Legend Gas Fires Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 03245541 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2016

for

Legend Gas Fires Limited

Page

Company Information

1

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

2

125,000

100,000

Tangible assets

3

137,535

78,450

262,535

178,450

CURRENT ASSETS

Stocks

140,250

79,654

Debtors

4

421,950

478,151

Cash at bank and in hand

186,317

249,104

748,517

806,909

CREDITORS

Amounts falling due within one year

5

628,153

663,397

NET CURRENT ASSETS

120,364

143,512

TOTAL ASSETS LESS CURRENT LIABILITIES

382,899

321,962

CREDITORS

Amounts falling due after more than one year

6

(14,421

)

(11,460

)

PROVISIONS FOR LIABILITIES

10

-

(13,665

)

NET ASSETS

368,478

296,837

CAPITAL AND RESERVES

Called up share capital

11

100

100

Share premium

12

4,975

4,975

Revaluation reserve

12

125,000

100,000

Capital redemption reserve

12

1

1

Profit and loss account

12

238,402

191,761

SHAREHOLDERS' FUNDS

368,478

296,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 June 2017 and were signed on its behalf by:

J R Stone - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of

goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

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

-

10% on cost

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

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

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST OR VALUATION

At 1 October 2015

100,000

Revaluations

25,000

At 30 September 2016

125,000

NET BOOK VALUE

At 30 September 2016

125,000

At 30 September 2015

100,000

Cost or valuation at 30 September 2016 is represented by:

Patents

and

licences

£

Valuation in 2009

100,000

Valuation in 2016

25,000

125,000

3.	TANGIBLE FIXED ASSETS

Fixtures

Advertising

Plant and

and

Equipment

machinery

fittings

£

£

£

COST

At 1 October 2015

49,755

39,831

10,747

Additions

110,000

11,727

-

Disposals

(49,755

)

-

-

At 30 September 2016

110,000

51,558

10,747

DEPRECIATION

At 1 October 2015

4,976

37,534

9,173

Charge for year

11,000

2,802

316

Eliminated on disposal

(4,976

)

-

-

At 30 September 2016

11,000

40,336

9,489

NET BOOK VALUE

At 30 September 2016

99,000

11,222

1,258

At 30 September 2015

44,779

2,297

1,574

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2015

65,772

58,269

224,374

Additions

11,470

-

133,197

Disposals

-

-

(49,755

)

At 30 September 2016

77,242

58,269

307,816

DEPRECIATION

At 1 October 2015

47,984

46,257

145,924

Charge for year

12,811

2,404

29,333

Eliminated on disposal

-

-

(4,976

)

At 30 September 2016

60,795

48,661

170,281

NET BOOK VALUE

At 30 September 2016

16,447

9,608

137,535

At 30 September 2015

17,788

12,012

78,450

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

Motor

vehicles

£

COST

At 1 October 2015

56,272

Additions

11,470

Transfer to ownership

(16,500

)

At 30 September 2016

51,242

DEPRECIATION

At 1 October 2015

38,484

Charge for year

12,811

Transfer to ownership

(16,500

)

At 30 September 2016

34,795

NET BOOK VALUE

At 30 September 2016

16,447

At 30 September 2015

17,788

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/16

30/9/15

£

£

Trade debtors

400,078

476,595

Taxation

10,105

-

Deferred tax asset

8,591

-

Prepayments

3,176

1,556

421,950

478,151

Deferred tax asset

30/9/16

£

Accelerated capital allowances

(27,507

)

Tax losses carried forward

36,098

8,591

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/16

30/9/15

£

£

Hire purchase contracts

6,372

9,736

Trade creditors

487,543

485,255

Taxation

-

17,634

Social security and other taxes

17,544

16,176

VAT

59,412

87,513

Directors' current accounts

42,581

35,160

Accrued expenses

14,701

11,923

628,153

663,397

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/16

30/9/15

£

£

Hire purchase contracts

14,421

11,460

7.	PREFERENCE SHARES

Details of preference shares are as follows:

8.	OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

30/9/16

30/9/15

£

£

Expiring:

Between one and five years

19,074

18,598

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/16

30/9/15

£

£

Hire purchase contracts

20,793

21,196

Hire purchase liabilities are secured upon the associated assets.

10.	PROVISIONS FOR LIABILITIES

30/9/15

£

Deferred tax

Accelerated capital allowances

13,665

Deferred

tax

£

Balance at 1 October 2015

13,665

Credit to Profit and Loss Account during year

(22,256

)

Balance at 30 September 2016

(8,591

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/16

30/9/15

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Profit

Capital

and loss

Share

Revaluation

redemption

account

premium

reserve

reserve

Totals

£

£

£

£

£

At 1 October 2015

191,761

4,975

100,000

1

296,737

Profit for the year

66,641

-

-

-

66,641

Dividends

(20,000

)

-

-

-

(20,000

)

Surplus on revaluation

-

-

25,000

-

25,000

At 30 September 2016

238,402

4,975

125,000

1

368,378

13.	RELATED PARTY DISCLOSURES

During the year the services of J Stone and Mrs S Calvert, other than their fiduciary duties, have been supplied to

the company under a separate distinct contract. The contract values amounted to £186,000 (2015: £170,500).

J R Stone

Director

Dividends of £15,000 (2015 : £13,500) were paid to the director during the year.

30/9/16

30/9/15

£

£

Amount due to related party at the balance sheet date

37,273

34,851

Mrs S Calvert

Director

Dividends of £5,000 (2015 : £4,500) were paid to the director during the year.

30/9/16

30/9/15

£

£

Amount due to related party at the balance sheet date

5,309

309

14.	ULTIMATE CONTROLLING PARTY

The controlling party is J R Stone.