Company Registration No. 03039739 (England and Wales)
FOUNTAINS DIRECT LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
FOUNTAINS DIRECT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FOUNTAINS DIRECT LIMITED
Company Registration No. 03039739
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
£
£
£
£
Fixed assets
Tangible assets
3
843,367
856,038
Current assets
Stocks
123,679
83,715
Debtors
4
614,172
173,712
Cash at bank and in hand
15,802
314,959
753,653
572,386
Creditors: amounts falling due within one year
5
(654,537)
(573,629)
Net current assets/(liabilities)
99,116
(1,243)
Total assets less current liabilities
942,483
854,795
Creditors: amounts falling due after more than one year
6
(225,573)
(208,005)
Provisions for liabilities
(15,193)
(17,357)
Net assets
701,717
629,433
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
125,587
125,587
Profit and loss reserves
576,030
503,746
Total equity
701,717
629,433
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FOUNTAINS DIRECT LIMITED
Company Registration No. 03039739
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2019 and are signed on its behalf by:
N Roberts
Director
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Fountains Direct Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
41 Dartnell Park Road, West Byfleet, KT14 6PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised by the company in respect of specialised construction and landscape service activities supplied during the year, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not depreciated
Plant and machinery etc
20% to 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2018 - 24).
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2018
750,000
191,810
941,810
Additions
-
4,206
4,206
At 30 April 2019
750,000
196,016
946,016
Depreciation and impairment
At 1 May 2018
-
85,772
85,772
Depreciation charged in the year
-
16,877
16,877
At 30 April 2019
-
102,649
102,649
Carrying amount
At 30 April 2019
750,000
93,367
843,367
At 30 April 2018
750,000
106,038
856,038
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
265,083
155,068
Other debtors
349,089
18,644
614,172
173,712
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
144,270
141,456
Trade creditors
249,881
151,405
Other taxation and social security
146,871
167,585
Other creditors
113,515
113,183
654,537
573,629
Included within creditors due within one year are bank loans and overdrafts of £
144,270
(201
8
- £141,456 ) which are secured on the company's assets.
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 6 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
225,573
208,005
Included within creditors due after one year
are
bank loan
s
of £
225,573
(201
8
- £208,005) which
are
secured on the company's assets.
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
106,761
122,052
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
25,979
17,912
Between two and five years
36,998
18,980
62,977
36,892
9
Related party transactions
At the balance sheet date the company owed the director, N Roberts
, £4,632 (2018 -
£4,105
)
. This loan is interest free
and repayable on demand
.
At the balance sheet date the company owed the director, S Roberts
, £4,632 (2018 -
£4,105
)
. This loan is interest free
and repayable on demand
.