REGISTERED NUMBER: SC249161 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

ABERDEENSHIRE FIREPLACES LTD.

DIRECTORS:

D J Harrison

Mrs A M Harrison

SECRETARY:

Mrs A M Harrison

REGISTERED OFFICE:

25 South Street

Mintlaw

Aberdeenshire

AB42 5EL

REGISTERED NUMBER:

SC249161 (Scotland)

FIXED ASSETS

Intangible assets

5

16,856

19,518

Tangible assets

6

10,813

13,515

27,669

33,033

CURRENT ASSETS

Stocks

72,083

88,110

Debtors

7

30,219

32,249

Cash at bank and in hand

8,875

30,408

111,177

150,767

CREDITORS

Amounts falling due within one year

8

88,739

115,106

NET CURRENT ASSETS

22,438

35,661

TOTAL ASSETS LESS CURRENT LIABILITIES

50,107

68,694

CREDITORS

Amounts falling due after more than one year

9

-

(7,730

)

PROVISIONS FOR LIABILITIES

11

(2,054

)

(2,703

)

NET ASSETS

48,053

58,261

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

48,051

58,259

SHAREHOLDERS' FUNDS

48,053

58,261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 February 2018 and were signed on its behalf by:

D J Harrison - Director

1.	STATUTORY INFORMATION

Aberdeenshire Fireplaces Ltd. is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these

financial statements are rounded to the nearest pound.

These financial statements for the year ended 31 May 2017 are the first financial statements of Aberdeenshire

Fireplaces Limited prepared in accordance with Section 1A "Small Entities" of Financial Reporting Standard

102, the financial reporting standard applicable in the UK and Republic of Ireland. The date of transition to

FRS102 was 1 June 2015. The reported financial position and financial performance for the previous period are

not affected by the transition to FRS102.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of

causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

53,233

AMORTISATION

At 1 June 2016

33,715

Amortisation for year

2,662

At 31 May 2017

36,377

NET BOOK VALUE

At 31 May 2017

16,856

At 31 May 2016

19,518

6.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2016

and 31 May 2017

5,375

12,720

5,520

23,615

DEPRECIATION

At 1 June 2016

4,218

1,464

4,418

10,100

Charge for year

231

2,251

220

2,702

At 31 May 2017

4,449

3,715

4,638

12,802

NET BOOK VALUE

At 31 May 2017

926

9,005

882

10,813

At 31 May 2016

1,157

11,256

1,102

13,515

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2016

and 31 May 2017

12,720

DEPRECIATION

At 1 June 2016

1,464

Charge for year

2,251

At 31 May 2017

3,715

NET BOOK VALUE

At 31 May 2017

9,005

At 31 May 2016

11,256

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

29,947

32,101

Other debtors

272

148

30,219

32,249

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

1,250

3,000

Trade creditors

14,031

15,023

Taxation and social security

13,031

25,452

Other creditors

60,427

71,631

88,739

115,106

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

1,250

Other creditors

-

6,480

-

7,730

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

1,250

4,250

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

2,054

2,703