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REGISTERED NUMBER: SC279563 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

E. O. FOJCIK FIREPLACES LIMITED

E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


E. O. FOJCIK FIREPLACES LIMITED

COMPANY INFORMATION
for the year ended 28 February 2022







DIRECTORS: Mr E Fojcik
Mrs M Fojcik





REGISTERED OFFICE: 195 Commercial Street
Kirkcaldy
Fife
KY1 2NS





REGISTERED NUMBER: SC279563 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)

STATEMENT OF FINANCIAL POSITION
28 February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,987 4,672
3,987 4,672

CURRENT ASSETS
Stocks 41,848 60,336
Debtors 6 45,307 15,934
Cash at bank and in hand 117,631 76,643
204,786 152,913
CREDITORS
Amounts falling due within one year 7 63,218 38,516
NET CURRENT ASSETS 141,568 114,397
TOTAL ASSETS LESS CURRENT
LIABILITIES

145,555

119,069

PROVISIONS FOR LIABILITIES 662 887
NET ASSETS 144,893 118,182

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 144,793 118,082
SHAREHOLDERS' FUNDS 144,893 118,182

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

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.

E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)

STATEMENT OF FINANCIAL POSITION - continued
28 February 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2022 and were signed on its behalf by:





Mr E Fojcik - Director


E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2022

1. STATUTORY INFORMATION

E. O. Fojcik Fireplaces Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents net invoiced sales of goods and services in relation to retail and installation of fireplaces, excluding value added tax.

GOODWILL
Goodwill, being the amount recognised on the incorporation of the business in 2005, has been amortised over its estimated useful life.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer Equipment - 33% straight line

The asset's residual value, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2022

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2021
and 28 February 2022 45,000
AMORTISATION
At 1 March 2021
and 28 February 2022 45,000
NET BOOK VALUE
At 28 February 2022 -
At 28 February 2021 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2021 626 171 9,995 1,366 12,158
Additions - 549 - - 549
At 28 February 2022 626 720 9,995 1,366 12,707
DEPRECIATION
At 1 March 2021 532 157 5,778 1,019 7,486
Charge for year 14 50 1,055 115 1,234
At 28 February 2022 546 207 6,833 1,134 8,720
NET BOOK VALUE
At 28 February 2022 80 513 3,162 232 3,987
At 28 February 2021 94 14 4,217 347 4,672

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 26,260 15,020
Other debtors 19,047 914
45,307 15,934

E. O. FOJCIK FIREPLACES LIMITED (REGISTERED NUMBER: SC279563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 35,171 10,552
Taxation and social security 16,872 12,631
Other creditors 11,175 15,333
63,218 38,516

8. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £8,230 (2021 - £12,255) due to the directors from the company.
These loans are interest free and have no fixed terms of repayment.

The company has use of business premises rent free, which is personally owned by the director.