Registered Number 02966491
ICP MACHINERY LIMITED
Abbreviated Accounts
31 December 2016
Notes | 31/12/2016 | 30/06/2015 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant & machinery - 20% straight line
Motor vehicles - 25% straight line
Fixtures & fittings - 25% straight line
Computer equipment - 33% straight line
Intangible assets amortisation policy
Other accounting policies
The director has informally considered the future trading of the company and believes that with continued support, it is appropriate to prepare the accounts on a going concern basis.
Cash flow
The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
Leasing and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
£ | |
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Cost | |
At 1 July 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2016 |
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Amortisation | |
At 1 July 2015 |
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Charge for the year |
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On disposals |
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At 31 December 2016 |
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Net book values | |
At 31 December 2016 | 600 |
At 30 June 2015 | 1,950 |
£ | |
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Cost | |
At 1 July 2015 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 December 2016 |
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Depreciation | |
At 1 July 2015 |
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Charge for the year |
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On disposals |
( |
At 31 December 2016 |
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Net book values | |
At 31 December 2016 | 178,370 |
At 30 June 2015 | 176,429 |