Fire Systems Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02607182 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

FIRE SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L N Mason

Mr W A Mason

SECRETARY:

Mrs R Mason

REGISTERED OFFICE:

Kingsmill Business Park

Unit 5

Chapel Mill Road

Kingston upon Thames

Surrey

KT1 3GZ

REGISTERED NUMBER:

02607182 (England and Wales)

ACCOUNTANTS:

Owadally & King

Chartered Certified Accountants

73 Park Lane

Croydon

Surrey

CR0 1JG

FIXED ASSETS

Tangible assets

4

128,160

35,213

CURRENT ASSETS

Stocks

22,015

23,240

Debtors

5

251,060

195,610

Cash at bank and in hand

874,691

786,474

1,147,766

1,005,324

CREDITORS

Amounts falling due within one year

6

340,306

320,385

NET CURRENT ASSETS

807,460

684,939

TOTAL ASSETS LESS CURRENT LIABILITIES

935,620

720,152

PROVISIONS FOR LIABILITIES

22,688

3,554

NET ASSETS

912,932

716,598

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

7

912,732

716,398

SHAREHOLDERS' FUNDS

912,932

716,598

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 22 February 2018 and were signed on its behalf by:

Mr L N Mason - Director

Mr W A Mason - Director

1.	STATUTORY INFORMATION

Fire Systems 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.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2016

18,862

1,825

208,227

56,518

285,432

Additions

-

1,933

7,551

140,750

150,234

Disposals

-

-

(12,999

)

-

(12,999

)

At 31 May 2017

18,862

3,758

202,779

197,268

422,667

DEPRECIATION

At 1 June 2016

18,860

456

184,071

46,832

250,219

Charge for year

2

940

16,381

38,922

56,245

Eliminated on disposal

-

-

(11,957

)

-

(11,957

)

At 31 May 2017

18,862

1,396

188,495

85,754

294,507

NET BOOK VALUE

At 31 May 2017

-

2,362

14,284

111,514

128,160

At 31 May 2016

2

1,369

24,156

9,686

35,213

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

225,734

182,132

Other debtors

25,326

13,478

251,060

195,610

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

83,858

73,665

Taxation and social security

142,687

205,007

Other creditors

113,761

41,713

340,306

320,385

7.

RESERVES

Retained

earnings

£

At 1 June 2016

716,398

Profit for the year

381,334

Dividends

(185,000

)

At 31 May 2017

912,732

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £156,183 were paid to the directors .

As at the balance sheet date a sum of £37,116 (2016: £13,894) was owed to the Director Mr L Mason and a sum

of £6,126 (2016: £13,894) was owed to the Director Mr W Mason.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party are directors Mr L N Mason and Mr W A Mason by virtue of their shareholdings.