Ironcraft Fires & Stoves Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07880331 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Ironcraft Fires & Stoves Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Ms E K Derwas

REGISTERED OFFICE:

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

REGISTERED NUMBER:

07880331 (England and Wales)

ACCOUNTANTS:

Morgan Griffiths LLP

Chartered Accountants

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

FIXED ASSETS

Intangible assets

4

5

5

Tangible assets

5

9,351

3,238

9,356

3,243

CURRENT ASSETS

Stocks

62,824

66,859

Debtors

6

29,135

28,202

Cash at bank and in hand

261

11,294

92,220

106,355

CREDITORS

Amounts falling due within one year

7

78,037

69,635

NET CURRENT ASSETS

14,183

36,720

TOTAL ASSETS LESS CURRENT LIABILITIES

23,539

39,963

PROVISIONS FOR LIABILITIES

-

623

NET ASSETS

23,539

39,340

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

23,529

39,330

SHAREHOLDERS' FUNDS

23,539

39,340

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 director acknowledges her 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 director on 28 September 2018 and were signed by:

Ms E K Derwas - Director

1.	STATUTORY INFORMATION

Ironcraft Fires & Stoves 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five 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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 etc

-

20% on reducing balance and 10% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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 5 (2016 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2017

54,995

5

55,000

Disposals

(54,995

)

-

(54,995

)

At 31 December 2017

-

5

5

AMORTISATION

At 1 January 2017

54,995

-

54,995

Eliminated on disposal

(54,995

)

-

(54,995

)

At 31 December 2017

-

-

-

NET BOOK VALUE

At 31 December 2017

-

5

5

At 31 December 2016

-

5

5

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

5,695

Additions

7,111

Disposals

(2,000

)

At 31 December 2017

10,806

DEPRECIATION

At 1 January 2017

2,457

Charge for year

274

Eliminated on disposal

(1,276

)

At 31 December 2017

1,455

NET BOOK VALUE

At 31 December 2017

9,351

At 31 December 2016

3,238

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

11,867

22,329

Other debtors

17,268

5,873

29,135

28,202

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

4,276

-

Trade creditors

37,811

29,979

Taxation and social security

4,110

9,048

Other creditors

31,840

30,608

78,037

69,635

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017

and 31 December 2016:

31.12.17

31.12.16

£

£

K F Butterton

Balance outstanding at start of year

-

-

Amounts advanced

8,351

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,351

-

This balance was repaid in full on 28 February 2018.