Blue Flame Associates Limited 31/03/2018 iXBRL

Blue Flame Associates Limited 31/03/2018 iXBRL

BLUE FLAME ASSOCIATES LIMITED - Company Information

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Company registration number: 03945773
Blue Flame Associates Limited
Unaudited filleted financial statements
31 March 2018
Blue Flame Associates Limited
Contents
Statement of financial position
Notes to the financial statements
Blue Flame Associates Limited
Statement of financial position
31st March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 226,184 228,532
_______ _______
226,184 228,532
Current assets
Debtors 7 187,370 276,592
Cash at bank and in hand 320,104 315,728
_______ _______
507,474 592,320
Creditors: amounts falling due
within one year 8 ( 112,554) ( 184,555)
_______ _______
Net current assets 394,920 407,765
_______ _______
Total assets less current liabilities 621,104 636,297
Provisions for liabilities ( 469) ( 781)
_______ _______
Net assets 620,635 635,516
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 12,206 12,206
Profit and loss account 608,329 623,210
_______ _______
Shareholders funds 620,635 635,516
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2018 , and are signed on behalf of the board by:
Mr A J Durber
Director
Company registration number: 03945773
Blue Flame Associates Limited
Notes to the financial statements
Year ended 31st March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Blue Flame Associates Limited, Unit 8, High Carr Network Centre, Millennium Way, High Carr Business Park, Newcastle-under-Lyme, Staffordshire, ST5 7XE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2017: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st April 2017 and 31st March 2018 60,000 60,000
_______ _______
Amortisation
At 1st April 2017 and 31st March 2018 60,000 60,000
_______ _______
Carrying amount
At 31st March 2018 - -
_______ _______
At 31st March 2017 - -
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Tangible assets - user defined Total
£ £ £ £ £ £
Cost
At 1st April 2017 228,113 38,737 34,037 34,001 47,539 382,427
Additions 6,133 - - - 2,600 8,733
_______ _______ _______ _______ _______ _______
At 31st March 2018 234,246 38,737 34,037 34,001 50,139 391,160
_______ _______ _______ _______ _______ _______
Depreciation
At 1st April 2017 41,670 36,981 27,987 2,126 45,130 153,894
Charge for the year - 579 1,210 7,968 1,325 11,082
_______ _______ _______ _______ _______ _______
At 31st March 2018 41,670 37,560 29,197 10,094 46,455 164,976
_______ _______ _______ _______ _______ _______
Carrying amount
At 31st March 2018 192,576 1,177 4,840 23,907 3,684 226,184
_______ _______ _______ _______ _______ _______
At 31st March 2017 186,443 1,756 6,050 31,875 2,409 228,533
_______ _______ _______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 170,486 272,302
Other debtors 16,884 4,290
_______ _______
187,370 276,592
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 31,438 43,158
Corporation tax 10,897 52,267
Social security and other taxes 64,394 84,635
Other creditors 5,825 4,495
_______ _______
112,554 184,555
_______ _______
9. Controlling party
The company is jointly controlled by Mr A Durber (Director) and Mr N Evans (Director). Dividends of £30,000 each were paid to them during the year (2017: £35,000 each).