FitzGerald Lighting Cornwall Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06807218 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

FITZGERALD LIGHTING CORNWALL LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

1,547

3,437

Tangible assets

5

264,970

345,380

266,517

348,817

CURRENT ASSETS

Stocks

693,147

518,390

Debtors

6

1,117,786

1,386,157

Cash at bank and in hand

26,212

73,282

1,837,145

1,977,829

CREDITORS

Amounts falling due within one year

7

2,362,912

2,665,971

NET CURRENT LIABILITIES

(525,767

)

(688,142

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(259,250

)

(339,325

)

CREDITORS

Amounts falling due after more than one year

8

388,724

59,372

NET LIABILITIES

(647,974

)

(398,697

)

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Revaluation reserve

11

94,528

94,528

Retained earnings

(842,502

)

(593,225

)

SHAREHOLDERS' FUNDS

(647,974

)

(398,697

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2018 and were signed on its behalf by:

Mr P G FitzGerald - Director

Mr T A FitzGerald - Director

1.	STATUTORY INFORMATION

FitzGerald Lighting Cornwall Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address are as below:

Registered number:

06807218

Registered office:

38 Normandy Way

BODMIN

Cornwall

PL31 1EX

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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.

Patents and licenses are being amortised evenly over their estimated useful life of five and twenty

years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 20% on cost and 10% 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.

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.

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.

Going concern

The directors acknowledge the deficit in the balance sheet. The company is dependent upon the

ongoing support of its directors and other third parties during 2018. The directors do not envisage this

support being withdrawn in the next twelve months.

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. Thus

the directors continue to adopt the going concern basis of accounting in preparing the financial

statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 91 (2016 - 98 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2017

and 31 December 2017

14,698

AMORTISATION

At 1 January 2017

11,261

Charge for year

1,890

At 31 December 2017

13,151

NET BOOK VALUE

At 31 December 2017

1,547

At 31 December 2016

3,437

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2017

759,356

Additions

198,821

Disposals

(527,137

)

At 31 December 2017

431,040

DEPRECIATION

At 1 January 2017

413,976

Charge for year

104,231

Eliminated on disposal

(352,137

)

At 31 December 2017

166,070

NET BOOK VALUE

At 31 December 2017

264,970

At 31 December 2016

345,380

Cost or valuation at 31 December 2017 is represented by:

Plant and

machinery

etc

£

Valuation in 2016

94,528

Cost

336,512

431,040

If plant and machinery items had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

192,805

192,805

Aggregate depreciation

133,091

133,091

On 2 June 2017 a number of plant and machinery assets were refinanced by sales and leaseback. A

revaluation of those assets for the purposes of the refinancing deal was originally undertaken in

October 2016 and therefore the assets were revalued in the accounts for the year ended 31 December

2016.

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases

are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2017

227,104

Additions

185,982

Disposals

(81,166

)

At 31 December 2017

331,920

DEPRECIATION

At 1 January 2017

10,876

Charge for year

83,332

At 31 December 2017

94,208

NET BOOK VALUE

At 31 December 2017

237,712

At 31 December 2016

216,228

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,116,125

1,382,999

Other debtors

1,661

3,158

1,117,786

1,386,157

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases (see note 9)

83,107

25,950

Trade creditors

1,044,571

993,148

Taxation and social security

91,955

167,559

Other creditors

1,143,279

1,479,314

2,362,912

2,665,971

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases (see note 9)

104,076

25,372

Other creditors

284,648

34,000

388,724

59,372

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

2017

2016

2017

2016

£

£

£

£

Net obligations repayable:

Within one year

78,291

21,134

4,816

4,816

Between one and five years

102,872

21,760

1,204

3,612

181,163

42,894

6,020

8,428

Non-cancellable

operating leases

2017

2016

£

£

Within one year

11,422

-

Between one and five years

92,959

58,782

In more than five years

102,000

102,000

206,381

160,782

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts and finance leases

187,183

51,322

Factored receivables

880,672

1,133,054

1,067,855

1,184,376

A debenture dated 26 February 2009 is the registered security in relation to the advance by Bibby

Financial Services Limited. The debenture is secured over the assets of the company as a fixed and

floating charge.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2017

and 31 December 2017

94,528

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided personal guarantees over the liabilities owing to Bibby Financial

Services Limited and some other third parties.

13.	RELATED PARTY DISCLOSURES

Vanguard Lighting Limited

Mr P G FitzGerald, Mr T A FitzGerald and their respective wives are directors and shareholders in

Vanguard Lighting Limited.

Rent and trading expenditure - £152,236.

2017

2016

£

£

Amount due to related party at the balance sheet date

113,592

83,897

Al Shamali & Waris Trading Co LLC

A company in which A Waris is an owner

Trading expenditure - £95,185

2017

2016

£

£

Amount due to related party at the balance sheet date

52,706

-

IP65 Limited

Mr T A FitzGerald and Vanguard Lighting Limited have a shareholding in IP65 Limited.

Rent and trading expenditure - £103,949

2017

2016

£

£

Amount due to related party at the balance sheet date

12,600

7,400

14.	ULTIMATE CONTROLLING PARTY

15.	GOING CONCERN

The directors acknowledge the deficit in the balance sheet. The company is dependent upon the

ongoing support of its directors and other third parties. The directors do not envisage this support

being withdrawn in the next twelve months.

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. Thus

the directors continue to adopt the going concern basis of accounting in preparing the financial

statements.

16.	FIRST YEAR ADOPTION - FRS 102 1A

No transitional adjustments were required in the previous year.