Onset Fire Limited - Accounts to registrar (filleted) - small 18.2

Onset Fire Limited - Accounts to registrar (filleted) - small 18.2

ONSET FIRE LIMITED - Company Information

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REGISTERED NUMBER: 09739074 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

ONSET FIRE LIMITED
ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ONSET FIRE LIMITED

COMPANY INFORMATION
for the year ended 31 March 2018







DIRECTOR: S Parsons





REGISTERED OFFICE: Griffins Court
24-32 London Road
NEWBURY
Berkshire
RG14 1JX





REGISTERED NUMBER: 09739074 (England and Wales)





ACCOUNTANTS: Wilkins Kennedy
Accountants
Griffins Court
24-32 London Road
NEWBURY
Berkshire
RG14 1JX
Page 1
ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074)

BALANCE SHEET
31 March 2018

31/3/18 31/3/17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,592 1,493

CURRENT ASSETS
Debtors 5 41,485 71,932
Cash at bank 85,993 22,900
127,478 94,832
CREDITORS
Amounts falling due within one year 6 48,762 54,086
NET CURRENT ASSETS 78,716 40,746
TOTAL ASSETS LESS CURRENT
LIABILITIES
82,308
42,239

PROVISIONS FOR LIABILITIES 682 -
NET ASSETS 81,626 42,239

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 81,526 42,139
SHAREHOLDERS' FUNDS 81,626 42,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

Page 2 continued...
ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074)

BALANCE SHEET - continued
31 March 2018


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 Income Statement has not been delivered.

The financial statements were approved by the director on 3 October 2018 and were signed by:





S Parsons - Director


The notes form part of these financial statements

Page 3
ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2018

1. STATUTORY INFORMATION

Onset Fire 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.

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


Page 4 continued...
ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2018

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 1 (2017 - 1 ) .

Page 5 continued...
ONSET FIRE LIMITED (REGISTERED NUMBER: 09739074)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2018

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2017 1,922
Additions 2,691
At 31 March 2018 4,613
DEPRECIATION
At 1 April 2017 429
Charge for year 592
At 31 March 2018 1,021
NET BOOK VALUE
At 31 March 2018 3,592
At 31 March 2017 1,493

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/18 31/3/17
£    £   
Trade debtors 41,250 71,707
Other debtors 235 225
41,485 71,932

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/18 31/3/17
£    £   
Trade creditors 956 19,901
Taxation and social security 29,634 26,606
Other creditors 18,172 7,579
48,762 54,086

7. RELATED PARTY DISCLOSURES

At the year end the company owed key management personnel £3,172 (2017: £6,079).

Page 6