Format Architectural Limited - Period Ending 2017-03-31

Registration number: 02780508

Format Architectural Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

CLG Accountants & Business Advisors
Office 36
Bridge House
Riverside North
Bewdley
Worcestershire
DY12 1AB

Format Architectural Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 12

Format Architectural Limited

Company Information

Directors

Mrs Julie Ann Pond Mrs Jayne Louise Burke Mr Greg Ferrer

Company secretary

Mrs Jayne Louise Burke

Registered office

Unit 6, Hingley Road Hayes Trading Estate Lye Stourbridge West Midlands B63 2RR

Accountants

CLG Accountants & Business Advisors Office 36 Bridge House Riverside North Bewdley Worcestershire DY12 1AB

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Format Architectural Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Format Architectural Limited for the year ended 31 March 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Format Architectural Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Format Architectural Limited. You consider that Format Architectural Limited 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 accounts of Format Architectural Limited. 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 accounts.

......................................

CLG Accountants & Business Advisors
Office 36
Bridge House
Riverside North
Bewdley
Worcestershire
DY12 1AB

7 November 2017

Page 2

Format Architectural Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Profit for the year		26,159	21,057
Total comprehensive income for the year		26,159	21,057

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 3

Format Architectural Limited

(Registration number: 02780508)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	43,252	54,110
Current assets
Stocks	5	31,373	29,646
Debtors	6	229,412	273,689
Cash at bank and in hand		205,574	181,327
		466,359	484,662
Creditors: Amounts falling due within one year	7	(301,024)	(354,344)
Net current assets		165,335	130,318
Total assets less current liabilities		208,587	184,428
Provisions for liabilities		(6,150)	(8,150)
Net assets		202,437	176,278
Capital and reserves
Called up share capital		460	460
Share premium reserve		19,100	19,100
Capital redemption reserve		540	540
Profit and loss account		182,337	156,178
Total equity		202,437	176,278

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 4

Format Architectural Limited

(Registration number: 02780508)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 7 November 2017 and signed on its behalf by:
 

.........................................

Mrs Julie Ann Pond

Director

.........................................

Mrs Jayne Louise Burke

Company secretary and director

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 5

Format Architectural Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Share premium £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2016	460	19,100	540	156,178	176,278
Profit for the year	-	-	-	26,159	26,159
Total comprehensive income	-	-	-	26,159	26,159
At 31 March 2017	460	19,100	540	182,337	202,437

	Share capital £	Share premium £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2015	1,000	19,100	-	195,121	215,221
Profit for the year	-	-	-	21,057	21,057
Total comprehensive income	-	-	-	21,057	21,057
Purchase of own share capital	(540)	-	-	(60,000)	(60,540)
Other capital redemption reserve movements	-	-	540	-	540
At 31 March 2016	460	19,100	540	156,178	176,278

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 6

Format Architectural Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Unit 6, Hingley Road
Hayes Trading Estate
Lye
Stourbridge
West Midlands
B63 2RR

The principal place of business is:
Unit 6, Hingley Road
Hayes Trading Estate
Lye
Stourbridge
West Midlands
B63 2RR

These financial statements were authorised for issue by the Board on 7 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold	asessed annually by Directors as to fair value.

Page 7

Format Architectural Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Plant and machinery	15% on reducing balance
Office equipment	25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2016 - 20).

Page 8

Format Architectural Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	10,677	32,669	245,744	289,090
At 31 March 2017	10,677	32,669	245,744	289,090
Depreciation
At 1 April 2016	-	22,407	212,573	234,980
Charge for the year	-	2,567	8,291	10,858
At 31 March 2017	-	24,974	220,864	245,838
Carrying amount
At 31 March 2017	10,677	7,695	24,880	43,252
At 31 March 2016	10,677	10,262	33,171	54,110

Included within the net book value of land and buildings above is £10,677 (2016 - £10,677) in respect of long leasehold land and buildings.
 

5

Stocks

	2017 £	2016 £
Other inventories	31,373	29,646

6

Debtors

	2017 £	2016 £
Trade debtors	201,444	222,677
Other debtors	27,968	51,012
Total current trade and other debtors	229,412	273,689

Page 9

Format Architectural Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		238,683	256,457
Amounts owed to group undertakings and undertakings in which the company has a participating interest		4,000	6,500
Taxation and social security		44,012	40,333
Other creditors		14,329	51,054
		301,024	354,344

8	Transition to FRS 102

The Company transitioned to FRS 102 (Section 1A) from previously extant UK GAAP as at 1 April 2015. The impact of the transition to FRS 102 (Section 1A) is as follows;

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		65,417	-	-	65,417
Current assets
Stocks		53,241	-	-	53,241
Debtors		458,172	-	-	458,172
Cash at bank and in hand		149,502	-	-	149,502
		660,915	-	-	660,915
Creditors: Amounts falling due within one year		(501,311)	-	-	(501,311)
Net current assets		159,604	-	-	159,604
Total assets less current liabilities		225,021	-	-	225,021
Provisions for liabilities		(9,800)	-	-	(9,800)
Net assets		215,221	-	-	215,221
Capital and reserves
Called up share capital		(1,000)	-	-	(1,000)
Share premium reserve		(19,100)	-	-	(19,100)
Profit and loss account		(195,121)	-	-	(195,121)

Page 10

Format Architectural Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Total equity		(215,221)	-	-	(215,221)

Page 11

Format Architectural Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		54,110	-	-	54,110
Current assets
Stocks		29,646	-	-	29,646
Debtors		273,688	-	-	273,688
Cash at bank and in hand		181,327	-	-	181,327
		484,661	-	-	484,661
Creditors: Amounts falling due within one year		(354,344)	-	-	(354,344)
Net current assets		130,317	-	-	130,317
Total assets less current liabilities		184,427	-	-	184,427
Provisions for liabilities		(8,150)	-	-	(8,150)
Net assets		176,277	-	-	176,277
Capital and reserves
Called up share capital		(460)	-	-	(460)
Share premium reserve		(19,100)	-	-	(19,100)
Capital redemption reserve		(540)	-	-	(540)
Profit and loss account		(156,177)	-	-	(156,177)
Total equity		(176,277)	-	-	(176,277)

Page 12