Fisher Leak Systems Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 03792961 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

FISHER LEAK SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Fisher

SECRETARY:

S J Holder

REGISTERED OFFICE:

Blackthorn House

St Pauls Square

Birmingham

B3 1RL

REGISTERED NUMBER:

03792961 (England and Wales)

ACCOUNTANTS:

Holder Blackthorn LLP

Blackthorn House

St Pauls Square

Birmingham

B3 1RL

FIXED ASSETS

Tangible assets

4

52,091

62,990

CURRENT ASSETS

Stocks

434,478

295,484

Debtors

5

1,018,887

746,099

Cash at bank

11,230

35,000

1,464,595

1,076,583

CREDITORS

Amounts falling due within one year

6

711,627

515,271

NET CURRENT ASSETS

752,968

561,312

TOTAL ASSETS LESS CURRENT LIABILITIES

805,059

624,302

CREDITORS

Amounts falling due after more than one year

7

(156,493

)

(4,420

)

PROVISIONS FOR LIABILITIES

(8,900

)

(11,300

)

NET ASSETS

639,666

608,582

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

634,666

603,582

SHAREHOLDERS' FUNDS

639,666

608,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 April 2017 and were signed by:

M J Fisher - Director

1.	STATUTORY INFORMATION

Fisher Leak Systems 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods and

services in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods sold and

services provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of

completion when the outcome of the contract can be assessed with reasonable certainty.

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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2016

27,858

84,971

55,809

168,638

Additions

-

-

8,291

8,291

At 31 December 2016

27,858

84,971

64,100

176,929

DEPRECIATION

At 1 January 2016

6,964

53,276

45,408

105,648

Charge for year

5,572

7,923

5,695

19,190

At 31 December 2016

12,536

61,199

51,103

124,838

NET BOOK VALUE

At 31 December 2016

15,322

23,772

12,997

52,091

At 31 December 2015

20,894

31,695

10,401

62,990

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

Plant and

machinery

£

COST

At 1 January 2016

and 31 December 2016

31,810

DEPRECIATION

At 1 January 2016

11,432

Charge for year

5,094

At 31 December 2016

16,526

NET BOOK VALUE

At 31 December 2016

15,284

At 31 December 2015

20,378

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

773,341

477,189

Amounts owed by group undertakings

206,058

247,070

Prepayments

39,488

21,840

1,018,887

746,099

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

10,077

Other loans

32,702

-

Hire purchase contracts

4,420

10,609

Trade creditors

471,387

338,117

Amounts owed to group undertakings

52,577

20,005

Tax

16,987

5,892

Social security and other taxes

57,029

71,559

VAT

63,676

52,815

Other creditors

2,280

-

Accrued expenses

10,569

6,197

711,627

515,271

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other loans

156,493

-

Hire purchase contracts

-

4,420

156,493

4,420

8.	SECURED DEBTS

The company has provided an intercompany cross guarantee to the group bankers covering the group companies

of Fisher Leak Group Limited, Fisher Leak Systems Limited, Fisher Leak Engineering Limited and Propbrook

Limited.

9.	RELATED PARTY DISCLOSURES

10.	FIRST YEAR ADOPTION

The first time adoption of FRS 102 section 1A does not result in any change to the equity position of the

company at the transitional date of 1 January 2015.