Shropshire Stove And Chimney Centre Limi - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03983362 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2018

for

Shropshire Stove And Chimney Centre

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

A J Fullerton

SECRETARY:

Mrs D C Fullerton

REGISTERED OFFICE:

Unit 84

Condover Industrial Estate

Dorrington

Shrewsbury

Shropshire

SY5 7NH

REGISTERED NUMBER:

03983362 (England and Wales)

ACCOUNTANTS:

Crowther Jordan Limited

Chartered Accountants

39 High Street

Wednesfield

Wolverhampton

West Midlands

WV11 1ST

BANKERS:

Natwest PLC

Shrewsbury Branch

8 Mardol Head

Shrewsbury

Shropshire

SY1 1HE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

28,943

5,841

28,943

5,841

CURRENT ASSETS

Stocks

135,533

145,533

Debtors

6

22,213

29,946

157,746

175,479

CREDITORS

Amounts falling due within one year

7

(121,736

)

(138,798

)

NET CURRENT ASSETS

36,010

36,681

TOTAL ASSETS LESS CURRENT LIABILITIES

64,953

42,522

CREDITORS

Amounts falling due after more than one year

8

(38,055

)

(21,733

)

PROVISIONS FOR LIABILITIES

(5,499

)

(782

)

NET ASSETS

21,399

20,007

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

21,299

19,907

SHAREHOLDERS' FUNDS

21,399

20,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director on 13 November 2018 and were signed by:

A J Fullerton - Director

1.	STATUTORY INFORMATION

Shropshire Stove And Chimney Centre 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks

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

moving items.

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.

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 7 (2017 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2017

and 30 April 2018

10,000

AMORTISATION

At 1 May 2017

and 30 April 2018

10,000

NET BOOK VALUE

At 30 April 2018

-

At 30 April 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2017

7,840

54,638

62,478

Additions

-

33,161

33,161

Disposals

-

(1,500

)

(1,500

)

At 30 April 2018

7,840

86,299

94,139

DEPRECIATION

At 1 May 2017

7,837

48,800

56,637

Charge for year

-

9,215

9,215

Eliminated on disposal

-

(656

)

(656

)

At 30 April 2018

7,837

57,359

65,196

NET BOOK VALUE

At 30 April 2018

3

28,940

28,943

At 30 April 2017

3

5,838

5,841

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Trade debtors

17,122

22,870

Amounts recoverable on contract

-

3,000

Other debtors

5,091

4,076

22,213

29,946

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Bank loans and overdrafts

16,735

20,614

Hire purchase contracts (see note 9)

5,403

-

Trade creditors

75,737

86,051

Taxation and social security

7,856

7,947

Other creditors

16,005

24,186

121,736

138,798

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.18

30.4.17

£

£

Bank loans

13,654

13,333

Hire purchase contracts (see note 9)

18,011

-

Other creditors

6,390

8,400

38,055

21,733

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.18

30.4.17

£

£

Net obligations repayable:

Within one year

5,403

-

Between one and five years

18,011

-

23,414

-

Non-cancellable operating

leases

30.4.18

30.4.17

£

£

Within one year

17,029

17,469

Between one and five years

59,220

2,224

In more than five years

13,571

-

89,820

19,693

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.18

30.4.17

£

£

Bank overdrafts

13,562

13,947

Bank loans

16,827

20,000

Other loans

11,906

16,800

Hire purchase contracts

23,414

-

65,709

50,747

The facilities extended to the company by NatWest Bank PLC are secured by a fixed and floating charge dated 13

October 2000 over all the assets of the company and by personal guarantees given by the director.

Other loans includes an advance from Black Country Reinvestment Society Limited secured by a fixed and floating

charge dated 29 April 2015 over all the assets of the company and by personal guarantees given by the director.

The following reproduces the text of the report prepared for the director 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 Director

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 Shropshire Stove And Chimney Centre Limited for the year ended 30 April 2018 which comprise the

Statement of Income and Retained Earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Shropshire Stove And Chimney Centre Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shropshire Stove And Chimney Centre Limited and state those matters that we have agreed to state to the director of Shropshire Stove And Chimney Centre Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shropshire Stove And Chimney Centre Limited and its director for our work or for this report.

It is your duty to ensure that Shropshire Stove And Chimney Centre Limited 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 Shropshire Stove And Chimney Centre Limited. You consider that Shropshire Stove And Chimney Centre 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 financial statements of Shropshire Stove And Chimney Centre 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 financial statements.

Crowther Jordan Limited

Chartered Accountants

39 High Street

Wednesfield

Wolverhampton

West Midlands

WV11 1ST

13 November 2018