BURNING FLAG LIMITED - Abbreviated accounts 16.1

REGISTERED NUMBER: 08429128 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 29 MARCH 2016

FOR

BURNING FLAG LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

G D Hardes

J R Proud

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

08429128 (England and Wales)

ACCOUNTANTS:

Segrave & Partners LLP

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

FIXED ASSETS

Intangible assets

2

14,000

16,000

Tangible assets

3

11,094

14,793

25,094

30,793

CURRENT ASSETS

Work in progress

16,301

22,465

Debtors

-

8,000

Cash at bank

24,125

12,109

40,426

42,574

CREDITORS

Amounts falling due within one year

64,757

68,016

NET CURRENT LIABILITIES

(24,331

)

(25,442

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

763

5,351

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

761

5,349

SHAREHOLDERS' FUNDS

763

5,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 September 2016 and were signed on its behalf
by:

G D Hardes - Director

J R Proud - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax has been calculated, but the amount involved is not significant enough to materially affect the

financial statements, and therefore no provision has been made.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 30 March 2015

and 29 March 2016

20,000

AMORTISATION

At 30 March 2015

4,000

Amortisation for year

2,000

At 29 March 2016

6,000

NET BOOK VALUE

At 29 March 2016

14,000

At 29 March 2015

16,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 30 March 2015

and 29 March 2016

25,774

DEPRECIATION

At 30 March 2015

10,981

Charge for year

3,699

At 29 March 2016

14,680

NET BOOK VALUE

At 29 March 2016

11,094

At 29 March 2015

14,793

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2