High Fire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02906447 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

FOR

HIGH FIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr WJ Holder

Mrs CM Siroky-Holder

SECRETARY:

Mrs CM Siroky-Holder

REGISTERED OFFICE:

161 Scudamore Road

Leicester

Leicestershire

LE3 1UQ

REGISTERED NUMBER:

02906447 (England and Wales)

BANKERS:

HSBC

2-6 Gallowtree Gate

Leicester

LE1 1DA

FIXED ASSETS

Tangible assets

4

97,984

93,319

CURRENT ASSETS

Stocks

7,428

6,365

Debtors

5

91,324

79,161

Cash at bank

-

20,436

98,752

105,962

CREDITORS

Amounts falling due within one year

6

133,398

140,381

NET CURRENT LIABILITIES

(34,646

)

(34,419

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,338

58,900

CREDITORS

Amounts falling due after more than one year

7

(32,931

)

(27,629

)

PROVISIONS FOR LIABILITIES

(4,256

)

(5,848

)

NET ASSETS

26,151

25,423

CAPITAL AND RESERVES

Called up share capital

10,157

10,157

Retained earnings

15,994

15,266

SHAREHOLDERS' FUNDS

26,151

25,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 November 2018 and were signed on its behalf by:

Mr WJ Holder - Director

Mrs CM Siroky-Holder - Director

1.	STATUTORY INFORMATION

High Fire 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

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice

value less estimated rebates, returns and settlement discounts. In all cases revenue is recognised when the risks

and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off 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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

CREDITORS

Short term trade 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.

HIRE PURCHASE AND LEASED ASSETS

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value

and depreciated over their expected useful lives. The interest element of leasing payments represents a constant

proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2017

76,619

60,086

143,003

279,708

Additions

-

6,828

20,015

26,843

At 30 April 2018

76,619

66,914

163,018

306,551

DEPRECIATION

At 1 May 2017

73,407

33,005

79,977

186,389

Charge for year

482

5,086

16,610

22,178

At 30 April 2018

73,889

38,091

96,587

208,567

NET BOOK VALUE

At 30 April 2018

2,730

28,823

66,431

97,984

At 30 April 2017

3,212

27,081

63,026

93,319

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2017

72,638

Additions

20,015

At 30 April 2018

92,653

DEPRECIATION

At 1 May 2017

21,965

Charge for year

14,138

At 30 April 2018

36,103

NET BOOK VALUE

At 30 April 2018

56,550

At 30 April 2017

50,673

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

82,919

72,823

Other debtors

8,405

6,338

91,324

79,161

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

13,203

-

Hire purchase contracts (see note 8)

13,327

9,473

Trade creditors

20,609

20,072

Taxation and social security

25,702

23,888

Other creditors

60,557

86,948

133,398

140,381

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

32,931

27,629

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

13,327

9,473

Between one and five years

32,931

27,629

46,258

37,102

Non-cancellable

operating leases

2018

2017

£

£

In more than five years

19,000

19,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

46,258

37,102

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 (2017 - £10,000) were paid to the directors .

At 30 April 2018, an amount of £31,839 (2017: £53,598) was owed by the company to Mr WJ Holder, director

of the company.

11.	PENSION SCHEME

The company operates defined contribution pension schemes for the benefit of all employees. The assets of the

schemes are administered by trustees in funds independent from those of the company.

The total contributions paid in the year amounted to £7,942 (2017 - £7,634).