Foams 4 Sports Ltd. - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05998994 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Foams 4 Sports Ltd.

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

Mr D Burrows

Mr C D Burrows

Mr A Horrocks

Secretary:

Mrs S Burrows

Registered office:

Library Chambers

48 Union Street

Hyde

Cheshire

SK14 1ND

Registered number:

05998994 (England and Wales)

Accountants:

Allen Mills Howard & Co

Chartered Certified Accountants

Library Chambers

48 Union Street

Hyde

Cheshire

SK14 1ND

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Foams 4 Sports Ltd. for the year ended 31 December 2016 which comprise the Profit and Loss

Account, Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Foams 4 Sports Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Foams 4 Sports Ltd. and state those matters that we have agreed to state to the Board of Directors of Foams 4 Sports Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Foams 4 Sports Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Foams 4 Sports Ltd.. You consider that Foams 4 Sports Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Foams 4 Sports Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Allen Mills Howard & Co

Chartered Certified Accountants

Library Chambers

48 Union Street

Hyde

Cheshire

SK14 1ND

15 September 2017

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

46,842

42,043

46,842

42,043

Current assets

Stocks

238,240

215,627

Debtors

6

255,048

240,844

Cash at bank and in hand

197,797

264,444

691,085

720,915

Creditors

Amounts falling due within one year

7

338,562

286,828

Net current assets

352,523

434,087

Total assets less current liabilities

399,365

476,130

Provisions for liabilities

9,368

7,888

Net assets

389,997

468,242

Capital and reserves

Called up share capital

8

676

1,000

Capital redemption reserve

(130,876

)

-

Retained earnings

520,197

467,242

Shareholders' funds

389,997

468,242

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 15 September 2017 and were signed on its behalf by:

Mr D Burrows - Director

1.	Statutory information

Foams 4 Sports Ltd. 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 Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

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. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of four 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.

Short leasehold

-

50% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

3.	Employees and directors

The average number of employees during the year was 22 .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2016

and 31 December 2016

28,100

Amortisation

At 1 January 2016

and 31 December 2016

28,100

Net book value

At 31 December 2016

-

At 31 December 2015

-

5.	Tangible fixed assets

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 January 2016

5,331

121,563

45,068

6,200

178,162

Additions

-

2,350

5,787

11,365

19,502

Disposals

-

-

-

(6,200

)

(6,200

)

At 31 December 2016

5,331

123,913

50,855

11,365

191,464

Depreciation

At 1 January 2016

5,331

89,446

35,142

6,200

136,119

Charge for year

-

8,529

3,333

2,841

14,703

Eliminated on disposal

-

-

-

(6,200

)

(6,200

)

At 31 December 2016

5,331

97,975

38,475

2,841

144,622

Net book value

At 31 December 2016

-

25,938

12,380

8,524

46,842

At 31 December 2015

-

32,117

9,926

-

42,043

6.

Debtors: amounts falling due within one year

2016

2015

£

£

Trade debtors

244,840

230,011

Other debtors

10,208

10,833

255,048

240,844

7.

Creditors: amounts falling due within one year

2016

2015

£

£

Bank loans and overdrafts

-

27

Trade creditors

220,534

197,956

Taxation and social security

68,228

44,539

Other creditors

49,800

44,306

338,562

286,828

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

76

A Ordinary

£1

76

100

300

B Ordinary

£1

300

300

100

C Ordinary

£1

100

100

100

E Ordinary

£1

100

100

100

F Ordinary

£1

100

100

NIL

D Ordinary

£1

-

300

676

1,000