Freestyle Lighting Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02688438

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

FREESTYLE LIGHTING LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Ms S Lamkin

Mr D Leech

SECRETARY:

Ms S Lamkin

REGISTERED OFFICE:

East Wing Goffs Oak House

Goffs Lane

Hertfordshire

EN7 5BW

BUSINESS ADDRESS:

Unit 24, The Enterprise Centre

Cranborne Road

Potters Bar

Hertfordshire

EN6 3DQ

REGISTERED NUMBER:

02688438

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Tangible assets

4

3,993

5,362

CURRENT ASSETS

Stocks

36,000

43,400

Debtors

169,159

184,505

Cash at bank

153,995

215,728

359,154

443,633

CREDITORS

Amounts falling due within one year

64,644

171,671

NET CURRENT ASSETS

294,510

271,962

TOTAL ASSETS LESS CURRENT LIABILITIES

298,503

277,324

PROVISIONS FOR LIABILITIES

756

1,021

NET ASSETS

297,747

276,303

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

297,647

276,203

SHAREHOLDERS' FUNDS

297,747

276,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 November 2017 and were signed on its behalf by:

Mr D Leech - Director

1.	STATUTORY INFORMATION

Freestyle Lighting Limited is a private company, limited by shares , registered in Not specified/Other. 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 (£).

The financial statements have been rounded to the nearest £.

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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statement, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date. If an asset is impaired the impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss, the impairment is reversed. The reversal is such that the current

carrying amount does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2016

25,472

Disposals

(6,163

)

At 30 April 2017

19,309

DEPRECIATION

At 1 May 2016

20,110

Charge for year

1,332

Eliminated on disposal

(6,126

)

At 30 April 2017

15,316

NET BOOK VALUE

At 30 April 2017

3,993

At 30 April 2016

5,362

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans from directors subsisted during the years ended 30 April 2017 and 30 April 2016:

2017

2016

£

£

Ms S Lamkin

Balance outstanding at start of year

5,938

6,487

Balance outstanding at end of year

2,811

5,938

Maximum balance outstanding during year

12,984

14,203

Mr D Leech

Balance outstanding at start of year

6,102

7,119

Balance outstanding at end of year

(27,017

)

6,102

Maximum balance outstanding during year

(29,727

)

16,367

These loans are interest free.

7.	RELATED PARTY DISCLOSURES

During the year to 30 April 2017, dividends totalling £83,072 were declared and paid to the directors as follows:

Ms S Lamkin, £41,536 (2016: £106,600)

Mr D Leech, £41,536 (2016: £106,600)

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Freestyle Lighting Limited for the year ended 30 April 2017 which comprise the Abridged

Income Statement, Abridged Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Freestyle Lighting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Freestyle Lighting Limited and state those matters that we have agreed to state to the Board of Directors of Freestyle Lighting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freestyle Lighting Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Freestyle Lighting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Freestyle Lighting Limited. You consider that Freestyle Lighting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Freestyle Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

27 November 2017