Company Registration No. 04034613 (England and Wales)
ELITE FIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ELITE FIRE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ELITE FIRE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ELITE FIRE LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elite Fire Limited for the year ended 30 September 2018 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Elite Fire Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Elite Fire Limited
and state those matters that we have agreed to state to the Board of Directors of Elite Fire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elite Fire Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Elite Fire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Elite Fire Limited. You consider that Elite Fire Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Elite Fire Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
29 May 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
ELITE FIRE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2018
30 September 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
57,502
61,632
Current assets
Stocks
33,038
27,544
Debtors
5
310,738
172,520
Cash at bank and in hand
218,044
264,779
561,820
464,843
Creditors: amounts falling due within one year
6
(313,023)
(194,864)
Net current assets
248,797
269,979
Total assets less current liabilities
306,299
331,611
Creditors: amounts falling due after more than one year
7
(35,387)
(31,107)
Provisions for liabilities
(11,400)
(11,400)
Net assets
259,512
289,104
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
259,412
289,004
Total equity
259,512
289,104
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 September 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.
ELITE FIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2018
30 September 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 May 2019 and are signed on its behalf by:
Mr A Clark
Mrs L Clark
Director
Director
Company Registration No. 04034613
ELITE FIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
1
Accounting policies
Company information
Elite Fire Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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:
Leasehold improvements
5 years straight line per annum
Office equipment
3 years straight line per annum
Motor vehicles
4 years straight line per annum
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
.
1.5
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.
1.6
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.
ELITE FIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
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.
1.9
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 22 (2017 - 20).
ELITE FIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2017 and 30 September 2018
10,077
Amortisation and impairment
At 1 October 2017 and 30 September 2018
10,077
Carrying amount
At 30 September 2018
-
At 30 September 2017
-
4
Tangible fixed assets
Leasehold improvements
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2017
20,127
128,709
123,201
272,037
Additions
-
1,923
23,134
25,057
At 30 September 2018
20,127
130,632
146,335
297,094
Depreciation and impairment
At 1 October 2017
19,368
113,604
77,433
210,405
Depreciation charged in the year
567
10,011
18,609
29,187
At 30 September 2018
19,935
123,615
96,042
239,592
Carrying amount
At 30 September 2018
192
7,017
50,293
57,502
At 30 September 2017
759
15,105
45,768
61,632
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
219,714
143,924
Other debtors
91,024
28,596
310,738
172,520
ELITE FIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
116,325
52,834
Taxation and social security
91,247
105,026
Other creditors
105,451
37,004
313,023
194,864
The obligations held under finance leases are secured on the assets purchased.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
35,387
31,107
The long term obligations held under finance leases are secured on the assets purchased.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
25,642
24,884
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr A Clark
-
-
23,737
23,737
Mrs L Clark
-
-
23,737
23,737
ELITE FIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
10
Directors' transactions
(Continued)
- 8 -
-
47,474
47,474