ACCOUNTS - Final Accounts

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

FAIRLOCKS POOL PRODUCTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2017-01-01truetrueNo description of principal activityDebt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 05939309 2017-01-01 2017-12-31 05939309 2016-01-01 2016-12-31 05939309 2017-12-31 05939309 2016-12-31 05939309 c:Director1 2017-01-01 2017-12-31 05939309 d:MotorVehicles 2017-01-01 2017-12-31 05939309 d:MotorVehicles 2017-12-31 05939309 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 05939309 d:OfficeEquipment 2017-01-01 2017-12-31 05939309 d:OfficeEquipment 2017-12-31 05939309 d:OfficeEquipment 2016-12-31 05939309 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 05939309 d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 05939309 d:CurrentFinancialInstruments 2017-12-31 05939309 d:CurrentFinancialInstruments 2016-12-31 05939309 d:Non-currentFinancialInstruments 2017-12-31 05939309 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 05939309 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 05939309 d:Non-currentFinancialInstruments d:AfterOneYear 2017-12-31 05939309 d:ShareCapital 2017-12-31 05939309 d:ShareCapital 2016-12-31 05939309 d:RetainedEarningsAccumulatedLosses 2017-12-31 05939309 d:RetainedEarningsAccumulatedLosses 2016-12-31 05939309 d:AcceleratedTaxDepreciationDeferredTax 2017-12-31 05939309 d:TaxLossesCarry-forwardsDeferredTax 2017-12-31 05939309 d:AcceleratedTaxDepreciationDeferredTax 2016-12-31 05939309 c:FRS102 2017-01-01 2017-12-31 05939309 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 05939309 c:FullAccounts 2017-01-01 2017-12-31 05939309 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 05939309 d:HirePurchaseContracts d:WithinOneYear 2017-12-31 05939309 d:HirePurchaseContracts d:BetweenOneFiveYears 2017-12-31 iso4217:GBP xbrli:pure

Registered number: 05939309

FAIRLOCKS POOL PRODUCTS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017

FAIRLOCKS POOL PRODUCTS LTD

REGISTERED NUMBER: 05939309

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		15,401		656
			15,401		656
Current assets
Stocks	5	71,543		91,802
Debtors: amounts falling due within one year	6	157,746		191,210
Cash at bank and in hand	7	19,259		57,144
		248,548		340,156
Creditors: amounts falling due within one year	8	(59,833)		(86,425)
Net current assets			188,715		253,731
Total assets less current liabilities			204,116		254,387
Creditors: amounts falling due after more than one year	9		(7,707)		-
Provisions for liabilities
Deferred tax	11	-		(131)
			-		(131)
Net assets			196,409		254,256

Capital and reserves
Called up share capital	100	100
Profit and loss account	196,309	254,156
	196,409	254,256

Page 1

FAIRLOCKS POOL PRODUCTS LTD

REGISTERED NUMBER: 05939309

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2018.

J S Hunnable

Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

1.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.Accounting policies (continued)

1.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

1.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 4

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.Accounting policies (continued)

1.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

1.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the

Page 5

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.Accounting policies (continued)

1.13

Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.	General information

Fairlocks Pool Products Limited is a limited company incorporated in England and Wales.
The registered office is Hunnable Industrial Estate, Toppesfield Road, Great Yeldham, Essex, CO9 4HD.

Employees

The average monthly number of employees, including directors, during the year was 7 (2016 - 6).

Page 6

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	Tangible fixed assets

	Motor vehicles	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2017	-	695	695
Additions	19,970	-	19,970
At 31 December 2017	19,970	695	20,665
Depreciation
At 1 January 2017	-	39	39
Charge for the year on owned assets	4,993	232	5,225
At 31 December 2017	4,993	271	5,264
Net book value
At 31 December 2017	14,977	424	15,401
At 31 December 2016	-	656	656

5.	Stocks
		2017	2016
		£	£

Raw materials and consumables	71,543	91,802
	71,543	91,802

Debtors

					2017	2016
					£	£


Trade debtors	77,418	136,916
Other debtors	43,977	43,144
Prepayments and accrued income	25,423	11,150
Deferred taxation	10,928	-
	157,746	191,210

Page 7

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	19,259	57,144
	19,259	57,144

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	12,810	19,256
Corporation tax	-	4,227
Other taxation and social security	15,957	40,084
Obligations under finance lease and hire purchase contracts	6,577	-
Other creditors	21,349	9,358
Accruals and deferred income	3,140	13,500
	59,833	86,425

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Net obligations under finance leases and hire purchase contracts	7,707	-
	7,707	-

Within one year	6,577	-
Between 1-5 years	7,707	-
	14,284	-

Page 8

FAIRLOCKS POOL PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

11.	Deferred taxation

		2017
		£

	At beginning of year	131
	Charged to profit or loss	(11,059)
	At end of year	(10,928)

The deferred taxation balance is made up as follows:
	2017	2016
	£	£

Accelerated capital allowances	2,926	131
Tax losses carried forward	(13,854)	-
	(10,928)	131

12.	Pension commitments

The Company operates a defined contributions pension scheme in respect of certain directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £749 (2016 - £Nil) . Contributions totalling £377 (2016 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

13.

Related party transactions

During the year the directors, J S Hunnable and JA Hunnable, received dividends as follows:
JS Hunnable: £5,100 (2016: £6,375)
JA Hunnable £4,900 (2016: £6,125)
Mr J S Hunnable is a director and shareholder of Fairlocks Pool Products Limited. During the year the company entered into transactions under normal commercial terms with Fairlocks Pool Products as follows:
Turnover £5,212 (2016 - £2,500)
Cost of sales £56 (2016 - £1,709)
Debtors £43,577 (2016 - £42,744)

Page 9