Isovet Tanker Services Limited - Period Ending 2014-09-30

Registration number: 06684585

Isovet Tanker Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2014
 

Isovet Tanker Services Limited
(Registration number: 06684585)
Abbreviated Balance Sheet at 30 September 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					1,403			762
Current assets
Debtors					93,570			73,658
Cash at bank and in hand					697,905			404,016
					791,475			477,674
Creditors: Amounts falling due within one year					(367,408)			(77,020)
Net current assets					424,067			400,654
Net assets					425,470			401,416
Capital and reserves
Called up share capital		3			66			100
Capital redemption reserve					34			-
Profit and loss account					425,370			401,316
Shareholders' funds					425,470			401,416

For the year ending 30 September 2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 12 May 2015 and signed on its behalf by:

.........................................
D Bousfield
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Isovet Tanker Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% per annum of net book value

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which thay become payable in accordance with the rules of the scheme.

Page 2

Isovet Tanker Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2013		1,060			1,060
Additions		1,099			1,099
At 30 September 2014		2,159			2,159
Depreciation
At 1 October 2013		298			298
Charge for the year		458			458
At 30 September 2014		756			756
Net book value
At 30 September 2014		1,403			1,403
At 30 September 2013		762			762

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		66			66			100			100

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