Classic Fireplaces (N/E) Ltd 31/08/2019 iXBRL

CLASSIC FIREPLACES (N/E) LIMITED - Company Information

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Company registration number: 06636922

Classic Fireplaces (N/E) Ltd

Unaudited filleted abridged financial statements

31 August 2019

Classic Fireplaces (N/E) Ltd

Contents

Directors and other information

Accountant's report

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

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 2019

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 2019 which comprise the 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

20 December 2019

Classic Fireplaces (N/E) Ltd

Abridged statement of financial position

31 August 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	4	-		-
Tangible assets	5	18,529		24,707
		_______		_______
			18,529		24,707

Current assets
Stocks		99,192		90,311
Debtors		32,367		29,265
Cash at bank and in hand		4,980		6,848
		_______		_______
		136,539		126,424
Creditors: amounts falling due
within one year		( 62,266)		( 63,277)
		_______		_______
Net current assets			74,273		63,147
			_______		_______
Total assets less current liabilities			92,802		87,854

Creditors: amounts falling due
after more than one year			-		( 1,522)
			_______		_______
Net assets			92,802		86,332
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			92,800		86,330
			_______		_______
Shareholders funds			92,802		86,332
			_______		_______

For the year ending 31 August 2019 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 and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 20 December 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 2019

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.

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.

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 (2018: 2 ).

4. Intangible assets


		£
	Cost
	At 1 September 2018 and 31 August 2019	40,000
		_______
	Amortisation
	At 1 September 2018 and 31 August 2019	40,000
		_______
	Carrying amount
	At 31 August 2019	-
		_______
	At 31 August 2018	-
		_______

Goodwill additions £40000 being the value attributed on incorporation.

5. Tangible assets


		£
	Cost
	At 1 September 2018 and 31 August 2019	51,984
		_______
	Depreciation
	At 1 September 2018	27,278
	Charge for the year	6,177
		_______
	At 31 August 2019	33,455
		_______
	Carrying amount
	At 31 August 2019	18,529
		_______
	At 31 August 2018	24,706
		_______

6. Directors advances, credits and guarantees

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

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Vic Shields	( 12,350)	1,350	( 11,000)
	Mr Greg Bowman	( 12,350)	1,350	( 11,000)
		_______	_______	_______
		( 24,700)	2,700	( 22,000)
		_______	_______	_______

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)
		_______	_______	_______