Company registration number 11216734 (England and Wales)
FLUE SYSTEMS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
FLUE SYSTEMS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr K R Rushbrook
Mrs S J Rushbrook
Secretary
Mrs S J Rushbrook
Company number
11216734
Registered office
Mercian House
Watling Street
Cannock
Staffordshire
England
WS11 0BD
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
FLUE SYSTEMS HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FLUE SYSTEMS HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLUE SYSTEMS HOLDINGS LIMITED FOR THE YEAR ENDED 31 MARCH 2022
- 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 Flue Systems Holdings Limited for the year ended 31 March 2022 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 https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Flue Systems Holdings Limited, as a body, in accordance with the terms of our engagement letter dated. Our work has been undertaken solely to prepare for your approval the financial statements of Flue Systems Holdings Limited
and state those matters that we have agreed to state to the Board of Directors of Flue Systems Holdings 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 Flue Systems Holdings Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Flue Systems Holdings 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 Flue Systems Holdings Limited. You consider that Flue Systems Holdings 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 Flue Systems Holdings 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.
Malcolm Piper & Company Limited
6 July 2022
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
FLUE SYSTEMS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
611,450
548,148
Investments
5
2
2
611,452
548,150
Current assets
Debtors
6
1,748
23,120
Cash at bank and in hand
242,267
244,788
244,015
267,908
Creditors: amounts falling due within one year
7
(85,782)
(78,773)
Net current assets
158,233
189,135
Total assets less current liabilities
769,685
737,285
Creditors: amounts falling due after more than one year
8
(56,320)
(93,730)
Provisions for liabilities
(57,497)
(31,670)
Net assets
655,868
611,885
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
655,866
611,883
Total equity
655,868
611,885
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 31 March 2022 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.
FLUE SYSTEMS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 July 2022 and are signed on its behalf by:
Mr K R Rushbrook
Director
Company Registration No. 11216734
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Flue Systems Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Mercian House, Watling Street, Cannock, Staffordshire, England, WS11 0BD.
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
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.
1.3
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:
Freehold land and buildings
Not depreciated
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
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.
1.7
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. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
2
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
47,075
26,217
Profit on disposal of tangible fixed assets
(12,337)
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
381,464
18,000
19,861
155,040
574,365
Additions
680
12,373
153,149
166,202
Disposals
(63,800)
(63,800)
At 31 March 2022
381,464
18,680
32,234
244,389
676,767
Depreciation and impairment
At 1 April 2021
2,250
2,980
20,987
26,217
Depreciation charged in the year
3,981
5,154
37,940
47,075
Eliminated in respect of disposals
(7,975)
(7,975)
At 31 March 2022
6,231
8,134
50,952
65,317
Carrying amount
At 31 March 2022
381,464
12,449
24,100
193,437
611,450
At 31 March 2021
381,464
15,750
16,881
134,053
548,148
Freehold land and buildings with a carrying amount of
£381,464
(
2021 - £381,464
) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Included within plant and machinery, etc. are assets with a net book value of £54,625 (2021 - £nil) which are held as security against the finance lease agreements to which they relate.
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2
2
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Flue Systems Limited
Registered office: Mercian House, Watling Street, Cannock, Staffordshire WS11 0BD
Nature of business: Design, supply and installation of flues.
The investment is in 100% of the ordinary shares.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
280
Other debtors
1,468
23,120
1,748
23,120
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
55,693
52,108
Taxation and social security
9,019
15,242
Other creditors
21,070
11,423
85,782
78,773
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
37,094
93,730
Other creditors
19,226
56,320
93,730
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
9
Secured debts
2022
2021
£
£
Bank loans
50,235
95,838
Payable within one year
45,693
44,608
Payable after one year
4,542
51,230
The long-term loans are secured by fixed charges over the company's freehold property.
10
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
10,001
In two to five years
19,226
29,227
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
57,497
31,670
2022
Movements in the year:
£
Liability at 1 April 2021
31,670
Charge to profit or loss
25,827
Liability at 31 March 2022
57,497
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
12
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
2
2
2
2
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
2022-03-31
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false
06 July 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
Mr K R Rushbrook
Mrs Shelley Jayne Rushbrook
Mrs S J Rushbrook
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