Advanced Fire Solutions Limited - Period Ending 2017-07-31
Advanced Fire Solutions Limited - Period Ending 2017-07-31
Registration number:
Advanced Fire Solutions Limited
for the Year Ended 31 July 2017
Advanced Fire Solutions Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Advanced Fire Solutions Limited
Registration number: 05516519
Balance Sheet as at 31 July 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.
Page 1 |
Advanced Fire Solutions Limited
Registration number: 05516519
Balance Sheet as at 31 July 2017 (continued)
For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
J M Bacon
Director
G N Ellis
Director
Page 2 |
Advanced Fire Solutions Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
Advanced Fire Solutions Limited
Notes to the Financial Statements for the Year Ended 31 July 2017 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Reducing balance |
Fixtures, fittings and equipment |
15% Reducing balance |
Motor vehicles |
25% Reducing balance |
Page 4 |
Advanced Fire Solutions Limited
Notes to the Financial Statements for the Year Ended 31 July 2017 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Advanced Fire Solutions Limited
Notes to the Financial Statements for the Year Ended 31 July 2017 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 August 2016 |
|
|
|
|
Additions |
|
|
- |
|
At 31 July 2017 |
|
|
|
|
Depreciation |
||||
At 1 August 2016 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 July 2017 |
|
|
|
|
Carrying amount |
||||
At 31 July 2017 |
|
|
|
|
At 31 July 2016 |
|
|
|
|
Stocks |
2017 |
2016 |
|
Other inventories |
|
|
Page 6 |
Advanced Fire Solutions Limited
Notes to the Financial Statements for the Year Ended 31 July 2017 (continued)
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
- |
|
Other prepayments |
3,080 |
7,386 |
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Directors loan accounts |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Page 7 |
Advanced Fire Solutions Limited
Notes to the Financial Statements for the Year Ended 31 July 2017 (continued)
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
65 |
|
65 |
|
|
25 |
|
25 |
|
|
10 |
|
10 |
|
|
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 8 |