Firechain Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 10003996 (England and Wales)

ABRIDGED FINANCIAL STATEMENTS

FOR THE PERIOD 15 FEBRUARY 2016 TO 31 JULY 2017

FOR

FIRECHAIN LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs D L Gillson

REGISTERED OFFICE:

12 Dene Grove

Redcar

TS10 3JH

REGISTERED NUMBER:

10003996 (England and Wales)

ACCOUNTANTS:

CP Waites

Chartered Accountants

24 St Cuthberts Way

Darlington

DL1 1GB

FIXED ASSETS

Tangible assets

3

475

CURRENT ASSETS

Stocks

9,706

Debtors

303

Cash at bank and in hand

2,095

12,104

CREDITORS

Amounts falling due within one year

8,839

NET CURRENT ASSETS

3,265

TOTAL ASSETS LESS CURRENT LIABILITIES

3,740

PROVISIONS FOR LIABILITIES

5

100

NET ASSETS

3,640

CAPITAL AND RESERVES

Called up share capital

6

10

Retained earnings

7

3,630

SHAREHOLDERS' FUNDS

3,640

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 November 2017 and were signed by:

Mrs D L Gillson - Director

1.	STATUTORY INFORMATION

Firechain 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 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 represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

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

Equipment, fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving

items.

Taxation

Taxation for the period 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 period 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.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

Additions

600

At 31 July 2017

600

DEPRECIATION

Charge for period

125

At 31 July 2017

125

NET BOOK VALUE

At 31 July 2017

475

4.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

£

Within one year

5,000

Between one and five years

14,791

19,791

5.	PROVISIONS FOR LIABILITIES

£

Deferred tax

100

Deferred

tax

£

Movement in the year

100

Balance at 31 July 2017

100

Deferred tax has been fully provided and relates to accelerated capital allowances.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

10

Ordinary

1

10

10 Ordinary shares of 1 each were allotted and fully paid for cash at par during the period.

7.

RESERVES

Retained

earnings

£

Profit for the period

3,630

At 31 July 2017

3,630

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party during the period was Mrs D L Gillson who owned the entire issued share capital

of the company.