Incandescent Limited - Accounts to registrar - small 17.1
Incandescent Limited - Accounts to registrar - small 17.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| FOR |
| INCANDESCENT LIMITED |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| INCANDESCENT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| BANKERS: |
| 2-6 Gallowtree Gate |
| Leicester |
| Leicestershire |
| LE1 6DA |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2016 |
| 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 on |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Incandescent Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| This is the first year in which the financial statements have been prepared under FRS 102. |
| TURNOVER |
| Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice. |
| The company supplies products to customers under standard terms and conditions. In all cases revenue is recognised |
| when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods. |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 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 that have been enacted or |
| substantively enacted by the balance sheet date. |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 the profit and loss account over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| 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. |
| CREDITORS |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
| measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
| effective interest method. |
| DEBTORS |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at |
| fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
| method, less any impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| and 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Within other creditors there is a balance of £75,938 (2015: £51,993) owed to HSBC Invoice Finance (UK) Ltd in |
| respect of the company's invoice discounting facility. |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2016 | 2015 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2016 | 2015 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 68,663 | 85,122 |
| Invoice Finance | - | 51,993 |
| INCANDESCENT LIMITED (REGISTERED NUMBER: 03229236) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 11. | RELATED PARTY DISCLOSURES |
| Management charges amounting to £167,500 (2015 : £164,167) were charged by Macbeth 54 Limited. |
| Dividends amounting to £50,000 (2015 : £NIL) were paid to Macbeth 54 Limited. |
| At the year end the amount owed by Macbeth 54 Limited totalled £248,569 (2015 : £258,569). |
| Goods and services amounting to £28,678 (2015 : £23,541) were sold to PO Hydraulics Limited. Goods and |
| services amounting to £500 (2015 : £7,560) were bought from PO Hydraulics Limited. |
| At the year end the amount owed by PO Hydraulics Limited totalled £17,458 (2015 : £14,603). |
| Mr D Smith and Mr M Sproson are both directors of Macbeth 54 Limited and PO Hydraulics Limited and Macbeth |
| 54 Limited holds 100% of the share capital in PO Hydraulics Limited. |
| 12. | CONTROLLING PARTY |
| The company is under the control of Macbeth 54 Limited, the holding company. Mr DG Smith and Mr MD Sproson |
| are directors and shareholders of Macbeth 54 Limited. |