Classic Fireplaces (N/E) Ltd 31/08/2018 iXBRL

CLASSIC FIREPLACES (N/E) LIMITED - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of Classic Fireplaces (N/E) Ltd have consented to the preparation of the abridged statement of financial position for the current year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 06636922

Classic Fireplaces (N/E) Ltd

Unaudited abridged financial statements

31 August 2018

Classic Fireplaces (N/E) Ltd

Contents

Directors and other information

Directors report

Accountant's report

Statement of income and retained earnings

Abridged statement of financial position

Notes to the financial statements

Classic Fireplaces (N/E) Ltd

Directors and other information


	Directors	Mr Vic Shields
		Mr Greg Bowman


	Company number	06636922


	Registered office	Westfield Avenue
		Brunswick Village
		Newcastle Upon Tyne
		NE13 7EG


	Business address	Westfield Avenue
		Brunswick Village
		Newcastle Upon Tyne
		NE13 7EG


	Accountant	Feeney Madden
		2 Briar Edge
		Forest Hall
		Newcastle Upon Tyne
		NE12 7JN

Classic Fireplaces (N/E) Ltd

Directors report

Year ended 31 August 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2018.

Directors

The directors who served the company during the year were as follows:

Mr Vic Shields

Mr Greg Bowman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 31 January 2019 and signed on behalf of the board by:

Mr Vic Shields

Director

Classic Fireplaces (N/E) Ltd

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Classic Fireplaces (N/E) Ltd

Year ended 31 August 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2018 which comprise the statement of income and retained earnings, abridged statement of financial position and related notes.

You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.

Feeney Madden

Accountants

2 Briar Edge

Forest Hall

Newcastle Upon Tyne

NE12 7JN

31 January 2019

Classic Fireplaces (N/E) Ltd

Statement of income and retained earnings

Year ended 31 August 2018

		2018	2017
	Note	£	£


Turnover		295,451	294,315
Cost of sales		( 197,144)	( 189,788)
		_______	_______
Gross profit		98,307	104,527

Distribution costs		( 3,137)	( 5,074)
Administrative expenses		( 70,035)	( 78,218)
		_______	_______
Operating profit		25,135	21,235

Interest payable and similar expenses		( 737)	( 614)
		_______	_______
Profit before taxation	4	24,398	20,621

Tax on profit		( 6,002)	-
		_______	_______
Profit for the financial year and total comprehensive income		18,396	20,621
		_______	_______

Dividends declared and paid or payable during the year		( 14,000)	( 8,000)

Retained earnings at the start of the year		81,934	69,313
		_______	_______
Retained earnings at the end of the year		86,330	81,934
		_______	_______

All the activities of the company are from continuing operations.

Classic Fireplaces (N/E) Ltd

Abridged statement of financial position

31 August 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		4,000
Tangible assets	6	24,707		32,942
		_______		_______
			24,707		36,942

Current assets
Stocks		90,311		92,884
Debtors		29,265		20,915
Cash at bank and in hand		6,848		4,950
		_______		_______
		126,424		118,749
Creditors: amounts falling due
within one year		( 63,277)		( 63,999)
		_______		_______
Net current assets			63,147		54,750
			_______		_______
Total assets less current liabilities			87,854		91,692

Creditors: amounts falling due
after more than one year			( 1,522)		( 9,756)
			_______		_______
Net assets			86,332		81,936
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			86,330		81,934
			_______		_______
Shareholders funds			86,332		81,936
			_______		_______

For the year ending 31 August 2018 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 31 January 2019 , and are signed on behalf of the board by:

Mr Vic Shields Mr Greg Bowman

Director Director

Company registration number: 06636922

Classic Fireplaces (N/E) Ltd

Notes to the financial statements

Year ended 31 August 2018

1. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	£4000 pa over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

4. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2018	2017
	£	£
Amortisation of intangible assets	4,000	4,000
Depreciation of tangible assets	8,236	9,331
	_______	_______

5. Intangible assets

Cost

At 1 September 2017 and 31 August 2018 40,000

_______ |

Amortisation

At 1 September 2017 36,000

Charge for the year 4,000

_______ |

At 31 August 2018 40,000

_______ |

Carrying amount

At 31 August 2018 -

_______ |

At 31 August 2017 4,000

_______ |

Goodwill additions £40000 being the value attributed on incorporation.

6. Tangible assets


		£
	Cost
	At 1 September 2017 and 31 August 2018	51,984
		_______
	Depreciation
	At 1 September 2017	19,042
	Charge for the year	8,235
		_______
	At 31 August 2018	27,277
		_______
	Carrying amount
	At 31 August 2018	24,707
		_______
	At 31 August 2017	32,942
		_______

7. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Vic Shields	( 15,050)	2,700	( 12,350)
	Mr Greg Bowman	( 15,050)	2,700	( 12,350)
		_______	_______	_______
		( 30,100)	5,400	( 24,700)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Vic Shields	( 12,076)	( 2,974)	( 15,050)
	Mr Greg Bowman	( 12,076)	( 2,974)	( 15,050)
		_______	_______	_______
		( 24,152)	( 5,948)	( 30,100)
		_______	_______	_______