Fifield Glyn Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02205316

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

FIFIELD GLYN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J G Fifield

R L Welfare

R N D Smith

E G Fifield

C G Fifield

SECRETARY:

C G Fifield

REGISTERED OFFICE:

1 Royal Mews

Gadbrook Park

Northwich

Cheshire

CW9 7UD

REGISTERED NUMBER:

02205316

ACCOUNTANTS:

Howard Worth

Drake House

Gadbrook Park

Northwich

Cheshire

CW9 7RA

FIXED ASSETS

Intangible assets

4

174,011

186,194

Tangible assets

5

116,039

129,770

290,050

315,964

CURRENT ASSETS

Debtors

6

145,400

290,311

Cash in hand

503

1,803

145,903

292,114

CREDITORS

Amounts falling due within one year

7

346,200

488,946

NET CURRENT LIABILITIES

(200,297

)

(196,832

)

TOTAL ASSETS LESS CURRENT LIABILITIES

89,753

119,132

CREDITORS

Amounts falling due after more than one year

8

(26,667

)

(66,667

)

PROVISIONS FOR LIABILITIES

(22,047

)

(10,872

)

NET ASSETS

41,039

41,593

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

40,939

41,493

SHAREHOLDERS' FUNDS

41,039

41,593

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 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.

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 4 July 2017 and were signed on its behalf by:

R N D Smith - Director

1.	STATUTORY INFORMATION

Fifield Glyn Limited '' the Company'' 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

These are the first financial statements the Company has prepared in accordance with Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of

Ireland'' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The

financial statements for the year ended 31 December 2015 were prepared in accordance with

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

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and

accounting policy choices differ from the FRSSE. Consequently the directors have amended certain

accounting policies to comply with FRS 102. The directors have also taken advantage of certain

exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 ''Transition to FRS''.

There are no changes in the prior period on transition to FRS 102 as the directors consider them to be

immaterial to financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of business in 2011 and 2013, is

being amortised evenly over its estimated useful life of 20 years.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Motor vehicles

-

Straight line over 5 years

Computer equipment

-

at varying rates on cost

Financial instruments

FINANCIAL ASSETS

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and

which do not constitute a financing transaction are initially measured at the transaction price and

subsequently measured at amortised cost, being the transaction price less any amounts settled and

any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a

financing transaction are initially measured at the transaction price and subsequently measured at

amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

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 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.

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.

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.

Employee benefits

Employees are entitled to carry forward any unused holiday entitlement at the balance sheet date. The

cost of any unused entitlement is recognised in the period in which the employees' services are

received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

305,242

AMORTISATION

At 1 January 2016

119,048

Charge for year

12,183

At 31 December 2016

131,231

NET BOOK VALUE

At 31 December 2016

174,011

At 31 December 2015

186,194

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2016

156,613

66,599

136,366

359,578

Additions

-

-

12,906

12,906

Disposals

-

(27,849

)

-

(27,849

)

At 31 December 2016

156,613

38,750

149,272

344,635

DEPRECIATION

At 1 January 2016

79,105

45,064

105,639

229,808

Charge for year

9,290

4,429

8,033

21,752

Eliminated on disposal

-

(22,964

)

-

(22,964

)

At 31 December 2016

88,395

26,529

113,672

228,596

NET BOOK VALUE

At 31 December 2016

68,218

12,221

35,600

116,039

At 31 December 2015

77,508

21,535

30,727

129,770

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Trade debtors

92,042

207,177

Other debtors

-

4,780

Prepayments and accrued income

53,358

78,354

145,400

290,311

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Bank loans and overdrafts

69,579

244,774

Other loans

25,500

34,500

Trade creditors

56,740

22,477

Taxation

60,204

50,203

Social security and other taxes

8,020

8,941

VAT

46,579

60,090

Other creditors

19,082

12,179

Directors' loan accounts

56,181

49,366

Accruals and deferred income

4,315

6,416

346,200

488,946

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/16

31/12/15

£

£

Bank loans - 1-2 years

26,667

40,000

Bank loans - 2-5 years

-

26,667

26,667

66,667

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/16

31/12/15

£

£

Bank overdrafts

29,579

204,774

Bank loans

66,667

106,667

96,246

311,441

The bank loan and overdraft are secured by a fixed and floating charge over all current and future

assets of the company, which is held by the company's bankers. In addition the bank loan is secured

by a guarantee given by the Department of Trade and Industry for £150,000 and a personal guarantee

given by the Directors jointly for £50,000.

10.	ULTIMATE CONTROLLING PARTY