Company Registration No. 02625753 (England and Wales)
INECO (ENG.) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
INECO (ENG.) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
INECO (ENG.) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8
11
Current assets
Debtors
-
617
Cash at bank and in hand
938
-
938
617
Creditors: amounts falling due within one year
(8,743)
(6,646)
Net current liabilities
(7,805)
(6,029)
Total assets less current liabilities
(7,797)
(6,018)
Capital and reserves
Called up share capital
3
981,612
923,731
Profit and loss account
(989,409)
(929,749)
Shareholders' funds
(7,797)
(6,018)
For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 25 April 2017
Mr M H Scott
Director
Company Registration No. 02625753
INECO (ENG.) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 2 -
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).
These financial statements have been prepared on the assumption that the company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the continuing support of the
shareholders
.
If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets as current assets and to provide for further liabilities which might arise.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently
.
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:
Fixtures, fittings & equipment
25% reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015 & at 31 July 2016
2,337
Depreciation
At 1 August 2015
2,326
Charge for the year
3
At 31 July 2016
2,329
Net book value
At 31 July 2016
8
At 31 July 2015
11
INECO (ENG.) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
981,612 Ordinary shares of £1 each
981,612
923,731
During the year
57
,
881
(2015:
62,310)
Ordinary shares of £1 each were allotted at par.
4
Ultimate parent company
The company is wholly owned by Otaco Corporation based in Geneva, Switzerland.