Futurecarebathrooms Ltd - Period Ending 2020-02-29
Futurecarebathrooms Ltd - Period Ending 2020-02-29
Registration number:
Futurecarebathrooms Ltd
for the Period from 19 February 2019 to 29 February 2020
Chartered Certified Accountants
Office 5
Claremont House
High Street
Lydney
Gloucestershire
GL15 5DX
Futurecarebathrooms Ltd
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Futurecarebathrooms Ltd
Company Information
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Directors |
Mr Robert Fowler Mr Paul Screen |
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Registered office |
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Accountants |
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Page 1 |
Futurecarebathrooms Ltd
Directors' Report for the Period from 19 February 2019 to 29 February 2020
The directors present their report and the financial statements for the period from 19 February 2019 to 29 February 2020.
Incorporation
The company was incorporated and commenced trading on
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is Plumbing
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Director
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Director
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Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Futurecarebathrooms Ltd
for the Period Ended 29 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Futurecarebathrooms Ltd for the period ended 29 February 2020 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Futurecarebathrooms Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Futurecarebathrooms Ltd and state those matters that we have agreed to state to the Board of Directors of Futurecarebathrooms Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-
activities/echnical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futurecarebathrooms Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Futurecarebathrooms Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Futurecarebathrooms Ltd. You consider that Futurecarebathrooms Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Futurecarebathrooms Ltd. 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 accounts.
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Chartered Certified Accountants
Claremont House
High Street
Lydney
Gloucestershire
GL15 5DX
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Page 3 |
Futurecarebathrooms Ltd
Profit and Loss Account for the Period from 19 February 2019 to 29 February 2020
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Note |
2020 |
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Turnover |
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Cost of sales |
( |
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Gross profit |
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Administrative expenses |
( |
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Operating loss |
( |
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Loss before tax |
( |
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Loss for the financial period |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
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Page 4 |
Futurecarebathrooms Ltd
Statement of Comprehensive Income for the Period from 19 February 2019 to 29 February 2020
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2020 |
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Loss for the period |
( |
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Total comprehensive income for the period |
( |
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Page 5 |
Futurecarebathrooms Ltd
(Registration number: 11835875)
Balance Sheet as at 29 February 2020
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Note |
2020 |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Profit and loss account |
( |
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Total equity |
( |
For the financial period ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Director
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Director
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Page 6 |
Futurecarebathrooms Ltd
Statement of Changes in Equity for the Period from 19 February 2019 to 29 February 2020
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Profit and loss account |
Total |
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Loss for the period |
( |
( |
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Total comprehensive income |
( |
( |
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At 29 February 2020 |
( |
( |
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Page 7 |
Futurecarebathrooms Ltd
Notes to the Financial Statements for the Period from 19 February 2019 to 29 February 2020
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General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
The principal place of business is:
Suite 4 Innovation Spaces
Mile End Road
Coleford
Gloucestershire
GL16 7QD
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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Page 8 |
Futurecarebathrooms Ltd
Notes to the Financial Statements for the Period from 19 February 2019 to 29 February 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Debtors |
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2020 |
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Trade debtors |
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Page 9 |
Futurecarebathrooms Ltd
Notes to the Financial Statements for the Period from 19 February 2019 to 29 February 2020
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Creditors |
Creditors: amounts falling due within one year
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Note |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
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No. |
£ |
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2 |
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Loans and borrowings |
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2020 |
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Current loans and borrowings |
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Bank overdrafts |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the period was as follows:
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2020 |
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Remuneration |
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Page 10 |
Futurecarebathrooms Ltd
Detailed Profit and Loss Account for the Period from 19 February 2019 to 29 February 2020
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19 February 2019 to 29 February 2020 |
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Turnover (analysed below) |
29,403 |
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Cost of sales (analysed below) |
(13,474) |
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Gross profit |
15,929 |
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Gross profit (%) |
54.17% |
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Administrative expenses |
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Employment costs (analysed below) |
(7,913) |
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Establishment costs (analysed below) |
(309) |
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General administrative expenses (analysed below) |
(8,862) |
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Finance charges (analysed below) |
(25) |
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(17,109) |
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Operating loss |
(1,180) |
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Loss before tax |
(1,180) |
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Page 11 |
Futurecarebathrooms Ltd
Detailed Profit and Loss Account for the Period from 19 February 2019 to 29 February 2020
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2020 |
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Turnover |
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Sale of goods, Europe |
29,403 |
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Cost of sales |
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Purchases |
(13,474) |
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Employment costs |
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Directors remuneration |
(7,913) |
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Establishment costs |
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Insurance |
(101) |
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Use of home as office |
(208) |
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(309) |
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General administrative expenses |
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Telephone and fax |
(24) |
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Office expenses |
(2,717) |
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Printing, postage and stationery |
(26) |
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Hire of plant and machinery (Spot hire) |
(2,980) |
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Sundry expenses |
(25) |
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Motor expenses |
(1,110) |
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Legal and professional fees |
(1,980) |
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(8,862) |
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Finance charges |
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Bank charges |
(25) |
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Page 12 |