Registered number
07337211
IRON ON DESIGNS LIMITED
Abbreviated Accounts
31 August 2015
IRON ON DESIGNS LIMITED
Registered number: 07337211
Abbreviated Balance Sheet
as at 31 August 2015
Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 10,727 13,198
Current assets
Stocks 2,000 1,380
Debtors 4,437 4,060
Cash at bank and in hand 10,123 13,155
16,560 18,595
Creditors: amounts falling due within one year (16,441) (16,724)
Net current assets 119 1,871
Net assets 10,846 15,069
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 10,746 14,969
Shareholders' funds 10,846 15,069
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr. A Varsani
Director
Approved by the board on 22 September 2015
IRON ON DESIGNS LIMITED
Notes to the Abbreviated Accounts
for the year ended 31 August 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 25% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
2 Tangible fixed assets £
Cost
At 1 September 2014 23,807
Additions 1,105
At 31 August 2015 24,912
Depreciation
At 1 September 2014 10,609
Charge for the year 3,576
At 31 August 2015 14,185
Net book value
At 31 August 2015 10,727
At 31 August 2014 13,198
3 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
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