Wholesale Fireplaces UK Limited - Accounts to registrar (filleted) - small 18.2

WHOLESALE FIREPLACES UK LIMITED

Unaudited Financial Statements for the Year Ended 31st May 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M R Ward

SECRETARY:

Ms P J Bidey

REGISTERED OFFICE:

27-33

High Street

Totton

Southampton

Hampshire

SO40 9HL

REGISTERED NUMBER:

05820438 (England and Wales)

ACCOUNTANTS:

Hall & Co

Chartered Accountants

Amplevine House

Dukes Road

Southampton

Hampshire

SO14 0ST

CURRENT ASSETS

Stocks

77,590

59,580

Debtors

4

18,323

16,072

Cash at bank

1,651

-

97,564

75,652

CREDITORS

Amounts falling due within one year

5

61,274

39,801

NET CURRENT ASSETS

36,290

35,851

TOTAL ASSETS LESS CURRENT LIABILITIES

36,290

35,851

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

36,288

35,849

SHAREHOLDERS' FUNDS

36,290

35,851

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 by the director on 15th February 2019 and were signed by:

M R Ward - Director

1.	STATUTORY INFORMATION

Wholesale Fireplaces UK 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

8,323

3,619

Other debtors

10,000

12,453

18,323

16,072

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

4,965

Trade creditors

59,069

33,226

Tax

143

618

Social security and other taxes

1,483

413

Directors' current accounts

79

79

Accrued expenses

500

500

61,274

39,801

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

4,965

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M R Ward.