FVF Ltd - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements for the Year Ended 31 March 2019

for

FVF Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M S Holmes

REGISTERED OFFICE:

Unit 5b

Bandeath Industrial Estate

Throsk

Stirlingshire

FK7 7NP

REGISTERED NUMBER:

SC379742 (Scotland)

ACCOUNTANTS:

Ian Macfarlane & Co.

Chartered Accountants

2 Melville Street

Falkirk

FK1 1HZ

FIXED ASSETS

Tangible assets

4

63,351

13,236

CURRENT ASSETS

Stocks

22,000

20,000

Debtors

5

227,797

216,218

249,797

236,218

CREDITORS

Amounts falling due within one year

6

193,933

246,388

NET CURRENT ASSETS/(LIABILITIES)

55,864

(10,170

)

TOTAL ASSETS LESS CURRENT LIABILITIES

119,215

3,066

CREDITORS

Amounts falling due after more than one year

7

(41,466

)

(731

)

PROVISIONS FOR LIABILITIES

(12,037

)

-

NET ASSETS

65,712

2,335

CAPITAL AND RESERVES

Called up share capital

8

3

3

Retained earnings

65,709

2,332

SHAREHOLDERS' FUNDS

65,712

2,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Income Statement has not been delivered.

The financial statements were approved by the director on 8 August 2019 and were signed by:

Mr M S Holmes - Director

1.	STATUTORY INFORMATION

FVF Ltd is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

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

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

90,636

Additions

76,871

Disposals

(18,995

)

At 31 March 2019

148,512

DEPRECIATION

At 1 April 2018

77,400

Charge for year

26,756

Eliminated on disposal

(18,995

)

At 31 March 2019

85,161

NET BOOK VALUE

At 31 March 2019

63,351

At 31 March 2018

13,236

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

58,643

At 31 March 2019

58,643

DEPRECIATION

Charge for year

14,661

At 31 March 2019

14,661

NET BOOK VALUE

At 31 March 2019

43,982

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Amounts recoverable on contract

189,201

214,495

Other debtors

38,596

1,723

227,797

216,218

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

58,313

18,858

Hire purchase contracts

15,589

5,283

Trade creditors

80,228

37,585

Taxation and social security

15,497

66,590

Other creditors

24,306

118,072

193,933

246,388

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

41,466

731

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

3

ordinary

£1

3

3

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

Mr M S Holmes

Balance outstanding at start of year

1,723

57

Amounts advanced

64,104

4,130

Amounts repaid

(71,850

)

(2,464

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(6,023

)

1,723