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Company registration number: 04259051
AB Fire Prevention Wales Limited
Unaudited filleted financial statements
31 July 2017
AB Fire Prevention Wales Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
AB Fire Prevention Wales Limited
Directors and other information
Director Mr D Binning
Secretary Mrs A Binning
Company number 04259051
Registered office Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
Business address "Mayfield"
Chester Road
Buckley
Flintshire
CH7 3AH
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
Bankers Barclays Bank PLC
1 Churchill Place
London
E14 5HP
AB Fire Prevention Wales Limited
Statement of financial position
31 July 2017
2017 2016
Note £ £ £ £
Fixed assets
Intangible assets 5 500 625
Tangible assets 6 29,596 22,606
_______ _______
30,096 23,231
Current assets
Stocks 13,546 14,009
Debtors 7 49,529 58,338
Cash at bank and in hand 21,778 50,808
_______ _______
84,853 123,155
Creditors: amounts falling due
within one year 8 ( 28,640) ( 62,244)
_______ _______
Net current assets 56,213 60,911
_______ _______
Total assets less current liabilities 86,309 84,142
Provisions for liabilities ( 5,779) ( 4,263)
_______ _______
Net assets 80,530 79,879
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 80,430 79,779
_______ _______
Shareholders funds 80,530 79,879
_______ _______
For the year ending 31 July 2017 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 March 2018 , and are signed on behalf of the board by:
Mr D Binning
Director
Company registration number: 04259051
AB Fire Prevention Wales Limited
Notes to the financial statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Cholmondeley House, Dee Hills Park, Chester, CH3 5AR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2016 and 31 July 2017 2,500 2,500
_______ _______
Amortisation
At 1 August 2016 1,875 1,875
Charge for the year 125 125
_______ _______
At 31 July 2017 2,000 2,000
_______ _______
Carrying amount
At 31 July 2017 500 500
_______ _______
At 31 July 2016 625 625
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2016 4,115 8,742 51,443 64,300
Additions 1,458 125 15,373 16,956
Disposals - - ( 10,493) ( 10,493)
_______ _______ _______ _______
At 31 July 2017 5,573 8,867 56,323 70,763
_______ _______ _______ _______
Depreciation
At 1 August 2016 1,899 7,045 32,750 41,694
Charge for the year 551 455 8,369 9,375
Disposals - - ( 9,902) ( 9,902)
_______ _______ _______ _______
At 31 July 2017 2,450 7,500 31,217 41,167
_______ _______ _______ _______
Carrying amount
At 31 July 2017 3,123 1,367 25,106 29,596
_______ _______ _______ _______
At 31 July 2016 2,216 1,697 18,693 22,606
_______ _______ _______ _______
7. Debtors
2017 2016
£ £
Trade debtors 49,392 58,338
Other debtors 137 -
_______ _______
49,529 58,338
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 9,977 1,566
Corporation tax 915 12,041
Social security and other taxes 9,883 20,239
Other creditors 7,865 28,398
_______ _______
28,640 62,244
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr D Binning ( 24,893) 20,683 ( 4,210)
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr D Binning ( 21,115) ( 3,778) ( 24,893)
_______ _______ _______
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.