Fire Suppression Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03962501 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

FIRE SUPPRESSION LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A G Hughes

REGISTERED OFFICE:

Unit A, Rockhaven

Packgate Road

Cabot Park

Avonmouth

Bristol

BS11 0FD

REGISTERED NUMBER:

03962501 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Old Station House

Station Approach

Newport Street

Swindon

Wiltshire

SN1 3DU

FIXED ASSETS

Tangible assets

4

104,490

110,961

CURRENT ASSETS

Stocks

40,208

50,199

Debtors

537,878

493,181

Cash at bank

453,470

251,294

1,031,556

794,674

CREDITORS

Amounts falling due within one year

643,358

594,239

NET CURRENT ASSETS

388,198

200,435

TOTAL ASSETS LESS CURRENT LIABILITIES

492,688

311,396

CREDITORS

Amounts falling due after more than one year

(103,607

)

(71,164

)

PROVISIONS FOR LIABILITIES

(19,853

)

(21,082

)

NET ASSETS

369,228

219,150

CAPITAL AND RESERVES

Called up share capital

507

507

Capital redemption reserve

475

475

Retained earnings

368,246

218,168

369,228

219,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 July 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 director and authorised for issue on 20 July 2022 and were signed by:

Mr A G Hughes - Director

1.	STATUTORY INFORMATION

Fire Suppression 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.

Going concern

The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is that, given the measures that could be undertaken to mitigate the current adverse conditions and the current resources available, they can continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks & work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included where the outcome of the project may reasonably be determined.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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 11 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2020

444,144

Additions

25,762

At 31 July 2021

469,906

DEPRECIATION

At 1 August 2020

333,183

Charge for year

32,233

At 31 July 2021

365,416

NET BOOK VALUE

At 31 July 2021

104,490

At 31 July 2020

110,961

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/7/21

31/7/20

£

£

Net obligations repayable:

Within one year

14,224

16,302

Between one and five years

56,940

71,164

71,164

87,466

Non-cancellable

operating leases

31/7/21

31/7/20

£

£

Within one year

-

5,556

6.	OTHER FINANCIAL COMMITMENTS

The assets of Fire Suppression Limited are secured via cross guarantee against the borrowings of Coralarc Limited, a company registered in England and Wales.

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2021 and 31 July 2020:

31/7/21

31/7/20

£

£

Mr A G Hughes

Balance outstanding at start of year

-

-

Amounts advanced

3,545

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,545

-