Furniture 2 Inspire Limited Small abridged accounts
Furniture 2 Inspire Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
07975217
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Abridged Financial Statements |
Year ended 31 March 2017
Contents |
Page |
Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements |
1 |
Abridged statement of financial position |
2 |
Notes to the abridged financial statements |
4 |
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Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
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Year ended 31 March 2017
75 Aston Street
Shifnal
Shropshire
TF11 8DU
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
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Cash at bank and in hand |
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--------- |
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Creditors: amounts falling due within one year |
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--------- |
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Net current assets |
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-------- |
-------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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-------- |
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Net assets |
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-------- |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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-------- |
-------- |
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Shareholders funds |
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-------- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 December 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
07975217
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Notes to the Abridged Financial Statements |
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is PR House, Hortonwood 30, Telford, Shropshire, TF1 7ET.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Disclosure exemptions
No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery |
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Fixtures, fittings and equipment |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Provisions
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2016:
3
).
5.
Tangible assets
£ |
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Cost |
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At 1 April 2016 |
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Additions |
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------- |
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At 31 March 2017 |
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------- |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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------- |
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At 31 March 2017 |
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------- |
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Carrying amount |
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At 31 March 2017 |
3,635 |
------- |
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At 31 March 2016 |
3,657 |
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6.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
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£ |
£ |
£ |
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(
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(
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(
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2016 |
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Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
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£ |
£ |
£ |
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(
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(
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7.
Related party transactions
The company was under the control of Mr S S Dhatt throughout the current year. Mr S S Dhatt is the sole director and majority shareholder. During the year the company has paid the business of Mrs R Dhatt, the directors wife, for rent & website expenses which total £23,021 (2016 - £23,133). At the balance sheet date £41,116 (2016 - £41,116) was owed to Mrs R Dhatt by Furniture 2 Inspire Ltd. Mr S S Dhatt is also a director and majority shareholder of Pubs & Grub Limited. At 31 March 2015
Furniture 2 Inspire Limited
owed Pubs & Grub Limited £6,649 (2016 - £6,649).
8.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.