Company Registration No. 07459663 (England and Wales)
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Stocks
87,413
208,143
Debtors
125,602
172,440
Cash at bank and in hand
9,818
1,214
222,833
381,797
Creditors: amounts falling due within one year
(228,153)
(413,531)
Total assets less current liabilities
(5,320)
(31,734)
Capital and reserves
Called up share capital
2
100
100
Profit and loss account
(5,420)
(31,834)
Shareholders' funds
(5,320)
(31,734)
For the financial year ended 29 February 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 30 November 2016
G Bothomley
Director
Company Registration No. 07459663
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 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). At the balance sheet date the company's liabilities exceeded its assets by £ 5,320 (201 5 : £ 31,734 ). The financial statements have been prepared on a going concern basis on the ground of continued support from the company's creditors. The financial statements do not include any adjustments that would result from a withdrawal of the support of the creditors.
At the balance sheet date the company's liabilities exceeded its assets by £
5,320
(201
5
: £
31,734
). The financial statements have been prepared on a going concern basis on the ground of continued support from the company's creditors. The financial statements do not include any adjustments that would result from a withdrawal of the support of the creditors.
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 (except as otherwise stated).
1.3
Turnover
Turnover consists of income from retail sales. Income is recognised once an item has been delivered to the customer.
1.4
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:
Computer equipment
25% straight line method
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Share capital
2016
2015
£
£
Allotted, called up and fully paid
70 'A' Ordinary Shares of £1 each
70
70
30 'B' Ordinary Shares of £1 each
30
30
100
100