BURNING FLAG LIMITED - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08429128 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2017

FOR

BURNING FLAG LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G D Hardes

J R Proud

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

08429128 (England and Wales)

ACCOUNTANTS:

Segrave & Partners LLP

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

FIXED ASSETS

Intangible assets

4

12,000

14,000

Tangible assets

5

48,957

11,094

60,957

25,094

CURRENT ASSETS

Work in progress

11,112

16,301

Debtors

6

5,706

-

Cash at bank

400

24,125

17,218

40,426

CREDITORS

Amounts falling due within one year

7

79,437

64,757

NET CURRENT LIABILITIES

(62,219

)

(24,331

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,262

)

763

CREDITORS

Amounts falling due after more than one year

8

20,654

-

NET (LIABILITIES)/ASSETS

(21,916

)

763

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

10

(21,918

)

761

SHAREHOLDERS' FUNDS

(21,916

)

763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 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 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 19 December 2017 and were signed on its behalf by:

G D Hardes - Director

J R Proud - Director

1.	STATUTORY INFORMATION

Burning Flag 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 2013, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing work in progress to their present location and condition.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 March 2016

and 29 March 2017

20,000

AMORTISATION

At 30 March 2016

6,000

Charge for year

2,000

At 29 March 2017

8,000

NET BOOK VALUE

At 29 March 2017

12,000

At 29 March 2016

14,000

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 30 March 2016

25,774

Additions

54,184

At 29 March 2017

79,958

DEPRECIATION

At 30 March 2016

14,680

Charge for year

16,321

At 29 March 2017

31,001

NET BOOK VALUE

At 29 March 2017

48,957

At 29 March 2016

11,094

Fixed assets, included in the above, which are held under finance leases are as follows:

Equipment

£

COST

Additions

49,526

At 29 March 2017

49,526

DEPRECIATION

Charge for year

12,382

At 29 March 2017

12,382

NET BOOK VALUE

At 29 March 2017

37,144

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

5,706

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Finance leases (see note 9)

15,054

-

Tax

4,138

9,683

Social security and other taxes

844

2,122

VAT

3,070

10,085

Directors' current accounts

53,231

39,917

Accrued expenses

3,100

2,950

79,437

64,757

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Finance leases (see note 9)

20,654

-

9.	LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases

2017

2016

£

£

Net obligations repayable:

Within one year

15,054

-

Between one and five years

20,654

-

35,708

-

10.

RESERVES

Retained

earnings

£

At 30 March 2016

761

Deficit for the year

(22,679

)

At 29 March 2017

(21,918

)

11.	GOING CONCERN

At the balance sheet date the company had net deficiency of assets of £21,916, and was therefore dependant

upon the continued support from its principle creditors, including the directors.

The directors have confirmed that they will continue to support the company for the foreseeable future.

The financial statements have therefore been prepared on the going concern basis.