Firetech (UK) Limited - Period Ending 2016-10-31

Registration number: 02974927

Firetech (UK) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Horne Brooke Shenton
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

Firetech (UK) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Firetech (UK) Limited
(Registration number: 02974927)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					64,401			53,955
Current assets
Stocks					500			500
Debtors					552,137			649,523
Cash at bank and in hand					400,584			343,160
					953,221			993,183
Creditors: Amounts falling due within one year					(388,113)			(509,585)
Net current assets					565,108			483,598
Total assets less current liabilities					629,509			537,553
Provisions for liabilities					(7,776)			(5,413)
Net assets					621,733			532,140
Capital and reserves
Called up share capital		3			65			65
Profit and loss account					621,668			532,075
Shareholders' funds					621,733			532,140

For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 396 and which otherwise comply with the requirements of the Companies Act 2006 relating to the accounts, so far as applicable to the company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 26 July 2017

..........................
Mr JL Furnivall
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Firetech (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. In respect of long-term contracts and contracts for on-going services, turnover reresents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Firetech (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		159,887			159,887
Additions		30,985			30,985
At 31 October 2016		190,872			190,872
Depreciation
At 1 November 2015		105,932			105,932
Charge for the year		20,539			20,539
At 31 October 2016		126,471			126,471
Net book value
At 31 October 2016		64,401			64,401
At 31 October 2015		53,955			53,955

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		55			55			55			55
Ordinary B of £1 each		10			10			10			10
		65			65			65			65

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Firetech (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016  £	2015  £
Mr DG Furnivall
Brought forward	(15,557)	(5,674)
Dividends due for year	7,273	15,000
Private expenditure	(2,689)	(5,721)
Loan account withdrawls	(7,500)	(19,162)
	(18,473)	(15,557)

5

Control

The company is controlled by Mr J L Furnivall who owns 92.3% of the called up share capital.

Page 4