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Company Registration No. 10690637 (England and Wales)
F1 Ventilation North East Limited Filleted accounts for the period from 25 March 2017 to 31 March 2018
F1 Ventilation North East Limited Filleted accounts Contents
Page
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F1 Ventilation North East Limited Company Information for the period from 25 March 2017 to 31 March 2018
Director
Y Forbes
Company Number
10690637 (England and Wales)
Registered Office
Unit 10 Stadium Industrial Park Gateshead Tyne and Wear NE10 0XF
Accountants
Tony Turner Accountants Spencer House Market Lane Swalwell Tyne and Wear NE16 3DS
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F1 Ventilation North East Limited Statement of financial position as at 31 March 2018
2018 
Notes
£ 
Fixed assets
Tangible assets
9,300 
Current assets
Inventories
400 
Debtors
7,757 
Cash at bank and in hand
559 
8,716 
Creditors: amounts falling due within one year
(25,718)
Net current liabilities
(17,002)
Net liabilities
(7,702)
Capital and reserves
Called up share capital
1 
Profit and loss account
(7,703)
Shareholders' funds
(7,702)
For the period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 16 October 2018.
Y Forbes Director Company Registration No. 10690637
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F1 Ventilation North East Limited Notes to the Accounts for the period from 25 March 2017 to 31 March 2018
1
Statutory information
F1 Ventilation North East Limited is a private company, limited by shares, registered in England and Wales, registration number 10690637. The registered office is Unit 10, Stadium Industrial Park, Gateshead, Tyne and Wear, NE10 0XF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
These accounts have been prepared on a going concern basis due to the ongoing support of the company's director and expected future profits. The company meets its day to day working capital requirements by means of its banking facilities and its director. Should this basis become inappropriate then assets would then be written down to their recoverable amounts.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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F1 Ventilation North East Limited Notes to the Accounts for the period from 25 March 2017 to 31 March 2018
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 25 March 2017
- 
- 
- 
Additions
4,000 
8,400 
12,400 
At 31 March 2018
4,000 
8,400 
12,400 
Depreciation
Charge for the period
1,000 
2,100 
3,100 
At 31 March 2018
1,000 
2,100 
3,100 
Net book value
At 31 March 2018
3,000 
6,300 
9,300 
5
Inventories
2018 
£ 
Raw materials
400 
400 
6
Debtors
2018 
£ 
Trade debtors
5,965 
Deferred tax asset
1,792 
7,757 
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F1 Ventilation North East Limited Notes to the Accounts for the period from 25 March 2017 to 31 March 2018
7
Creditors: amounts falling due within one year
2018 
£ 
Trade creditors
4,779 
Taxes and social security
2,206 
Loans from directors
17,933 
Accruals
800 
25,718 
8
Deferred taxation
2018 
£ 
Accelerated capital allowances
1,767 
Tax losses carried forward
(3,559)
(1,792)
2018 
£ 
Credited to the profit and loss account
(1,792)
Provision at end of period
(1,792)
9
Share capital
2018 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
Shares issued during the period:
1 Ordinary shares of £1 each
1 
10
Average number of employees
During the period the average number of employees was 2.
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