IPROJECTSUCCESS LTD Small abridged accounts

IPROJECTSUCCESS LTD Small abridged accounts


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Statement of Consent to Prepare Abridged Financial Statements
All of the members of IPROJECTSUCCESS LTD have consented to the preparation of the abridged statement of financial position for the period ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 10121233
IPROJECTSUCCESS LTD
Filleted Unaudited Abridged Financial Statements
30 April 2017
IPROJECTSUCCESS LTD
Abridged Financial Statements
Period from 13 April 2016 to 30 April 2017
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
2
The following pages do not form part of the abridged financial statements
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
5
IPROJECTSUCCESS LTD
Abridged Statement of Financial Position
30 April 2017
30 Apr 17
Note
£
£
Current assets
Debtors
317,560
Cash at bank and in hand
11,878
---------
329,438
Creditors: amounts falling due within one year
93,880
---------
Net current assets
235,558
---------
Total assets less current liabilities
235,558
---------
Net assets
235,558
---------
Capital and reserves
Called up share capital
100
Profit and loss account
235,458
---------
Shareholders funds
235,558
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 11 January 2018 , and are signed on behalf of the board by:
Mr J Carey
Mr N Lewis
Director
Director
Company registration number: 10121233
IPROJECTSUCCESS LTD
Notes to the Abridged Financial Statements
Period from 13 April 2016 to 30 April 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avondale House, 262 Uxbridge Road, Hatch End, HA5 4HS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Related party transactions
The company was under the control of Mr John Carey and Mr Neil Lewis throughout the current year. Mr J Carey and Mrs N Lewis are the managing directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
5. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the period.
IPROJECTSUCCESS LTD
Management Information
Period from 13 April 2016 to 30 April 2017
The following pages do not form part of the abridged financial statements.
IPROJECTSUCCESS LTD
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of IPROJECTSUCCESS LTD
Period from 13 April 2016 to 30 April 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the period ended 30 April 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ASCOT SINCLAIR ASSOCIATES Chartered Certified Accountants
Avondale House 262 Uxbridge Road Hatch End Middlesex HA5 4HS
11 January 2018