For the year ended 31 March 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 07990251
1-2 Rely On Limited
For the year ended 31 March 2016
1
Accountant's Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
1-2 Rely On Limited
Accountant's Report
For the year ended 31 March 2016
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
|
ended
31
March
2016
and you consider that the company is exempt from an audit under the Companies Act
2006
.
|
In accordance with your instructions
,
we have compiled these unaudited financial statements in order to assist you
|
to fulfil your statutory responsibilities
,
from the accounting records and information and explanations supplied to us
.
|
Isles & Storer Limited
Bank House
129 High Street
Needham Market
Suffolk
IP6 8DH
11 November 2016
1 of 4
Notes to the Abbreviated Financial Statements
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1-2 Rely On Limited
For the year ended 31 March 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
|
by the shareholders prior to the balance sheet date
.
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Intangible assets (including purchased goodwill and patents) 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 only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
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Acquired goodwill is stated at cost less amortisation
.
Amortisation is calculated on a straight line basis over the
|
estimated expected useful economic life of the goodwill of
4
years
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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Tools & Equipment
Motor Vehicles
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
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3 of 4
Notes to the Abbreviated Financial Statements
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1-2 Rely On Limited
For the year ended 31 March 2016
2
Intangible fixed assets
|
43,000
43,000
32,250
10,750
Charge for year
43,000
-
10,750
14,091
1,815
15,906
7,116
1,901
Charge for year
9,017
6,889
6,975
4 of 4