Select Fireplaces Beverley Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04333678 (England and Wales)

Select Fireplaces Beverley Limited

Financial Statements

for the Year Ended 31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr L J Miller

SECRETARY:

Mr L J Miller

REGISTERED OFFICE:

Unit 2

St Nicholas Road

Beverley

East Yorkshire

HU17 0QT

REGISTERED NUMBER:

04333678 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Intangible assets

4

17,500

21,000

Tangible assets

5

2,512

3,235

20,012

24,235

CURRENT ASSETS

Stocks

1,500

1,400

Debtors

6

1,399

1,475

Cash at bank and in hand

20,775

22,635

23,674

25,510

CREDITORS

Amounts falling due within one year

7

40,095

39,295

NET CURRENT LIABILITIES

(16,421

)

(13,785

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,591

10,450

CREDITORS

Amounts falling due after more than one year

8

-

(1,053

)

PROVISIONS FOR LIABILITIES

(503

)

(647

)

NET ASSETS

3,088

8,750

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

12

2,088

7,750

SHAREHOLDERS' FUNDS

3,088

8,750

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 22 September 2017 and were signed by:

Mr L J Miller - Director

1.	STATUTORY INFORMATION

Select Fireplaces Beverley 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.

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102. The transition date is 1 January 2015.

The directors have also considered whether, in applying FRS 102, the restatement of comparative information

was required. No restatements were required.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised

evenly over its remaining estimated useful life of five years.

Tangible fixed assets

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

Showroom Fixed Display

-

50% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

All fixed assets are initially recorded at cost.

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 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.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

70,000

AMORTISATION

At 1 January 2016

49,000

Charge for year

3,500

At 31 December 2016

52,500

NET BOOK VALUE

At 31 December 2016

17,500

At 31 December 2015

21,000

5.	TANGIBLE FIXED ASSETS

Showroom

Fixtures

Fixed

and

Motor

Computer

Display

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2016

and 31 December 2016

6,612

4,228

6,500

1,204

18,544

DEPRECIATION

At 1 January 2016

6,612

3,364

4,444

889

15,309

Charge for year

-

130

514

79

723

At 31 December 2016

6,612

3,494

4,958

968

16,032

NET BOOK VALUE

At 31 December 2016

-

734

1,542

236

2,512

At 31 December 2015

-

864

2,056

315

3,235

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Prepayments

1,399

1,475

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

1,071

2,878

Trade creditors

6,112

10,056

Tax

2,149

2,613

VAT

3,747

1,129

Directors' current accounts

25,321

20,279

Accruals and deferred income

1,695

2,340

40,095

39,295

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans - 1-2 years

-

1,053

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

6,000

6,000

Between one and five years

-

6,000

6,000

12,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

1,071

3,931

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.

RESERVES

Retained

earnings

£

At 1 January 2016

7,750

Profit for the year

4,338

Dividends

(10,000

)

At 31 December 2016

2,088

13.	RELATED PARTY DISCLOSURES