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REGISTERED NUMBER:
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FOAM FOR COMFORT LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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REGISTERED NUMBER:
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FOAM FOR COMFORT LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FOAM FOR COMFORT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
27a Lidget Hill |
Pudsey |
Leeds |
LS28 7LG |
FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Foam for Comfort Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Transition to FRS |
The significant accounting policies applied in the preparation of these financial statements are set out |
below. The company adopted FRS 102 Section 1A in the current year and prior year financial |
statements have been re-stated accordingly. |
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The directors have considered all restatements required for the transition to FRS 102 and are of the |
opinion no such items exist. |
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Changes in accounting policies |
During the year the depreciation policy relating to motor vehicles has been changed from 25% per |
annum based on cost to 20% per annum reducing balance. |
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Turnover |
Turnover represents the net value, excluding value added tax, of consideration receivable in respect of |
services provided during the year, where the right to consideration has been obtained through |
performance. Invoices raised but unpaid at the balance sheet date are shown in trade debtors. If |
applicable, provision has been made for amounts considered to be irrecoverable. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the |
contractual provisions of the instrument. |
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Financial assets and liabilities are initially measured at transaction price, except for those financial |
assets classified as at fair value through profit or loss. |
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Basic financial instruments |
Basic financial instruments are those with relatively straight forward terms and would normally include |
cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans. |
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Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal |
commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at |
transaction price less impairment (if any) due to concerns over recoverability. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The net book value of fixed assets, included in the above, which are held under hire purchase |
contracts total £17,640 (2015: £15,890). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors' loan accounts |
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Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 8) |
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FOAM FOR COMFORT LIMITED (REGISTERED NUMBER: 01452946) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2016 | 2015 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2016 | 2015 |
£ | £ |
Within one year |
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9. | RELATED PARTY DISCLOSURES |
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During the year, rent of £18,000 (2015: £18,000) was paid to Barnett Waddingham, the pension |
scheme administrators for the directors of the company. The rent is considered to be set at a |
commercial rate of comparable accommodation. |
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10. | POST BALANCE SHEET EVENTS |
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Post year dividends of £10,500 have been paid to the directors. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by Mr A Sykes and Mrs M Sykes who together own 100% of the called up |
share capital. |