Company Registration No. NI027545 (Northern Ireland)
B.S. FIRE ALARM SERVICES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
B.S. FIRE ALARM SERVICES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
B.S. FIRE ALARM SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Director
Robert Thomas Schofield
Secretary
Lisa Hooper-Schofield
Company number
NI027545
Registered office
219 Ballywalter Road
Millisle
Newtownards
Co. Down
BT22 2LY
Independent accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
219 Ballywalter Road
Millisle
Newtownards
Co. Down
BT22 2LY
Bankers
Danske Bank
520 Upper Newtownards Road
Belfast
BT4 3HD
B.S. FIRE ALARM SERVICES LIMITED
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,105
8,282
Current assets
Stocks
4
1,150
1,150
Debtors
5
42,544
45,440
Cash at bank and in hand
6,066
4,351
49,760
50,941
Creditors: amounts falling due within one year
6
(48,974)
(63,638)
Net current assets/(liabilities)
786
(12,697)
Total assets less current liabilities
7,891
(4,415)
Provisions for liabilities
7
(267)
(300)
Net assets/(liabilities)
7,624
(4,715)
Capital and reserves
Called up share capital
8
5,000
5,000
Profit and loss reserves
2,624
(9,715)
Total equity
7,624
(4,715)
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
B.S. FIRE ALARM SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
- 3 -
Directors' statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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
of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
and the Financial Reporting Standard FRS 102 1A - Small Entities
.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2020
Robert Thomas Schofield
..............................
Robert Thomas Schofield
Director
Company Registration No. NI027545
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
B.S. FIRE ALARM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 4 -
1
Accounting policies
1.1
General information and basis of preparation
B.S. Fire Alarm Services Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
219 Ballywalter Road, Millisle, Newtownards, Co. Down, BT22 2LY.
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.
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:
Office equipment
25% reducing balance
Fixtures & fittings
20% reducing balance
Structural alterations
5% straight line
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
Stocks
Stock are stated at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price less costs of disposal.
1.5
Cash at bank and in hand
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.
B.S. FIRE ALARM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 5 -
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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.
B.S. FIRE ALARM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 6 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
1
1
3
Tangible fixed assets
Structural alterations
Office equipment
Fixtures & fittings
Total
£
£
£
£
Cost
At 1 August 2018
18,890
45,642
2,117
66,649
Additions
-
392
-
392
At 31 July 2019
18,890
46,034
2,117
67,041
Depreciation and impairment
At 1 August 2018
12,710
43,585
2,073
58,368
Depreciation charged in the year
945
613
10
1,568
At 31 July 2019
13,655
44,198
2,083
59,936
Carrying amount
At 31 July 2019
5,235
1,836
34
7,105
At 31 July 2018
6,180
2,057
44
8,282
B.S. FIRE ALARM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 7 -
4
Stocks
2019
2018
£
£
Finished goods and goods for resale
1,150
1,150
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
42,544
43,929
Corporation tax recoverable
-
1,511
42,544
45,440
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
1,411
4,344
Corporation tax
1,646
-
Other taxation and social security
8,331
7,996
Directors' current account
35,969
38,382
Accruals
1,617
12,916
48,974
63,638
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
267
300
2019
Movements in the year:
£
Liability at 1 August 2018
300
Credit to profit or loss
(33)
Liability at 31 July 2019
267
B.S. FIRE ALARM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 8 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Allotted, called up and fully paid
5,000 Ordinary shares of £1 each
5,000
5,000
9
Financial commitments
The company had no financial or capital commitments at 31 July 2019 and 31 July 2018.
10
Control
The director controls the company.
11
Related party transactions
The balance on the directors' loan account at the year end amounted to £35,969 (2018: £38,382) and is payable within one year. No interest is charged on this loan.