Fusion Windows and Doors Ltd
Fusion Windows and Doors Ltd
Registered number: 09153566
Abbreviated accounts
For The Year Ended 31 August 2016
Burnell and Co
10 Wrens Court
48 Victoria Road
Sutton Coldfield
West Midlands
B72 1SY
Fusion Windows and Doors Ltd
Accountant's Report
For The Year Ended 31 August 2016
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Fusion Windows and Doors Ltd For The Year Ended 31 August 2016
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Fusion Windows and Doors Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Fusion Windows and Doors Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Fusion Windows and Doors Ltd and state those matters that we have agreed to state to the directors of Fusion Windows and Doors Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fusion Windows and Doors Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Fusion Windows and Doors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Fusion Windows and Doors Ltd . You consider that Fusion Windows and Doors Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Fusion Windows and Doors Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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01/02/2017
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Burnell and Co
10 Wrens Court
48 Victoria Road
Sutton Coldfield
West Midlands
B72 1SY
Fusion Windows and Doors Ltd
Company No. 09153566
Abbreviated Balance Sheet
31 August 2016
Abbreviated Balance Sheet
| 2016 | 2015 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 2 |
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| 13,619 | 13,587 | ||||
| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 4 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS |
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Fusion Windows and Doors Ltd
Company No. 09153566
Abbreviated Balance Sheet (continued)
31 August 2016
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
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Fusion Windows and Doors Ltd
Notes to the Abbreviated Accounts
For The Year Ended 31 August 2016
Notes to the Abbreviated Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Revenue is recognised upon delivery of the goods and services to the customer.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
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Fusion Windows and Doors Ltd
Notes to the Abbreviated Accounts (continued)
For The Year Ended 31 August 2016
2.
Tangible Assets
| Total | |
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| Cost | £ |
| As at |
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| Additions |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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3.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2016 | 2015 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
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5.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Mrs Laura Cotton | 343 | 14,707 | 8,100 | 6,950 |
The above loan is unsecured, interest free and repayable on demand.
6.
Ultimate Controlling Party
The company's ultimate controlling party is Mrs M Sharkey by virtue of her ownership of 100% of the issued share capital in the company.
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