Company Registration No. 03039739 (England and Wales)
FOUNTAINS DIRECT LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2018
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 - 7
FOUNTAINS DIRECT LIMITED
Company Registration No. 03039739
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
as restated
£
£
£
£
Fixed assets
Tangible assets
3
856,038
900,469
Current assets
Stocks
83,715
119,732
Debtors
4
173,712
338,325
Cash at bank and in hand
314,959
45
572,386
458,102
Creditors: amounts falling due within one year
5
(573,629)
(613,397)
Net current liabilities
(1,243)
(155,295)
Total assets less current liabilities
854,795
745,174
Creditors: amounts falling due after more than one year
6
(208,005)
(251,041)
Provisions for liabilities
(17,357)
(14,571)
Net assets
629,433
479,562
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
125,587
200,467
Profit and loss reserves
503,746
278,995
Total equity
629,433
479,562
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 2018 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 2018
30 April 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 January 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 2018
- 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 2018
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 and deferred tax.
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 income 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 asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24 (2017 - 18
).
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2017
824,880
146,812
971,692
Additions
-
44,998
44,998
Revaluation
(74,880)
-
(74,880)
At 30 April 2018
750,000
191,810
941,810
Depreciation and impairment
At 1 May 2017
-
71,224
71,224
Depreciation charged in the year
-
14,548
14,548
At 30 April 2018
-
85,772
85,772
Carrying amount
At 30 April 2018
750,000
106,038
856,038
At 30 April 2017
824,881
75,588
900,469
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
155,068
322,502
Other debtors
18,644
15,823
173,712
338,325
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
141,456
100,832
Trade creditors
151,405
286,962
Taxation and social security
167,585
145,208
Other creditors
113,183
80,395
573,629
613,397
Included within creditors due within one year are bank loans and overdrafts of £141,456 (2017 - £100,832) which are secured on the company's assets.
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
208,005
251,041
Included within creditors due after one year are bank loans of £208,005 (2017 - £251,041) which was secured on the company's assets.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
122,052
143,540
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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:
2018
2017
£
£
33,471
53,857
9
Related party transactions
At the balance sheet date the company owed the director,
N Roberts
£4,105
. This loan is interest free.
At the balance sheet date the company owed the director,
S Roberts
£4,105
. This loan is interest free.
10
Prior period adjustment
The prior year adjustments have arisen due to the depreciation elimination in the prior year on the property being allocated to the revaluation reserve on transition to FRS102.
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
10
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
1 May
30 April
2016
2017
£
£
Equity as previously reported
152,028
472,794
Adjustments to prior year
Deferred tax charged to revalaution reserve
-
6,768
Equity as adjusted
152,028
479,562