Legend Gas Fires Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03245541 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Legend Gas Fires Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Stone

Mrs S Calvert

SECRETARY:

J R Stone

REGISTERED OFFICE:

Unit 404

Glenfield Business Centre

Blakewater Road

Blackburn

BB1 5QH

REGISTERED NUMBER:

03245541 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Intangible assets

4

125,000

125,000

Tangible assets

5

263,275

282,098

388,275

407,098

CURRENT ASSETS

Stocks

185,000

185,000

Debtors

187,989

355,264

Cash at bank and in hand

257,331

411,889

630,320

952,153

CREDITORS

Amounts falling due within one year

354,001

591,392

NET CURRENT ASSETS

276,319

360,761

TOTAL ASSETS LESS CURRENT LIABILITIES

664,594

767,859

CREDITORS

Amounts falling due after more than one year

(65,407

)

(94,557

)

PROVISIONS FOR LIABILITIES

(38,554

)

(49,858

)

NET ASSETS

560,633

623,444

CAPITAL AND RESERVES

Called up share capital

8

100

100

Share premium

4,975

4,975

Revaluation reserve

9

125,000

125,000

Capital redemption reserve

1

1

Retained earnings

430,557

493,368

SHAREHOLDERS' FUNDS

560,633

623,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 30 September 2022 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 Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

J R Stone - Director

1.	STATUTORY INFORMATION

Legend Gas 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 as modified by the revaluation of certain assets.

Turnover

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

The company manufactures and sells a range of living flame gas appliances in the wholesale market. Sales of goods are recognised on delivery to the wholesaler, when the wholesaler has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the wholesaler's acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the wholesaler, the risks of obsolescence or loss have been transferred to the wholesaler, the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied.

Intangible assets

Amortisation is not provided on these intangible assets as the fire designs and rights to which these amounts relate are not considered by the directors to diminish in value.

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.

Advertising Equipment

-

Straight line over 20 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

20% 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.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 22 (2021 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 October 2021

and 30 September 2022

125,000

NET BOOK VALUE

At 30 September 2022

125,000

At 30 September 2021

125,000

Cost or valuation at 30 September 2022 is represented by:

Totals

£

Valuation in 2009

100,000

Valuation in 2016

25,000

125,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

454,021

Additions

41,799

Disposals

(34,000

)

At 30 September 2022

461,820

DEPRECIATION

At 1 October 2021

171,923

Charge for year

46,278

Eliminated on disposal

(19,656

)

At 30 September 2022

198,545

NET BOOK VALUE

At 30 September 2022

263,275

At 30 September 2021

282,098

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

Totals

£

COST

At 1 October 2021

138,138

Additions

11,070

Disposals

(34,000

)

At 30 September 2022

115,208

DEPRECIATION

At 1 October 2021

45,691

Charge for year

28,803

Eliminated on disposal

(19,656

)

At 30 September 2022

54,838

NET BOOK VALUE

At 30 September 2022

60,370

At 30 September 2021

92,447

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30/9/22

30/9/21

£

£

Net obligations repayable:

Within one year

18,401

21,742

Between one and five years

38,210

57,467

56,611

79,209

Non-cancellable operating

leases

30/9/22

30/9/21

£

£

Within one year

27,000

27,000

7.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/22

30/9/21

£

£

Hire purchase contracts

56,611

79,209

Hire purchase liabilities are secured upon the associated assets.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/22

30/9/21

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Revaluation

reserve

£

At 1 October 2021

and 30 September 2022

125,000