20/20 Industries Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07265487

Abbreviated Unaudited Accounts for the Year Ended 31 May 2015

for

20/20 Industries Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

L McCormack

W McCormack

REGISTERED OFFICE:

Tops Business Centre

Hind Hill Street

Heywood

Lancashire

OL10 1AQ

REGISTERED NUMBER:

07265487

ACCOUNTANTS:

James Scott

Chartered Certified Accountant

Balmoral House

Warwick Court

Park Road

Middleton

Manchester

M24 1AE

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

In accordance with our engagement letter we have compiled the financial information of the business which comprises

the Profit and Loss Account, Balance Sheet and the related notes from the accounting records and information and

explanations you have given to us.

The financial information has been compiled on the accounting basis set out in note 1 to the accounts.

We have carried out this engagement in accordance with Technical Factsheet 163 issued by the Association

of Chartered Certified Accountants and have complied with the Rules of Professional Conduct and the

ethical guidance laid down by the Association.

James Scott

Chartered Certified Accountant

Balmoral House

Warwick Court

Park Road

Middleton

Manchester

M24 1AE

10 July 2015

FIXED ASSETS

Tangible assets

2

8,132

10,825

CURRENT ASSETS

Stocks

10,000

7,000

Debtors

15,355

5,028

Cash at bank

12,135

7,476

37,490

19,504

CREDITORS

Amounts falling due within one year

6,379

8,737

NET CURRENT ASSETS

31,111

10,767

TOTAL ASSETS LESS CURRENT LIABILITIES

39,243

21,592

CREDITORS

Amounts falling due after more than one year

3,240

5,400

NET ASSETS

36,003

16,192

CAPITAL AND RESERVES

Called up share capital

3

49,000

49,000

Profit and loss account

(12,997

)

(32,808

)

SHAREHOLDERS' FUNDS

36,003

16,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 July 2015 and were signed on its behalf by:

L McCormack - Director

W McCormack - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date where transactions or events have occurred at that date that will result in an obligation to

pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed

assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the

extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.

However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is

more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only

where the replacement assets are sold;

Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas

subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have

been accrued as receivable;

Deferred tax assets are recognised only to the extent that the directors consider that it is 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 is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

and 31 May 2015

18,054

DEPRECIATION

At 1 June 2014

7,229

Charge for year

2,693

At 31 May 2015

9,922

NET BOOK VALUE

At 31 May 2015

8,132

At 31 May 2014

10,825

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.15

31.5.14

value:

£

£

49,000

Ordinary

£1

49,000

49,000