Miss L-Fire Ltd Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Miss L-Fire Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06617119

Miss L-Fire Ltd

Unaudited Abridged Financial Statements

31 December 2017

Miss L-Fire Ltd

Abridged Financial Statements

Period from 1 August 2016 to 31 December 2017

Contents	Page

Directors' report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	0

Notes to the detailed abridged income statement	0

Miss L-Fire Ltd

Directors' Report

Period from 1 August 2016 to 31 December 2017

The directors present their report and the unaudited abridged financial statements of the company for the period ended 31 December 2017 .

Directors

The directors who served the company during the period were as follows:

L Hand
T E V Liu
D Barca	(Appointed 11 November 2016)
L Cui	(Appointed 11 November 2016)
D Mavridakis	(Appointed 11 November 2016)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 13 April 2018 and signed on behalf of the board by:

L Hand

Director

Registered office:

Durham House

38 Street Lane

Denby

Derbyshire

DE5 8NE

Miss L-Fire Ltd

Abridged Statement of Income and Retained Earnings

Period from 1 August 2016 to 31 December 2017

	Period from
	1 Aug 16 to	Year to
	31 Dec 17	31 Jul 16
Note	£	£
Gross profit	351,631	277,071

Distribution costs	123,261	84,063
Administrative expenses	360,856	229,325
	---------	---------
Operating loss	( 132,486)	( 36,317)

Interest payable and similar expenses		–	10
		---------	---------
Loss before taxation	5	( 132,486)	( 36,327)

Tax on loss	–	–
	---------	--------
Loss for the financial period and total comprehensive income	( 132,486)	( 36,327)
	---------	--------

Retained earnings at the start of the period	262,433	298,760
	---------	---------
Retained earnings at the end of the period	129,947	262,433
	---------	---------

All the activities of the company are from continuing operations.

Miss L-Fire Ltd

Abridged Statement of Financial Position

31 December 2017

	31 Dec 17		31 Jul 16
Note	£	£	£

Fixed assets

Tangible assets	6		2,726	2,593

Current assets

Stocks	151,180	52,117
Debtors	177,861	266,488
Cash at bank and in hand	154,241	153,788
	---------	---------
	483,282	472,393

Creditors: amounts falling due within one year	355,961		212,453
	---------		---------
Net current assets		127,321	259,940
		---------	---------
Total assets less current liabilities		130,047	262,533
		---------	---------
Net assets		130,047	262,533
		---------	---------

Miss L-Fire Ltd

Abridged Statement of Financial Position (continued)

31 December 2017

	31 Dec 17		31 Jul 16
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	129,947	262,433
	---------	---------
Shareholders funds	130,047	262,533
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 13 April 2018 , and are signed on behalf of the board by:

L Hand

Director

Company registration number: 06617119

Miss L-Fire Ltd

Notes to the Abridged Financial Statements

Period from 1 August 2016 to 31 December 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 Durham House, 38 Street Lane, Denby, Derbyshire, DE5 8NE.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and Fittings	-	15% reducing balance
Equipment	-	20% reducing balance

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

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 4 (2016: 3 ).

5. Profit before taxation

Loss before taxation is stated after charging:

	Period from
	1 Aug 16 to	Year to
	31 Dec 17	31 Jul 16
	£	£
Depreciation of tangible assets	610	561
	----	----

6. Tangible assets

	£
Cost
At 1 August 2016	9,311
Additions	743
	--------
At 31 December 2017	10,054
	--------
Depreciation
At 1 August 2016	6,718
Charge for the period	610
	--------
At 31 December 2017	7,328
	--------
Carrying amount
At 31 December 2017	2,726
	--------
At 31 July 2016	2,593
	--------

7. Directors' advances, credits and guarantees

At the 31 December 2017, L Hand owed the company £374 and D Barca owed the company £270. These loans are interest free and repayable on demand.

8. Related party transactions

The company was under the control of T E V Liu throughout the current period. T E V Liu is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.