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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Fixfirm Fittings Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Fixfirm Fittings Limited |
Fixfirm Fittings Limited (Registered number: 07678531) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Fixfirm Fittings Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
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BANKERS: |
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221 High Street |
LINCOLN |
Lincolnshire |
LN1 1TS |
Fixfirm Fittings Limited (Registered number: 07678531) |
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Abridged Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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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 |
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( |
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PROVISIONS FOR LIABILITIES | 7 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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Fixfirm Fittings Limited (Registered number: 07678531) |
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Abridged Balance Sheet - continued |
31 December 2017 |
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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. |
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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
on its behalf by: |
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Fixfirm Fittings Limited (Registered number: 07678531) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Fixfirm Fittings 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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Goodwill |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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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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Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial |
liabilities are recognised in the accounts only when the entity becomes party to the contractual |
provisions of the instrument and their measurement basis is as follows: |
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Financial assets - trade and other debtors are basic financial instruments and are debt |
instruments measured at amortised cost. Prepayments are not financial instruments. |
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Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
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Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, |
and are measured at amortised cost. Where a financial liability constitutes a financing transaction |
it is initially and subsequently measures at the present value of future payments, discounted at a |
market rate of interest. |
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Fixfirm Fittings Limited (Registered number: 07678531) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Fixfirm Fittings Limited (Registered number: 07678531) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Amortisation for year |
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At 31 December 2017 |
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NET BOOK VALUE |
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At 31 December 2017 |
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At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fixfirm Fittings Limited (Registered number: 07678531) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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7. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 8,502 | 3,770 |
Other provisions | 30,000 | 60,000 |
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Deferred |
tax |
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Balance at 1 January 2017 |
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Accelerated capital allowances | 4,732 |
movement |
Balance at 31 December 2017 |
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The provision of £30,000 (2015: £60,000) relates to expected compensation payments to |
customers regarding a faulty product. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
Fixfirm Fittings Limited (Registered number: 07678531) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2017 |
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10. | RELATED PARTY DISCLOSURES |
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As at 31 December 2017 the following balances were owed to the directors of the company and |
their close family who are connected parties: |
R Haughton £452,699 (2016: £572,905), B Haughton £216,937 (2016: £295,883), T Haughton |
£271 (2016: £0). These loans are unsecured and not subject to interest. |
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Other Loans from the directors' close family amounted to £21,692 (2016: £36,378). Interest is |
accounted for at a commercial rate. |