IBRAHIM AND ADAM LIMITED - Accounts

IBRAHIM AND ADAM LIMITED - Company Information

1 January 2015 1 0 05887435 2015-01-01 2015-12-31 05887435 2014-12-31 05887435 2015-12-31 05887435 2014-01-01 2014-12-31 05887435 2013-12-31 05887435 2014-12-31 05887435 uk-bus:Director1 2015-01-01 2015-12-31 05887435 uk-gaap:FixturesFittingsToolsEquipment 2015-01-01 2015-12-31 05887435 uk-bus:OrdinaryShareClass1 2015-12-31 05887435 uk-bus:OrdinaryShareClass1 2014-12-31 05887435 uk-bus:OrdinaryShareClass1 2015-01-01 2015-12-31 xbrli:pure iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares

	Registered number
	05887435

	IBRAHIM AND ADAM LIMITED
	Abbreviated Unaudited Accounts
	for the year ended
	31 December 2015

	Notes		2015 £		2014 £
Fixed assets	2
Intangible assets			63,250		69,000
Tangible assets			20,705		19,180
			83,955		88,180

Current assets
Stocks		1,685		761
Debtors		2,469		0
Cash at bank and in hand		19,186		12,591
		23,340		13,352

Prepayments and accrued income:		400		400

Creditors: amounts falling due within one year		11,984		20,135

Net current assets / (liabilities)			11,756		(6,383)

Total assets less current liabilities			95,711		81,797

Creditors: amounts falling due after more than one year			21,563		10,824

Provisions for liabilities			3,700		3,298

Total net assets (liabilities)			70,448		67,675

Capital and reserves
Called up share capital	3		1,000		1,000
Profit and loss account			69,448		66,675
Shareholders' funds			70,448		67,675

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

For the year ending 31 December 2015 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.

Signed on behalf of the board of directors

...............................

T Butt

Director

Approved by the board on 14 September 2016

Accounting policies

Basis of accounting
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern basis of accounting

The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.

Cash flow

The accounts 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 Financial Reporting Standard 1 Cash flow statements / Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding VAT having regard to the fulfilment of contractual obligations.

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided, after taking account of any grants receivable, at rates calculated to write off the cost of fixed assets, less the estimated residual value, over their estimated useful lives.

Fixtures, fittings, tools & equipment

15% Reducing Balance

Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

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 expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

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 a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

2.	Fixed assets

	Intangible Fixed Assets	Tangible Fixed Assets	Total
Cost	£	£	£
At 31 December 2014	115,000	43,224	158,224
Additions	0	5,179	5,179
At 31 December 2015	115,000	48,403	163,403

Depreciation
At 31 December 2014	46,000	24,044	70,044
Charge for period	5,750	3,654	9,404
At 31 December 2015	51,750	27,698	79,448

Net book values
At 31 December 2015	63,250	20,705	83,955
At 31 December 2014	69,000	19,180	88,180

Share capital
	2015	2014
	£	£
Allotted, called up and fully paid:
1,000 (2014: 1,000) Ordinary shares of £1.00 each	1,000	1,000

	1,000	1,000

Transactions with directors

Mr T Butt		£
Description of the transaction	Loan
Balance due from/(to) the company at 1 January 2015		800
Advances or credits to Director		(21,343)
Advances or credits from Director		18,074
Balance due from/(to) the company at 31 December 2015		(2,469)