IRIS Accounts Productionv17.2.1.5202029052Board of DirectorsBoard of Directors31.12.161.1.1631.12.1631.12.16the design, installation, maintenance and servicing of fire sprinkler protection systems.truetruefalsetruetruefalsefalsefalsefalsetruefalseOrdinary1.00000A Ordinary1.00000F Ordinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure020290522015-12-31020290522016-12-31020290522016-01-012016-12-31020290522014-12-31020290522015-01-012015-12-31020290522015-12-3102029052ns15:EnglandWales2016-01-012016-12-3102029052ns14:PoundSterling2016-01-012016-12-3102029052ns10:Director12016-01-012016-12-3102029052ns10:Director22016-01-012016-12-3102029052ns10:Consolidated2016-12-3102029052ns10:ConsolidatedGroupCompanyAccounts2016-01-012016-12-3102029052ns10:PrivateLimitedCompanyLtd2016-01-012016-12-3102029052ns10:Consolidatedns10:FRS1022016-01-012016-12-3102029052ns10:Consolidatedns10:Audited2016-01-012016-12-3102029052ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2016-01-012016-12-3102029052ns10:LargeMedium-sizedCompaniesRegimeForAccounts2016-01-012016-12-3102029052ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2016-01-012016-12-3102029052ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForAccounts2016-01-012016-12-3102029052ns10:FullAccounts2016-01-012016-12-3102029052ns5:Subsidiary12016-01-012016-12-3102029052ns5:Subsidiary22016-01-012016-12-3102029052ns10:OrdinaryShareClass12016-01-012016-12-3102029052ns10:OrdinaryShareClass22016-01-012016-12-3102029052ns10:OrdinaryShareClass32016-01-012016-12-3102029052ns10:Consolidated2016-01-012016-12-3102029052ns10:Director32016-01-012016-12-3102029052ns10:Director42016-01-012016-12-3102029052ns10:Director52016-01-012016-12-3102029052ns10:Director62016-01-012016-12-3102029052ns10:Director72016-01-012016-12-3102029052ns10:CompanySecretary12016-01-012016-12-3102029052ns10:RegisteredOffice2016-01-012016-12-3102029052ns10:Consolidated2015-01-012015-12-3102029052ns5:CurrentFinancialInstruments2016-12-3102029052ns5:CurrentFinancialInstruments2015-12-3102029052ns5:ShareCapital2016-12-3102029052ns5:ShareCapital2015-12-3102029052ns5:SharePremium2016-12-3102029052ns5:SharePremium2015-12-3102029052ns5:RetainedEarningsAccumulatedLosses2016-12-3102029052ns5:RetainedEarningsAccumulatedLosses2015-12-3102029052ns5:ShareCapital2014-12-3102029052ns5:RetainedEarningsAccumulatedLosses2014-12-3102029052ns5:SharePremium2014-12-3102029052ns5:RetainedEarningsAccumulatedLosses2015-01-012015-12-3102029052ns5:RetainedEarningsAccumulatedLosses2016-01-012016-12-3102029052ns5:PlantMachinery2016-01-012016-12-3102029052ns5:FurnitureFittings2016-01-012016-12-3102029052ns5:MotorVehicles2016-01-012016-12-3102029052ns5:ComputerEquipment2016-01-012016-12-3102029052ns15:UnitedKingdom2016-01-012016-12-3102029052ns15:UnitedKingdom2015-01-012015-12-3102029052ns15:Europe2016-01-012016-12-3102029052ns15:Europe2015-01-012015-12-3102029052ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2016-01-012016-12-3102029052ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2015-01-012015-12-3102029052ns10:HighestPaidDirector2016-01-012016-12-3102029052ns10:HighestPaidDirector2015-01-012015-12-3102029052ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2016-01-012016-12-3102029052ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2015-01-012015-12-3102029052ns5:OwnedAssets2016-01-012016-12-3102029052ns5:OwnedAssets2015-01-012015-12-3102029052ns5:HirePurchaseContracts2016-01-012016-12-3102029052ns5:HirePurchaseContracts2015-01-012015-12-3102029052132016-01-012016-12-3102029052132015-01-012015-12-3102029052ns10:OrdinaryShareClass12015-01-012015-12-3102029052ns5:CostValuation2015-12-31020290521ns5:Subsidiary12016-01-012016-12-3102029052ns5:Subsidiary12016-12-3102029052ns5:Subsidiary12015-12-3102029052ns5:Subsidiary12015-01-012015-12-31020290523ns5:Subsidiary22016-01-012016-12-3102029052ns5:Subsidiary22016-12-3102029052ns5:Subsidiary22015-12-3102029052ns5:Subsidiary22015-01-012015-12-3102029052ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-12-3102029052ns5:CurrentFinancialInstrumentsns5:WithinOneYear2015-12-3102029052ns5:WithinOneYear2016-12-3102029052ns5:WithinOneYear2015-12-3102029052ns5:BetweenOneFiveYears2016-12-3102029052ns5:BetweenOneFiveYears2015-12-3102029052ns5:AllPeriods2016-12-3102029052ns5:AllPeriods2015-12-3102029052ns5:DeferredTaxation2015-12-3102029052ns5:DeferredTaxation2016-01-012016-12-3102029052ns5:DeferredTaxation2016-12-3102029052ns10:OrdinaryShareClass22016-12-3102029052ns10:OrdinaryShareClass32016-12-3102029052ns5:RetainedEarningsAccumulatedLosses2015-12-3102029052ns5:SharePremium2015-12-31


REGISTERED NUMBER: 02029052 (England and Wales)


















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR


A & F SPRINKLERS LIMITED


A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)







CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 31 December 2016





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

5



Consolidated Income Statement  

7



Consolidated Other Comprehensive Income  

8



Consolidated Balance Sheet  

9



Company Balance Sheet  

10



Consolidated Statement of Changes in Equity  

11



Company Statement of Changes in Equity  

12



Consolidated Cash Flow Statement  

13



Notes to the Consolidated Cash Flow Statement

14



Notes to the Consolidated Financial Statements

15




A & F SPRINKLERS LIMITED


COMPANY INFORMATION

for the Year Ended 31 December 2016









DIRECTORS:

J M Stansfield


Mrs L K Stansfield


D L Parker


J O Whitlock


D Parr


C Mooney


M J Stansfield







SECRETARY:

Mrs L K Stansfield







REGISTERED OFFICE:

Unit 4, Gorrels Way


Trans-Pennine Trading Estate


Rochdale


Lancashire


OL11 2PX







REGISTERED NUMBER:

02029052 (England and Wales)







AUDITORS:

Cresswells Accountants (UK) Limited


Chartered Accountants


and Statutory Auditors


Barclays Bank Chambers


Market Street


Hebden Bridge


West Yorkshire


HX7 6AD


A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


GROUP STRATEGIC REPORT

for the Year Ended 31 December 2016


The directors present their strategic report of the company and the group for the year ended

31 December 2016.


The principal activity of the company and its Southern Ireland subsidiary continues to be that of,the

design, installation, maintenance and  servicing of fire  sprinkler protection systems.


Fire-Mech Fixings Limited -manufacture of bespoke bracketry and supply of components for fire

sprinklers and other mechanical applications.


REVIEW OF BUSINESS

The first full trading year saw a group turnover of £16.5M of which in line with the forecast for A&F

Sprinklers Limited but 51.2% ahead of Fire-Mech fixings Limited initial forecasts.


An additional 10 employees were added to the to the workforce across the group during the year.


The forecasts for the 2017 turnover  are to be in the region of £17.8 -£19.8m


The future prospects remain encouraging as we endeavour to consolidate our position in the market.


PRINCIPAL RISKS AND UNCERTAINTIES

The main risks facing the group are the competitive environment in which the group trades, but efforts

are made to stay abridge of the industry and to react in a specific way when and if required.


EMPLOYEE INVOLVEMENT

The Group  keeps its employees upto date on the matters relevant to them via regular staff meetings.


The training and development of the staff is also important to the Group. All staff are given an induction

when they start and their training needs are assessed and reviewed throughout the year.



A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


GROUP STRATEGIC REPORT

for the Year Ended 31 December 2016


FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's operations expose it to a variety of financial risks that include the effects of credit risk,

including that with cash and deposits.  Customers are continually credit checked through our in-house

processes.


Cashflow Risk


The Group operated primarily in the UK and Ireland and has a diverse range of customers.  It operates

appropriate control over its debtors and creditor balance and therefore exposure to cashflow risk from

realising its working capital is small.


Credit Risk


The Group's principal financial assets are cash and bank balances and trade debtors.


The Group's credit risk is primarily attributable to its trade debtors.  The amount in the balance sheet is

net of allowances for doubtful debts. The Group has no significant concentration of credit risk, with

exposure spread over a number of counterparts and customers.


Liquidity Risk


The Group's liquidity risk is primarily attributable to its trade debtors.  The Group has no significant

concentration of liquidity risk,  with exposure spread over a number of counterparts and customers.


Exchange Rate Risk


Transactions on foreign currencies are recorded at the exchange rate ruling at the date of the

transaction. The directors  believe  that the  risk is low  due to the minimal number of  transactions.


ON BEHALF OF THE BOARD:






J M Stansfield - Director



14 September 2017


A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


REPORT OF THE DIRECTORS

for the Year Ended 31 December 2016


The directors present their report with the financial statements of the company and the group for the

year ended 31 December 2016.


DIVIDENDS

The total distribution of dividends for the year ended 31 December 2016 will be £ 1,300,000 .


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the

date of this report.


J M Stansfield

Mrs L K Stansfield

D L Parker

J O Whitlock

D Parr

M J Stansfield


Other changes in directors holding office are as follows:


C Mooney - appointed 6 April 2016


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and

the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that

law the directors have elected to prepare the financial statements in accordance with United Kingdom

Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that

they give a true and fair view of the state of affairs of the company and the group and of the profit or

loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that

the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and

explain the company's and the group's transactions and disclose with reasonable accuracy at any time

the financial position of the company and the group and enable them to ensure that the financial

statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets

of the company and the group and hence for taking reasonable steps for the prevention and detection of

fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the

steps that he or she ought to have taken as a director in order to make himself or herself aware of any

relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors will be

proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






J M Stansfield - Director



14 September 2017


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

A & F SPRINKLERS LIMITED


We have audited the financial statements of A & F Sprinklers Limited for the year ended

31 December 2016 on pages seven to twenty two. The financial reporting framework that has been

applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom

Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland'.


This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16

of the Companies Act 2006. Our audit work has been undertaken so that we might state to the

company's members those matters we are required to state to them in a Report of the Auditors and for

no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the company and the company's members as a body, for our audit work, for this

report, or for the opinions we have formed.


Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.    


Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements
sufficient to give reasonable assurance that the financial statements are free from material
misstatement, whether caused by fraud or error. This includes an assessment of: whether the
accounting policies are appropriate to the group's and the parent company's circumstances and have
been consistently applied and adequately disclosed; the reasonableness of significant accounting
estimates made by the directors; and the overall presentation of the financial statements. In addition,
we read all the financial and non-financial information in the Group Strategic Report and the Report of
the Directors to identify material inconsistencies with the audited financial statements and to identify any
information that is apparently materially incorrect based on, or materially inconsistent with, the
knowledge acquired by us in the course of performing the audit. If we become aware of any apparent
material misstatements or inconsistencies we consider the implications for our report.


Opinion on financial statements

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company's affairs as at
31 December 2016 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in the

Group Strategic Report and the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements, and has been prepared in

accordance with applicable legal requirements. In the light of the knowledge and understanding of the

group and the parent company and its environment, we have not identified any material misstatements

in the Group Strategic Report or the Report of the Directors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

A & F SPRINKLERS LIMITED



Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us

to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our

audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and

returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.





Graham Roper BA FCA (Senior Statutory Auditor)

for and on behalf of Cresswells Accountants (UK) Limited

Chartered Accountants

and Statutory Auditors

Barclays Bank Chambers

Market Street

Hebden Bridge

West Yorkshire

HX7 6AD


14 September 2017


A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


CONSOLIDATED INCOME STATEMENT  

for the Year Ended 31 December 2016



2016


2015


Notes

£   

£   



TURNOVER

3

16,543,386


12,430,908




Cost of sales

11,049,208


7,617,042



GROSS PROFIT

5,494,178


4,813,866




Administrative expenses

3,273,338


2,906,428



2,220,840


1,907,438




Other operating income

47,960


9,944



OPERATING PROFIT

5

2,268,800


1,917,382




Interest receivable and similar income

5,536


3,858



2,274,336


1,921,240




Interest payable and similar expenses

6

85


24,083



PROFIT BEFORE TAXATION

2,274,251


1,897,157




Tax on profit

7

455,375


394,671



PROFIT FOR THE FINANCIAL YEAR

1,818,876


1,502,486



Profit attributable to:

Owners of the parent

1,814,815


1,503,786



Non-controlling interests

4,061


(1,300

)


1,818,876


1,502,486




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


CONSOLIDATED OTHER COMPREHENSIVE INCOME  

for the Year Ended 31 December 2016



2016


2015


Notes

£   

£   



PROFIT FOR THE YEAR

1,818,876


1,502,486





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,818,876


1,502,486




Total comprehensive income attributable to:

Owners of the parent

1,814,815


1,503,786



Non-controlling interests

4,061


(1,300

)


1,818,876


1,502,486




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


CONSOLIDATED BALANCE SHEET

31 December 2016



2016

2015



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

856,920


351,805



Investments

11

-


-



856,920


351,805




CURRENT ASSETS

Stocks

12

129,523


36,409



Debtors

13

2,394,940


1,243,243



Cash at bank and in hand

3,459,483


2,257,620



5,983,946


3,537,272



CREDITORS

Amounts falling due within one year

14

4,028,176


1,638,294



NET CURRENT ASSETS

1,955,770


1,898,978



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,812,690


2,250,783




CREDITORS

Amounts falling due after more than

one year

15

(16,987

)

-




PROVISIONS FOR LIABILITIES

18

(96,218

)

(70,174

)


NET ASSETS

2,699,485


2,180,609




CAPITAL AND RESERVES

Called up share capital

19

10,018


10,018



Share premium

20

27,845


27,845



Retained earnings

20

2,658,852


2,144,037



SHAREHOLDERS' FUNDS

2,696,715


2,181,900




NON-CONTROLLING INTERESTS

21

2,770


(1,291

)


TOTAL EQUITY

2,699,485


2,180,609




The financial statements were approved by the Board of Directors on 14 September 2017 and were

signed on its behalf by:





J M Stansfield - Director




D L Parker - Director



A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


COMPANY BALANCE SHEET

31 December 2016



2016

2015



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

795,575


314,992



Investments

11

171


171



795,746


315,163




CURRENT ASSETS

Debtors

13

2,440,350


1,201,109



Cash at bank

3,410,320


2,166,196



5,850,670


3,367,305



CREDITORS

Amounts falling due within one year

14

3,903,158


1,623,381



NET CURRENT ASSETS

1,947,512


1,743,924



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,743,258


2,059,087




PROVISIONS FOR LIABILITIES

18

89,334


62,811



NET ASSETS

2,653,924


1,996,276




CAPITAL AND RESERVES

Called up share capital

19

10,018


10,018



Share premium

20

27,845


27,845



Retained earnings

20

2,616,061


1,958,413



SHAREHOLDERS' FUNDS

2,653,924


1,996,276




Company's profit for the financial year

1,957,648


1,623,082




The financial statements were approved by the Board of Directors on 14 September 2017 and were

signed on its behalf by:





J M Stansfield - Director




D L Parker - Director



A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2016



Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   



Balance at 1 January 2015

10,018


1,371,251


27,845




Changes in equity

Dividends

-


(731,000

)

-



Total comprehensive income

-


1,503,786


-



Balance at 31 December 2015

10,018


2,144,037


27,845




Changes in equity

Dividends

-


(1,300,000

)

-



Total comprehensive income

-


1,814,815


-



Balance at 31 December 2016

10,018


2,658,852


27,845




Non-controlling


Total


Total


interests


equity

£   

£   

£   



Balance at 1 January 2015

1,409,114


-


1,409,114




Changes in equity

Dividends

(731,000

)

-


(731,000

)


Total comprehensive income

1,503,786


(1,291

)

1,502,495



Balance at 31 December 2015

2,181,900


(1,291

)

2,180,609




Changes in equity

Dividends

(1,300,000

)

-


(1,300,000

)


Total comprehensive income

1,814,815


4,061


1,818,876



Balance at 31 December 2016

2,696,715


2,770


2,699,485




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


COMPANY STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2016



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   



Balance at 1 January 2015

10,018


1,066,331


27,845


1,104,194




Changes in equity

Dividends

-


(731,000

)

-


(731,000

)


Total comprehensive income

-


1,623,082


-


1,623,082



Balance at 31 December 2015

10,018


1,958,413


27,845


1,996,276




Changes in equity

Dividends

-


(1,300,000

)

-


(1,300,000

)


Total comprehensive income

-


1,957,648


-


1,957,648



Balance at 31 December 2016

10,018


2,616,061


27,845


2,653,924




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 31 December 2016



2016


2015


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

2,338,601


1,714,665



Interest element of hire purchase or

finance lease rental payments paid

-


(651

)


Finance costs paid

(85

)

(23,432

)


Tax paid

(379,189

)

(179,767

)


Net cash from operating activities

1,959,327


1,510,815




Cash flows from investing activities

Purchase of tangible fixed assets

(580,326

)

(285,753

)


Sale of tangible fixed assets

8,100


8,000



Interest received

5,536


3,858



Net cash from investing activities

(566,690

)

(273,895

)



Cash flows from financing activities

Capital repayments in year

-


(3,681

)


Amount introduced by directors

1,300,481


736,750



Amount withdrawn by directors

(212,055

)

(554,948

)


Government Grant

20,800


-



Equity dividends paid

(1,300,000

)

(731,000

)


Net cash from financing activities

(190,774

)

(552,879

)



Increase in cash and cash equivalents

1,201,863


684,041



Cash and cash equivalents at

beginning of year

2

2,257,620


1,573,579




Cash and cash equivalents at end

of year

2

3,459,483


2,257,620




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 31 December 2016


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


2016


2015

£   

£   



Profit before taxation

2,274,251


1,897,157




Depreciation charges

72,618


45,529




(Profit)/loss on disposal of fixed assets

(5,508

)

1,200




Government grants

(1,773

)

-




Finance costs

85


24,083




Finance income

(5,536

)

(3,858

)


2,334,137


1,964,111




Increase in stocks

(93,114

)

(14,747

)



(Increase)/decrease in trade and other debtors

(1,294,329

)

2,117,532




Increase/(decrease) in trade and other creditors

1,391,907


(2,352,231

)



Cash generated from operations

2,338,601


1,714,665




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Consolidated Cash Flow Statement in respect of cash and cash


equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2016


31.12.16


1.1.16

£   

£   



Cash and cash equivalents

3,459,483


2,257,620




Year ended 31 December 2015


31.12.15


1.1.15

£   

£   



Cash and cash equivalents

2,257,620


1,573,579




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 31 December 2016


1.

STATUTORY INFORMATION



A & F Sprinklers Limited is a private company, limited by shares , registered in England and Wales.


The company's registered number and registered office address can be found on the General


Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.









Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.




Plant and machinery

-  

10% on cost and over 10 years


Fixtures and fittings

-  

10% on cost and over 10 years


Motor vehicles

-

over 5 years


Computer equipment

-

over 4 years



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 Consolidated
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.

A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


2.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance
sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.
Those held under finance leases are depreciated over their estimated useful lives or the lease
term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.


Pension costs and other post-retirement benefits


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


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


3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the group.



An analysis of turnover by geographical market is given below:



2016


2015

£   

£   



United Kingdom

16,543,386


12,136,737




Europe

-


294,171



16,543,386


12,430,908




4.

EMPLOYEES AND DIRECTORS


2016


2015

£   

£   



Wages and salaries

1,501,889


1,217,852




Social security costs

160,660


128,732




Other pension costs

66,864


91,135



1,729,413


1,437,719





The average monthly number of employees during the year was as follows:


2016


2015



Directors

7


5




Administrative

20


17




Production

19


15



46


37





The average number of employees by undertakings that are proportionately consolidated during


the year was 8 .



2016


2015

£   

£   



Directors' remuneration

458,271


291,790




Directors' pension contributions to money purchase schemes  

65,650


86,380




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


4.

EMPLOYEES AND DIRECTORS - continued



The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

3


2





Information regarding the highest paid director is as follows:


2016


2015

£   

£   



Emoluments etc

118,101


89,195




Pension contributions to money purchase schemes

7,500


-




5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



2016


2015

£   

£   



Hire of plant and machinery

792,716


501,404




Other operating leases

109,447


107,671




Depreciation - owned assets

72,619


45,530




(Profit)/loss on disposal of fixed assets

(5,508

)

1,200




Auditors' remuneration

18,102


16,000




Foreign exchange differences

(32,422

)

48,561




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2016


2015

£   

£   



Hire purchase

-


651




Tax penalty

85


23,432



85


24,083




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2016


2015

£   

£   



Current tax:


UK corporation tax

429,331


348,544





Deferred tax

26,044


46,127




Tax on profit

455,375


394,671





UK corporation tax was charged at 20.25%) in 2015.


A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


7.

TAXATION - continued



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The


difference is explained below:



2016


2015

£   

£   



Profit before tax

2,274,251


1,897,157




Profit multiplied by the standard rate of corporation tax in the UK

of 20% (2015 - 20%)  

454,850


379,431





Effects of:


Expenses not deductible for tax purposes

615


13,204





Change in rate  

(90

)

2,036




Total tax charge

455,375


394,671




8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent


company is not presented as part of these financial statements.



9.

DIVIDENDS


2016


2015

£   

£   



Ordinary shares of £1 each



Interim

1,300,000


731,000




10.

TANGIBLE FIXED ASSETS



Group


Fixtures



Plant and


and


Motor


Computer



machinery


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2016

166,427


31,841


249,754


26,121


474,143




Additions

561,826


-


18,500


-


580,326




Disposals

-


-


(39,445

)

-


(39,445

)



At 31 December 2016

728,253


31,841


228,809


26,121


1,015,024




DEPRECIATION


At 1 January 2016

22,666


4,454


81,984


13,234


122,338




Charge for year

21,293


3,186


42,576


5,564


72,619




Eliminated on disposal

-


-


(36,853

)

-


(36,853

)



At 31 December 2016

43,959


7,640


87,707


18,798


158,104




NET BOOK VALUE


At 31 December 2016

684,294


24,201


141,102


7,323


856,920




At 31 December 2015

143,761


27,387


167,770


12,887


351,805




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


10.

TANGIBLE FIXED ASSETS - continued



Company


Fixtures



Plant and


and


Motor


Computer



machinery


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2016

130,086


30,745


249,754


26,121


436,706




Additions

531,150


-


18,500


-


549,650




Disposals

-


-


(39,445

)

-


(39,445

)



At 31 December 2016

661,236


30,745


228,809


26,121


946,911




DEPRECIATION


At 1 January 2016

22,060


4,436


81,984


13,234


121,714




Charge for year

15,259


3,076


42,576


5,564


66,475




Eliminated on disposal

-


-


(36,853

)

-


(36,853

)



At 31 December 2016

37,319


7,512


87,707


18,798


151,336




NET BOOK VALUE


At 31 December 2016

623,917


23,233


141,102


7,323


795,575




At 31 December 2015

108,026


26,309


167,770


12,887


314,992




11.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 January 2016


and 31 December 2016

171




NET BOOK VALUE


At 31 December 2016

171




At 31 December 2015

171





The group or the company's investments at the Balance Sheet date in the share capital of


companies include the following:



Subsidiaries



A & F Sprinklers (Ireland) Limited


Registered office:


Nature of business: Installation of sprinklers


%


Class of shares:

holding



Ordinary

100.00


2016

2015


£   

£   



Aggregate capital and reserves

14,954


198,851




Loss for the year

(1,374

)

(106,149

)



A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


11.

FIXED ASSET INVESTMENTS - continued



Fire-Mech Fixings Limited


Registered office:


Nature of business: Components


%


Class of shares:

holding



Ordinary

91.00


2016

2015


£   

£   



Aggregate capital and reserves

30,778


(14,346

)



Profit/(loss) for the year

45,124


(14,446

)




12.

STOCKS



Group


2016

2015


£   

£   



Stocks

129,523


36,409




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



Group


Company


2016

2015

2016

2015


£   

£   

£   

£   



Trade debtors

2,328,379


1,044,855


2,209,957


999,708




Amounts owed by group undertakings

-


-


180,071


94,106




Other debtors

26,950


22,466


24,120


22,377




Tax

10,921


153,553


-


69,298




Prepayments and accrued income

28,690


22,369


26,202


15,620



2,394,940


1,243,243


2,440,350


1,201,109




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2016

2015

2016

2015


£   

£   

£   

£   



Trade creditors

1,713,358


679,512


1,621,065


658,668




Tax

254,312


346,802


242,805


346,802




Social security and other taxes

158,408


101,101


154,241


99,955




VAT

357,813


210,675


345,280


223,477




Directors' current accounts

1,167,071


78,645


1,167,071


78,645




Accrued expenses

375,174


221,559


372,696


215,834




Deferred government grants

2,040


-


-


-



4,028,176


1,638,294


3,903,158


1,623,381




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


2016

2015


£   

£   



Deferred government grants

16,987


-




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


16.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Company


Non-cancellable



operating leases


2016

2015


£   

£   



Within one year

15,811


1,995




Between one and five years

169,138


277,196



184,949


279,191




17.

SECURED DEBTS



The Groups bankers Nat West Bank Plc have a fixed and floating charge over the assets of the


Company by way of a debenture dated 23 November 2006.


18.

PROVISIONS FOR LIABILITIES



Group


Company


2016

2015

2016

2015


£   

£   

£   

£   



Deferred tax


Accelerated capital allowances

96,218


70,174


89,334


62,811





Group


Deferred



tax


£   



Balance at 1 January 2016

70,174




Credit to Income Statement during year

26,044




Balance at 31 December 2016

96,218





Company


Deferred



tax


£   



Balance at 1 January 2016

62,811




Credit to Income Statement during year

26,523




Balance at 31 December 2016

89,334




19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2016

2015



value:

£   

£   



NIL

Ordinary

£1

-


10,018




(2015 -

10,018 )

  



9,353

A Ordinary

£1

9,353


-




665

F Ordinary

£1

665


-



10,018


10,018




A & F SPRINKLERS LIMITED (REGISTERED NUMBER: 02029052)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2016


19.

CALLED UP SHARE CAPITAL - continued


On 19 March 2016 the ordinary shares were reclassified as A ordinary shares.

On 18 October 2016 665 A ordinary shares were reclassified as F ordinary shares.

20.

RESERVES



Group


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 January 2016

2,144,037


27,845


2,171,882




Profit for the year

1,814,815


1,814,815




Dividends

(1,300,000

)

(1,300,000

)



At 31 December 2016

2,658,852


27,845


2,686,697





Company


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 January 2016

1,958,413


27,845


1,986,258




Profit for the year

1,957,648


1,957,648




Dividends

(1,300,000

)

(1,300,000

)



At 31 December 2016

2,616,061


27,845


2,643,906





21.

NON-CONTROLLING INTERESTS



The Minority Interest is the 9% of shares held in the subsidiary Fire-Mech Fixings Limited.


22.

PENSION COMMITMENTS



The Group contributes to the  personal pension schemes of certain employees. The assets of these


scheme are held separately from those of the company in an independently administered fund.


The pension cost charge represents contributions payable by the Group to the fund and amounted


to £66,864 (2015 £91,135).


23.

RELATED PARTY DISCLOSURES



During the year, total dividends of £1,300,000 (2015 - £731,000) were paid to the directors .



Mr J M Stansfield loaned the company monies during the year the balance outstanding at 31


December 2016 £1,167,071 (2015 £71,895).



There are two debentures in favour of National Westminster Bank PLC held by way of a legal


mortgage over Unit 4 Trans Pennine Trading Estate Gorillas Way Castellan.  A property in which A


& F Sprinklers Limited hold the title to as a  trustee.


24.

ULTIMATE CONTROLLING PARTY



The controlling party is J M Stansfield.