Company Registration No. 08560305 (England and Wales)
IVAORG Limited
Unaudited accounts
for the year ended 31 December 2016
IVAORG Limited
Unaudited accounts
Contents
IVAORG Limited
Company Information
for the year ended 31 December 2016
Directors
Iain Michael David Wrenshall
Elliot James Smith
Company Number
08560305 (England and Wales)
Registered Office
Trafford House
Southmoor Industrial Estate
Manchester
M23 9XD
Accountants
Streamline Accountancy
Trafford House
Southmoor Road
Manchester
M23 9XD
IVAORG Limited
Statement of financial position
as at
31 December 2016
Tangible assets
1,066
1,000
Cash at bank and in hand
28,157
9,392
Creditors: amounts falling due within one year
(38,249)
(21,043)
Net current assets/(liabilities)
1,786
(11,651)
Net assets/(liabilities)
2,853
(10,650)
Profit and loss account
2,853
(10,650)
Members' funds
2,853
(10,650)
For the year ending 31 December 2016 the company was entitled to exemption from audit 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 26 September 2017.
Iain Michael David Wrenshall
Director
Company Registration No. 08560305
IVAORG Limited
Notes to the Accounts
for the year ended 31 December 2016
IVAORG Limited is a private company, limited by guarantee, registered in England and Wales, registration number 08560305. The registered office and principal place of business is Trafford House, Southmoor Industrial Estate, Manchester, M23 9XD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2016.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Straight Line
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 less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
IVAORG Limited
Notes to the Accounts
for the year ended 31 December 2016
4
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
At 31 December 2016
2,755
At 31 December 2016
1,689
At 31 December 2016
1,066
At 31 December 2015
1,000
5
Investments
Subsidiary undertakings
Valuation at 1 January 2016
1
Valuation at 31 December 2016
1
The company's investments at the balance sheet date in the share capital of companies include the following:
IVAORG Insolvency Limited a company incorporated in England & Wales in which 100% of the issued share capital is held. The company was dormant throughout the period.
7
Creditors: amounts falling due within one year
2016
2015
Trade creditors
1,028
701
Taxes and social security
246
-
Other creditors
30,874
17,123
Loans from directors
6,101
3,219
8
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
IVAORG Limited
Notes to the Accounts
for the year ended 31 December 2016
9
Average number of employees
During the year the average number of employees was 2 (2015: 2).