West Country Fires Limited - Accounts to registrar (filleted) - small 18.2

WEST COUNTRY FIRES LIMITED

Unaudited Financial Statements for the Year Ended 31st March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Ward

T J Talbot

SECRETARY:

Ms P J Bidey

REGISTERED OFFICE:

27-33

High Street

Totton

Southampton

Hampshire

SO40 9HL

REGISTERED NUMBER:

02216263 (England and Wales)

ACCOUNTANTS:

Hall & Co

Chartered Accountants

Amplevine House

Dukes Road

Southampton

Hampshire

SO14 0ST

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

50,910

64,814

50,910

64,814

CURRENT ASSETS

Stocks

99,728

127,074

Debtors

6

149,053

161,213

Cash at bank and in hand

92,522

139,398

341,303

427,685

CREDITORS

Amounts falling due within one year

7

272,248

329,766

NET CURRENT ASSETS

69,055

97,919

TOTAL ASSETS LESS CURRENT LIABILITIES

119,965

162,733

CREDITORS

Amounts falling due after more than one year

8

-

(1,222

)

PROVISIONS FOR LIABILITIES

(8,518

)

(10,526

)

NET ASSETS

111,447

150,985

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

111,247

150,785

SHAREHOLDERS' FUNDS

111,447

150,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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 Board of Directors and authorised for issue on 8th December 2020 and were signed on its behalf by:

M R Ward - Director

1.	STATUTORY INFORMATION

West Country Fires 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 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.

Intangible assets

The company has expended sums on the development of a website. These costs have been capitalised and are being amortized over a period of three years.

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.

Short leasehold

-

20% on cost

Improvements to property

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st April 2019

and 31st March 2020

18,252

AMORTISATION

At 1st April 2019

and 31st March 2020

18,252

NET BOOK VALUE

At 31st March 2020

-

At 31st March 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2019

1,590

249,915

251,505

Additions

-

2,143

2,143

Disposals

-

(16,095

)

(16,095

)

At 31st March 2020

1,590

235,963

237,553

DEPRECIATION

At 1st April 2019

1,590

185,101

186,691

Charge for year

-

12,685

12,685

Eliminated on disposal

-

(12,733

)

(12,733

)

At 31st March 2020

1,590

185,053

186,643

NET BOOK VALUE

At 31st March 2020

-

50,910

50,910

At 31st March 2019

-

64,814

64,814

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

Plant and

machinery

etc

£

COST

At 1st April 2019

and 31st March 2020

14,000

DEPRECIATION

At 1st April 2019

5,259

Charge for year

2,185

At 31st March 2020

7,444

NET BOOK VALUE

At 31st March 2020

6,556

At 31st March 2019

8,741

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

112,252

84,874

Other debtors

36,801

76,339

149,053

161,213

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

1,222

3,667

Trade creditors

126,836

126,529

Taxation and social security

36,319

61,535

Other creditors

107,871

138,035

272,248

329,766

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

1,222

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

1,222

4,889

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2020 and 31st March 2019:

2020

2019

£

£

M R Ward

Balance outstanding at start of year

8,878

48,878

Amounts repaid

-

(40,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,878

8,878

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M R Ward.