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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2019 |
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for |
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Flame Homeware Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2019 |
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for |
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Flame Homeware Limited |
Flame Homeware Limited (Registered number: 03203149) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Cash Flow Statement | 9 |
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Notes to the Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 |
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Flame Homeware Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Banks House |
Paradise Street |
Rhyl |
Denbighshire |
LL18 3LW |
Flame Homeware Limited (Registered number: 03203149) |
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Strategic Report |
for the Year Ended 31 March 2019 |
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The directors present their strategic report for the year ended 31 March 2019. |
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REVIEW OF BUSINESS |
Flame Homeware is a UK based company which designs and then sources seasonal, gift and homeware from |
Asia and sells it to UK consumers and retailers. |
Typical product ranges include Christmas decorations, furniture, candleware, and interior accessories for |
garden and the home. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
As the majority of our products are imported and priced in $US the company has continued to be adversely |
effected by the weakness of sterling since the brexit referendum, however significant progress has been made |
for the coming year to mitigate these effects going forward. |
Over the next 12 months the company expects growth of both sales and net profits as it widens product |
ranges and moves into new product sectors and locations. |
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ON BEHALF OF THE BOARD: |
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Flame Homeware Limited (Registered number: 03203149) |
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Report of the Directors |
for the Year Ended 31 March 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of gift retailers and wholesalers. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2019 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of |
this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the |
prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit |
information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, J V Banks, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Flame Homeware Limited |
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Opinion |
We have audited the financial statements of Flame Homeware Limited (the 'company') for the year ended |
31 March 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that |
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the
year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial |
statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained |
is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in |
the Strategic Report and the Report of the Directors, but does not include the financial statements and our |
Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information |
and, in doing so, consider whether the other information is materially inconsistent with the financial |
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we |
identify such material inconsistencies or apparent material misstatements, we are required to determine |
whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of |
this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
Report of the Independent Auditors to the Members of |
Flame Homeware Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course |
of the audit, we have not identified material misstatements in the Strategic Report or the Report of the |
Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and |
fair view, and for such internal control as the directors determine necessary to enable the preparation of |
financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that |
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part |
of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
Banks House |
Paradise Street |
Rhyl |
Denbighshire |
LL18 3LW |
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Flame Homeware Limited (Registered number: 03203149) |
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Statement of Comprehensive Income |
for the Year Ended 31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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144,188 | 250,396 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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157,708 | 262,260 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL
YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Flame Homeware Limited (Registered number: 03203149) |
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Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Flame Homeware Limited (Registered number: 03203149) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2018 |
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Changes in equity |
Dividends | - | ( |
) | ( |
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Total comprehensive income | - |
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Balance at 31 March 2019 |
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Flame Homeware Limited (Registered number: 03203149) |
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Cash Flow Statement |
for the Year Ended 31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
) | ( |
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Interest element of hire purchase
payments paid |
( |
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( |
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Tax paid | ( |
) | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Loan repayments in year | ( |
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Capital repayments in year | ( |
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Amount introduced by directors | - | 210 |
Amount withdrawn by directors | (210 | ) | - |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at
beginning of year |
2 |
64,062 |
301,112 |
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Cash and cash equivalents at end of
year |
2 |
394,664 |
64,062 |
Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 March 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.3.19 | 31.3.18 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 47,381 | 34,436 |
Finance income | - | (116 | ) |
506,165 | 609,253 |
Decrease in stocks |
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Decrease/(increase) in trade and other debtors |
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( |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 394,664 | 64,062 |
Year ended 31 March 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 64,062 | 301,112 |
Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Flame Homeware 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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Fixtures and fittings | - |
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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 Statement of |
Comprehensive Income, 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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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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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 of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit |
and loss account over the expected useful life of the assets. Grants towards revenue expenditure are |
released to the profit and loss account as the related expenditure is incurred. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market for the year ended 31 March 2018 is given below: |
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£ |
United Kingdom |
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Europe |
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This analysis is not considered to be applicable to the year ended 31 March 2019. |
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4. | EMPLOYEES AND DIRECTORS |
31.3.19 | 31.3.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.3.19 | 31.3.18 |
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Directors | 2 | 2 |
Sales and administration | 12 | 15 |
Warehouse and delivery | 24 | 26 |
Stores | 211 | 221 |
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Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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31.3.19 | 31.3.18 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.3.19 | 31.3.18 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
) |
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Auditors' remuneration |
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Taxation compliance services |
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Other non- audit services |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.19 | 31.3.18 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.19 | 31.3.18 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
) |
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Tax on profit |
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Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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7. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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31.3.19 | 31.3.18 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK
of |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
) | ( |
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Depreciation in excess of capital allowances |
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Prior year adjustments | - | 7,459 |
Deferred tax | (6,821 | ) | 3,241 |
Total tax charge | 39,234 | 56,686 |
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8. | DIVIDENDS |
31.3.19 | 31.3.18 |
£ | £ |
Final |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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( |
) | ( |
) | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
) | ( |
) | ( |
) |
At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Included in cost of land and buildings is freehold land of £ 60,571 (2018 - £ 60,571 ) which is not |
depreciated. |
Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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9. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2018 |
|
Additions |
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Transfer to ownership | (26,322 | ) |
At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Transfer to ownership | (11,516 | ) |
At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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10. | STOCKS |
31.3.19 | 31.3.18 |
£ | £ |
Finished goods |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Purchase ledger debit balances | 16,199 | 17,759 |
Prepayments |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Bank loans and overdrafts (see note 14) |
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Hire purchase contracts (see note 15) |
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Trade creditors |
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Sales ledger credit balances | 14,273 | 14,447 |
Tax |
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Social security and other taxes |
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VAT | 88,093 | 64,167 |
Net wages control | 214,998 | 213,579 |
Directors' current accounts | 82 | 292 |
Accrued expenses |
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Deferred government grants |
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Flame Homeware Limited (Registered number: 03203149) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Bank loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Accruals and deferred income |
|
|
Deferred government grants |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.3.19 | 31.3.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
31.3.19 | 31.3.18 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
31.3.19 | 31.3.18 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
Flame Homeware Limited (Registered number: 03203149) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.3.19 | 31.3.18 |
£ | £ |
Bank loans |
|
|
|
National Westminster Bank plc holds the following security: mortgage debenture dated 25 June 2001; |
first legal charge dated 15 November 1999 over Gift House, Whittle Close, Factory Road, Sandycroft; |
first legal charge dated 12 November 2002 over Legal and General Life Policy; first legal charge dated |
10 January 2017 over North Wales Garden World, St.Asaph Avenue, Kinmel Bay; and a first legal |
charge dated 27 February 2018 over Tal Goed Nursery, Glan Conwy. |
|
17. | PROVISIONS FOR LIABILITIES |
31.3.19 | 31.3.18 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
|
Deferred |
tax |
£ |
Balance at 1 April 2018 |
|
Provided during year | ( |
) |
Balance at 31 March 2019 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2018 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2019 |
|
|
20. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Mr M and Mrs D Boote - directors and shareholders. |