Registered Number
:
05987714
|
For the year ended 31 December 2016
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2016
FIBRE 7 UK LIMITED
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
FIBRE 7 UK LIMITED
Statement of Financial Position
2015
2016
Property
,
plant and equipment
|
57,810
-
2
57,810
-
Trade and other receivables
|
146,813
259,713
4
377,572
Cash and cash equivalents
|
1,619,211
1,878,924
524,385
Trade and other payables
:
amounts falling due within one
|
year
|
(234,863)
(318,383)
5
289,522
1,560,541
Net current assets
Total assets less current liabilities
|
1,618,351
289,522
Trade and other payables
:
amounts falling due after more
|
than one year
|
(610,000)
(610,000)
6
1,008,351
Net assets/liabilities
(320,478)
3,270,166
860,788
2,052,331
1,667,054
(4,314,146)
(2,848,320)
1,008,351
(320,478)
Shareholders' funds
For the year ended 31 December 2016 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
|
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
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
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.
|
Hans Mann-Kern Ng Director
|
These financial statements were approved and authorised for issue by the Board on 19 July 2017 and were signed by:
|
The notes form part of these financial statements
|
1 of 5
For the year ended 31 December 2016
FIBRE 7 UK LIMITED
Notes to the Financial Statements
Statutory Information
FIBRE
7
UK LIMITED is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration
|
number
05987714
.
|
Unit 10 Atlantic Trading Estate
Barry
Wales
CF63 3RF
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A 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 costs convention as
|
modified by the revaluation of certain assets
.
|
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Land and Buildings
Plant and Machinery
Computer Equipment
Furniture and Fittings
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
|
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
|
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
|
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
|
2 of 5
For the year ended 31 December 2016
FIBRE 7 UK LIMITED
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
60,451
8,182
11,584
31,190
9,495
31,190
11,584
8,182
60,451
9,495
Provision for depreciation and impairment
|
Charge for year
2,641
843
348
1,386
64
2,641
843
348
1,386
64
9,431
29,804
11,236
7,339
57,810
3
.
Investments held as fixed assets
|
The company held
100
%
of the issued share capital of Fortified Timber Systems
(
'
FTS
'
)
a company registered in new
|
Zealand
.
It carried out treatment of timber for re
-
sale
,
with the majority of sales to Fibre
7
UK Limited
.
|
The investment was originally stated at £
204
,
088
at
31
st December
2013
.
This was written off in prior years accounts
|
as the company had ongoing losses
.
|
FTS prepared its last accounts to
31
st March
2017
after which it went into liquidation
.
|
The Directors
'
have therefore decided to write off the balance owed by FTS of £
90
,
472
(
at
31
st December
2016
)
and
|
£
63
,
000
(
at
31
st March
2017
)
,
a total of £
153
,
472
as a
'
Bad Debt
'
in this year
'
s profit and loss account
.
|
Mr Paul Rodwell Davies
(
Resigned
30
November
16
)
was also a Director of FTS
.
|
4
.
Trade and other receivables
|
2015
2016
1,500
-
258,213
146,813
146,813
259,713
Included in other debtors are amounts owed by former Directors of the Company.C J W Lusty owes £17,001 (2015-£17,001) for unpaid share capital. D P R Davies owes £51,059 (2015-£51,059) which includes £6767 for unpaid share capital.This has now been agreed with a written resolution passed on 16th January 2017.
|
3 of 5
For the year ended 31 December 2016
FIBRE 7 UK LIMITED
Notes to the Financial Statements Continued
5
.
Trade and other payables
:
amounts falling due within one year
|
2015
2016
145,928
13,895
Taxation and social security
|
18,939
71,563
153,516
149,405
318,383
234,863
6
.
Trade and other payables
:
amounts falling due after more than one year
|
2015
2016
Non
-
equity preference shares
|
610,000
610,000
The preference shares were entitled to a 2% fixed annual dividend,rolled up and paid at the date of redemption.This was changed in the articles adopted on 6th December 2016. An amount has been accrued for the dividend to this date and included in other creditors. The shares are redeemable at the option of the holders by 14 days notice at any time after Cumulative Revenue Reserves exceed £3 million.
|
7
.
Guarantees and other financial commitments
|
At
31
December
2016
the company had annual commitments under non
-
cancellable operating leases as set out
|
below
:
|
2015
2016
Operating leases which expire
:
|
7,644
400,637
400,637
7,644
The following changes took place in the Directorships of the Company. Hans Mann-Kern Ng-CEO Justin Els (appointed on 29 November 2016)Andrew John Pitman (appointed on 29 November 2016) Christopher John William Lusty (Resigned on 2 February 2016)Paul Geoffrey Duncan (Resigned on 3 March 2016)William Alfred Pop Orgee (Resigned on 9 August 2016)David Paul Rodwell Davies (Resigned on 30 November 2016)
|
4 of 5
For the year ended 31 December 2016
FIBRE 7 UK LIMITED
Notes to the Financial Statements Continued
9
.
Average number of persons employed
|
During the year the average number of employees was 6 (2015 : 6)
10
.
Transition to FRS
102
|
For year ending
31
st December
2017
the company has adopted FRS
102
(
Section
1
A
)
reporting requirements
.
|
The comparative figures for the year ending
31
st December
2015
have beed restated using FRS
102
(
Section
1
A
)
|
reporting requirements
.
No transition adjustments to the original reported figures were required to the year ending
|
31
st December
2015
.
|
5 of 5