Firemain Engineering Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02437760 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

FIREMAIN ENGINEERING LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr P M Bayliss

SECRETARY:

Mrs E Bayliss

REGISTERED OFFICE:

Unit 6 Harrier Court

Eurolink Business Park

Lea Green

St Helens

Merseyside

WA9 4YR

REGISTERED NUMBER:

02437760 (England and Wales)

ACCOUNTANTS:

Livesey Spottiswood Ltd

Chartered Accountants

17 George Street

St Helens

Merseyside

WA10 1DB

FIXED ASSETS

Tangible assets

4

57,143

126,899

CURRENT ASSETS

Stocks

266,149

280,062

Debtors

428,590

586,942

Cash at bank and in hand

634

57,711

695,373

924,715

CREDITORS

Amounts falling due within one year

662,876

677,442

NET CURRENT ASSETS

32,497

247,273

TOTAL ASSETS LESS CURRENT LIABILITIES

89,640

374,172

CAPITAL AND RESERVES

Called up share capital

7

50,000

50,000

Retained earnings

39,640

324,172

SHAREHOLDERS' FUNDS

89,640

374,172

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 20 November 2020 and were signed by:

Mr P M Bayliss - Director

1.	STATUTORY INFORMATION

Firemain Engineering Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

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.

Leasehold Property Improvements

-

Over the period of the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

The need for any impairment of a fixed asset write-down is considered if there is concern over the carrying value of an asset and is assessed by comparing that carrying value against the value in use or realisable value of the asset when appropriate.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first in-first out method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

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.

Employee 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.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Leased assets

Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

340,486

Additions

5,267

Disposals

(66,146

)

At 31 March 2020

279,607

DEPRECIATION

At 1 April 2019

213,587

Charge for year

30,436

Eliminated on disposal

(21,559

)

At 31 March 2020

222,464

NET BOOK VALUE

At 31 March 2020

57,143

At 31 March 2019

126,899

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

-

10,413

Between one and five years

16,809

10,369

In more than five years

336,667

379,667

353,476

400,449

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

92,847

-

Hire purchase contracts

-

2,927

92,847

2,927

The bank overdraft is secured by a fixed and floating charge over the property of the company together with a personal guarantee from the director Mr P Bayliss amounting to £60,000.

The hire purchase contracts are secured against the assets to which they relate.

There is also a rent deposit deed charge in place in relation to the lease of the property.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

50,000

Ordinary

£1

50,000

50,000

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The note above summarises the net transactions on the directors' current account during the year. Interest has been charged using HM Revenue & Customs rates.