Onset Fire Limited - Accounts to registrar - small 17.2
Onset Fire Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| ONSET FIRE LIMITED |
| ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ONSET FIRE LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 March 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Griffins Court |
| 24-32 London Road |
| NEWBURY |
| Berkshire |
| RG14 1JX |
| ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074) |
| BALANCE SHEET |
| 31 March 2017 |
| 31/3/17 | 31/3/16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Onset Fire Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the |
| nearest £. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
| have been consistently applied to all years presented unless otherwise stated. |
| Judgements and key sources of estimation uncertainty |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect |
| the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and |
| expenses during the period. However, the nature of estimation means that actual outcomes could differ from those |
| estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts |
| recognised in the financial statements. |
| Revenue recognition |
| The key judgements made by management in respect of revenue is the point at which that revenue should be recognised. |
| Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which |
| to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer. |
| Tangible Fixed Assets |
| Tangible fixed assets are depreciation over their useful lives taking into account residual values, where appropriate. The |
| actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual |
| value assessments consider issues such as the remaining life of the asset and projected disposal values. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
| Turnover relates to sales within the UK market. The policies adopted for the recognition of turnover are as follows: |
| Sale of goods |
| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have |
| transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits |
| associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the |
| transaction can be measured reliably. This is usually on dispatch of the goods. |
| Rendering of services |
| When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the |
| service is performed. |
| Tangible fixed assets |
| ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
| date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
| transaction. Exchange differences are taken into account in arriving at the operating result. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet |
| date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and |
| compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is |
| recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation |
| decrease. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past |
| event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be |
| reliably estimated. |
| Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
| Short-term employee benefits |
| Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction |
| price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/17 | 31/3/16 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/17 | 31/3/16 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/3/17 | 31/3/16 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2017 |
| 8. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2017 |
| 9. | RELATED PARTY DISCLOSURES |
| At the year end the company owed key management personnel £6,079 (2016: £8,659). |
| During the year remuneration to key management personnel totalled £8,040 (2016: NIL). |
| Dividends paid to the shareholders in the tear totalled £36,000 (2016: £13,000). |