Fairways Fireplaces Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04686126 (England and Wales)

Abridged Unaudited Financial Statements for the Year Ended 31 July 2017

for

Fairways Fireplaces Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Penny

Mrs P Penny

REGISTERED OFFICE:

15 Sherwood Road

Aston Fields Industrial Estate

Bromsgrove

Worcestershire

B60 3DR

REGISTERED NUMBER:

04686126 (England and Wales)

ACCOUNTANTS:

Smart Accountancy Solutions Limited

3 Taylors Lane

Worcester

WR1 1PN

FIXED ASSETS

Intangible assets

4

115,208

134,958

Tangible assets

5

12,676

5,169

127,884

140,127

CURRENT ASSETS

Stocks

47,865

45,358

Debtors

251,176

234,040

Cash at bank and in hand

98,884

74,119

397,925

353,517

CREDITORS

Amounts falling due within one year

74,297

40,622

NET CURRENT ASSETS

323,628

312,895

TOTAL ASSETS LESS CURRENT LIABILITIES

451,512

453,022

PROVISIONS FOR LIABILITIES

2,337

836

NET ASSETS

449,175

452,186

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

449,173

452,184

SHAREHOLDERS' FUNDS

449,175

452,186

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 January 2018 and were signed on its behalf by:

Mr A J Penny - Director

Mrs P Penny - Director

1.	STATUTORY INFORMATION

Fairways Fireplaces Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 2003, is being amortised evenly over its estimated useful life of twenty 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

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

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 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2016

and 31 July 2017

395,000

AMORTISATION

At 1 August 2016

260,042

Amortisation for year

19,750

At 31 July 2017

279,792

NET BOOK VALUE

At 31 July 2017

115,208

At 31 July 2016

134,958

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2016

26,206

Additions

12,424

Disposals

(2,500

)

At 31 July 2017

36,130

DEPRECIATION

At 1 August 2016

21,037

Charge for year

4,170

Eliminated on disposal

(1,753

)

At 31 July 2017

23,454

NET BOOK VALUE

At 31 July 2017

12,676

At 31 July 2016

5,169

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Penny and Mrs P A Penny by virtue of their interest in

the parent company.

7.	SECURED DEBTS

The assets of the company are secured by way of a fixed and floating charge to the Royal

Bank of Scotland Plc in relation to the bank loan in the name of the Parent company A&T

Penny Ltd.

8.	TRANSITION TO FRS 102

This is the first year in which the financial statements have been prepared under FRS 102

Section 1A. There have been no changes in accounting policies and there has been no

effect on equity and profit and loss presented previously as a result of the transition.