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Registration number: 06572389

ICA South-West Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2018

 

ICA South-West Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 5

 

ICA South-West Limited

(Registration number: 06572389)
Balance Sheet as at 30 April 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

8,397

11,281

Current assets

 

Debtors

5

7,060

5,119

Cash at bank and in hand

 

28,334

23,837

 

35,394

28,956

Creditors: Amounts falling due within one year

6

(37,574)

(27,251)

Net current (liabilities)/assets

 

(2,180)

1,705

Total assets less current liabilities

 

6,217

12,986

Provisions for liabilities

(1,595)

(2,143)

Net assets

 

4,622

10,843

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,522

10,743

Total equity

 

4,622

10,843

For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

ICA South-West Limited

(Registration number: 06572389)
Balance Sheet as at 30 April 2018

Approved and authorised by the director on 25 October 2018
 

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

A G Weston
Director

 

ICA South-West Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

ICA South-West Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% on reducing balance

Plant and equipment

25% on reducing balance

Computer Equipment

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

 

ICA South-West Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

4

Tangible assets

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2017

3,345

14,700

18,045

At 30 April 2018

3,345

14,700

18,045

Depreciation

At 1 May 2017

3,089

3,675

6,764

Charge for the year

128

2,756

2,884

At 30 April 2018

3,217

6,431

9,648

Carrying amount

At 30 April 2018

128

8,269

8,397

At 30 April 2017

256

11,025

11,281

5

Debtors

2018
£

2017
£

Trade debtors

-

810

Other debtors

7,060

4,309

7,060

5,119

6

Creditors

Amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

60

59

Taxation and social security

2,651

2,415

Accruals and deferred income

1,145

1,364

Other creditors

30,290

21,915

Corporation tax

3,428

1,498

37,574

27,251