Fairways Fireplaces Ltd - Accounts to registrar (filleted) - small 22.3

Fairways Fireplaces Ltd - Accounts to registrar (filleted) - small 22.3

FAIRWAYS FIREPLACES LTD - Company Information

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REGISTERED NUMBER: 04686126 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 31 July 2022

for

Fairways Fireplaces Ltd
Fairways Fireplaces Ltd (Registered number: 04686126)






Contents of the Financial Statements
for the Year Ended 31 July 2022




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Fairways Fireplaces Ltd (Registered number: 04686126)

Abridged Balance Sheet
31 July 2022

31.7.22 31.7.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 36,208
Tangible assets 5 7,370 83,924
7,370 120,132

CURRENT ASSETS
Stocks 109,850 81,327
Debtors 176,778 341,463
Cash at bank 52,238 158,549
338,866 581,339
CREDITORS
Amounts falling due within one year 123,829 88,322
NET CURRENT ASSETS 215,037 493,017
TOTAL ASSETS LESS CURRENT
LIABILITIES
222,407
613,149

CREDITORS
Amounts falling due after more than
one year
-
(74,407
)

PROVISIONS FOR LIABILITIES (1,400 ) (15,946 )
NET ASSETS 221,007 522,796

The notes form part of these financial statements

Page 1 continued...
Fairways Fireplaces Ltd (Registered number: 04686126)

Abridged Balance Sheet - continued
31 July 2022

31.7.22 31.7.21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 221,005 522,794
SHAREHOLDERS' FUNDS 221,007 522,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2022 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 Board of Directors and authorised for issue on 21 November 2022 and were signed on its behalf by:





Mr R P Hancock - Director


The notes form part of these financial statements

Page 2
Fairways Fireplaces Ltd (Registered number: 04686126)

Notes to the Financial Statements
for the Year Ended 31 July 2022

1. STATUTORY INFORMATION

Fairways Fireplaces Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04686126

Registered office: 15 Sherwood Road
Aston Fields Industrial Estate
Bromsgrove
Worcestershire
B60 3DR

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Page 3 continued...
Fairways Fireplaces Ltd (Registered number: 04686126)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 5 (2021 - 4 ) .

Page 4 continued...
Fairways Fireplaces Ltd (Registered number: 04686126)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2022

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2021
and 31 July 2022 395,000
AMORTISATION
At 1 August 2021 358,792
Amortisation for year 9,875
Impairments 26,333
At 31 July 2022 395,000
NET BOOK VALUE

At 31 July 2022 -
At 31 July 2021 36,208

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2021 148,961
Disposals (114,396 )
At 31 July 2022 34,565
DEPRECIATION
At 1 August 2021 65,037
Charge for year 2,387
Eliminated on disposal (40,229 )
At 31 July 2022 27,195
NET BOOK VALUE
At 31 July 2022 7,370
At 31 July 2021 83,924

Page 5 continued...
Fairways Fireplaces Ltd (Registered number: 04686126)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2022

5. TANGIBLE FIXED ASSETS - continued

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

Totals
£   
COST
At 1 August 2021 98,713
Disposals (98,713 )
At 31 July 2022 -
DEPRECIATION
At 1 August 2021 24,678
Eliminated on disposal (24,678 )
At 31 July 2022 -
NET BOOK VALUE
At 31 July 2022 -
At 31 July 2021 74,035

6. RELATED PARTY DISCLOSURES

During the year irrecoverable loans made to the immediate holding company, A & T Penny Ltd were written off totalling £344,490.

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A J Leah.

ULTIMATE PARENT COMPANY
The ultimate holding company is Fireplace Warehouse Ltd, registered office address is Unit 2 Greg Street Industrial Estate, Greg Street, Reddish, Stockport, SK5 7BS with the immediate holding company being A&T Penny Ltd, registered office address is 15 Sherwood Road, Aston Fields Industrial Estate, Bromsgrove, Worcestershire, B60 3DR.

8. CHARGES

There is a debenture in place at the year end by TDC Impact Limited, the debenture is secured by way of fixed and floating charges over all assets and undertakings of the company.

Page 6