Furnace Lakes Limited - Accounts to registrar (filleted) - small 17.3

Furnace Lakes Limited - Accounts to registrar (filleted) - small 17.3

FURNACE LAKES LTD - Company Information

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REGISTERED NUMBER: 08910691 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

FURNACE LAKES LIMITED
Goodale Mardle, Chartered Accountants
Greens Court
West Street
Midhurst
West Sussex
GU29 9NQ








FURNACE LAKES LIMITED (REGISTERED NUMBER: 08910691)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

FURNACE LAKES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2017







DIRECTORS: T R Hand
K N Hand





REGISTERED OFFICE: Goodale Mardle Ltd
Greens Court
West Street
Midhurst
West Sussex
GU29 9NQ





REGISTERED NUMBER: 08910691 (England and Wales)





ACCOUNTANTS: Goodale Mardle, Chartered Accountants
Greens Court
West Street
Midhurst
West Sussex
GU29 9NQ
Page 1
FURNACE LAKES LIMITED (REGISTERED NUMBER: 08910691)

BALANCE SHEET
31 MARCH 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 105,000 120,000
Tangible assets 5 58,847 55,368
163,847 175,368

CURRENT ASSETS
Debtors 6 2,424 1,778
Cash at bank and in hand 86,222 23,405
88,646 25,183
CREDITORS
Amounts falling due within one year 7 36,171 44,272
NET CURRENT ASSETS/(LIABILITIES) 52,475 (19,089 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
216,322
156,279

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 216,320 156,277
SHAREHOLDERS' FUNDS 216,322 156,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 notes form part of these financial statements

Page 2 continued...
FURNACE LAKES LIMITED (REGISTERED NUMBER: 08910691)

BALANCE SHEET - continued
31 MARCH 2017


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 7 December 2017 and were signed on
its behalf by:




T R Hand - Director



K N Hand - Director


The notes form part of these financial statements

Page 3
FURNACE LAKES LIMITED (REGISTERED NUMBER: 08910691)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

1. STATUTORY INFORMATION

Furnace Lakes 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.

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 a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are
measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

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.


Page 4 continued...
FURNACE LAKES LIMITED (REGISTERED NUMBER: 08910691)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2017

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2016
and 31 March 2017 150,000
AMORTISATION
At 1 April 2016 30,000
Charge for year 15,000
At 31 March 2017 45,000
NET BOOK VALUE
At 31 March 2017 105,000
At 31 March 2016 120,000

Page 5 continued...
FURNACE LAKES LIMITED (REGISTERED NUMBER: 08910691)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2017

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2016 78,286
Additions 18,149
At 31 March 2017 96,435
DEPRECIATION
At 1 April 2016 22,918
Charge for year 14,670
At 31 March 2017 37,588
NET BOOK VALUE
At 31 March 2017 58,847
At 31 March 2016 55,368

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Other debtors 2,424 1,778

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade creditors 358 313
Taxation and social security 28,341 24,035
Other creditors 7,472 19,924
36,171 44,272

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 were paid to the directors .

9. ULTIMATE CONTROLLING PARTY

The company is controlled by T Hand & K Ellis by virtue of their combined shareholding.

Page 6
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FURNACE LAKES LIMITED

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 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 Furnace Lakes Limited for the year ended 31 March 2017 which
comprise the Income Statement, 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 Furnace Lakes 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 Furnace Lakes Limited and state those matters that we have agreed to state to the Board of Directors of Furnace Lakes 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 Furnace Lakes Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Furnace Lakes 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 Furnace Lakes Limited. You consider that Furnace Lakes 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 Furnace Lakes 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.






Goodale Mardle, Chartered Accountants
Greens Court
West Street
Midhurst
West Sussex
GU29 9NQ


Date: .............................................

This page does not form part of the statutory financial statements

Page 7