Company Registration No. 07459663 (England and Wales)
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2015
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2015
28 February 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
130
Current assets
Stocks
208,143
98,340
Debtors
172,440
71,095
Cash at bank and in hand
1,214
36,203
381,797
205,638
Creditors: amounts falling due within one year
(413,531)
(279,938)
Net current liabilities
(31,734)
(74,300)
Total assets less current liabilities
(31,734)
(74,170)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(31,834)
(74,270)
Shareholders' funds
(31,734)
(74,170)
For the financial year ended 28 February 2015 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 2015
G Bothomley
Director
Company Registration No. 07459663
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2015
- 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 April 2008).
At the balance sheet date the company's liabilities exceeded its assets by £
31,734
(201
4
: £
74,170
). 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 recongnised 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
Fixed assets
Tangible assets
£
Cost
At 1 March 2014 & at 28 February 2015
698
Depreciation
At 1 March 2014
568
Charge for the year
130
At 28 February 2015
698
Net book value
At 28 February 2015
-
At 28 February 2014
130
INTERNATIONAL COLOURS IMPORT & EXPORT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 'A' Ordinary Shares of £1 each
100
100