the transaction.
Exchange differences are are taken into account in arriving at the operating profit.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.
All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
2
Fixed assets
Intangible fixed assets
Tangible fixed assets
Total
£
£
£
Cost or revaluation
At 1 April 2015
16,4446,272
22,716
Additions
-
530
530
At 31 March 2016
16,4446,802
23,246
Amortisation
At 1 April 2015
9,4542,931
12,385
Charge for the year
1,6442,056
3,700
At 31 March 2016
11,0984,987
16,085
Net book values
At 31 March 2016
5,3461,815
7,161
At 31 March 2015
6,9903,341
10,331
3
Share Capital
Nominal value
2016
2016
2015
£
Number
£
£
Allotted, called up and fully paid:
Ordinary shares1.00555
5
5
Ice Warrior Expeditions Ltd31 March 201631 March 20160617773001 April 2015falsetrue12 November 201612 November 2016061777302015-04-012016-03-31061777302016-03-31061777302015-03-3106177730uk-gaap:PlantMachinery2015-04-012016-03-3106177730uk-gaap:MotorVehicles2015-04-012016-03-3106177730uk-gaap:FixturesFittingsToolsEquipment2015-04-012016-03-31061777302015-04-0106177730uk-gaap:PatentsConcessionsLicencesTradeMarksSimilar2016-03-3106177730uk-gaap:PatentsConcessionsLicencesTradeMarksSimilar2015-03-3106177730uk-bus:OrdinaryShareClass12015-04-012016-03-3106177730uk-bus:OrdinaryShareClass12016-03-3106177730uk-bus:OrdinaryShareClass12015-03-3106177730uk-bus:Director12015-04-012016-03-31iso4217:GBPxbrli:shares