Fire Technology International Limited
Fire Technology International Limited
Registered number: 06347031
Unaudited Financial Statements
For The Year Ended
31 January 2021
Kent Coast Accounts Ltd
39 Brooke Avenue
Margate
Kent
CT9 5NG
Fire Technology International Limited
Unaudited Financial Statements
For The Year Ended
31 January 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—10 |
Fire Technology International Limited
Balance Sheet
As at
31 January 2021
Balance Sheet
Registered number:
06347031
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 284,518 | 148,732 | |||
Fire Technology International Limited
Balance Sheet (continued)
As at
31 January 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 10 form part of these financial statements.
Fire Technology International Limited
Notes to the Financial Statements
For The Year Ended
31 January 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. it also requires management to exercise judgment in applying the Company's accounting policies.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
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 when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 10 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Fire Technology International Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under hire purchase contracts are depreciated over their useful lives.
Rentals paid under operating leases are charged to the Statement of comprehensive income on a Straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
1.7.
Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value.
1.8.
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company Operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 17 (2020: 20)
Fire Technology International Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
4.
Intangible Assets
| Goodwill | |||
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| Amortisation | |||
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| Net Book Value | |||
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Fire Technology International Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
5.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Net Book Value | ||||
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| Computer Equipment | Total | |
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| Cost | ||
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| Additions |
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| Depreciation | ||
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| Net Book Value | ||
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6.
Stocks
| 2021 | 2020 | ||
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| £ | £ | ||
| Stock - finished goods |
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| Stock - work in progress |
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Fire Technology International Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
7.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Due after more than one year | |||
| Amounts recoverable on contracts |
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8.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 2,651 | - |
Fire Technology International Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
10.
Obligations Under Finance Leases and Hire Purchase
| 2021 | 2020 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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11.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
| 2021 | 2020 | ||
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| Deferred tax |
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13.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
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| 2021 | 2020 | |
| £ | £ | |
| Within 1 year | 14,165 | 11,000 |
| Between 1 and 5 years | 23,250 | - |
| 37,415 | 11,000 | |
Fire Technology International Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
14.
Pension Commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to 2021 - £7,127 (2020 - £5,256)
Contributions totalling 2021 - £nil (2020 - £nil ) were payable to the fund at the balance sheet date and are included in creditors.
15.
Ultimate Controlling Party
The company's ultimate controlling party is
Andrew Lewis HUNT
by virtue of his ownership of 100% of the issued share capital in the company.
16.
General Information
Fire Technology International Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06347031
. The registered office is Unit 33, Telegraph Hill Industrial Park, Laundry Road, Minster, Ramsgate, Kent, CT12 4HL.