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COMPANY REGISTRATION NUMBER: SC330993
Firesurround Centres Ltd
Filleted Unaudited Financial Statements
31 March 2022
Firesurround Centres Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
7
30,165
30,417
Current assets
Stocks
146,272
104,969
Debtors
8
83,014
80,266
Cash at bank and in hand
54,046
76,568
---------
---------
283,332
261,803
Creditors: amounts falling due within one year
9
196,037
190,702
---------
---------
Net current assets
87,295
71,101
---------
---------
Total assets less current liabilities
117,460
101,518
Provisions
Taxation including deferred tax
5,650
5,778
---------
---------
Net assets
111,810
95,740
---------
---------
Firesurround Centres Ltd
Statement of Financial Position (continued)
31 March 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
10
6,250
6,250
Profit and loss account
105,560
89,490
---------
--------
Shareholder funds
111,810
95,740
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Gary G Turnbull
Director
Company registration number: SC330993
Firesurround Centres Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 8 Ash Street, Dundee, DD1 5AR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtues and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 5 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
15,314
29,827
Deferred tax:
Origination and reversal of timing differences
( 128)
( 849)
--------
--------
Tax on profit
15,186
28,978
--------
--------
6. Dividends
2022
2021
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
50,000
50,000
--------
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2021
72,686
65,791
23,140
161,617
Additions
5,618
5,618
--------
--------
--------
---------
At 31 March 2022
78,304
65,791
23,140
167,235
--------
--------
--------
---------
Depreciation
At 1 April 2021
58,211
54,497
18,492
131,200
Charge for the year
3,014
1,694
1,162
5,870
--------
--------
--------
---------
At 31 March 2022
61,225
56,191
19,654
137,070
--------
--------
--------
---------
Carrying amount
At 31 March 2022
17,079
9,600
3,486
30,165
--------
--------
--------
---------
At 31 March 2021
14,475
11,294
4,648
30,417
--------
--------
--------
---------
8. Debtors
2022
2021
£
£
Trade debtors
19,399
76,685
Amounts owed by group undertakings and undertakings in which the company has a participating interest
23,720
Other debtors
39,895
3,581
--------
--------
83,014
80,266
--------
--------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
117,856
62,234
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,000
Corporation tax
15,314
29,827
Social security and other taxes
7,669
17,161
Customer Deposits
52,861
48,293
Other creditors
2,337
22,187
---------
---------
196,037
190,702
---------
---------
10. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
6,250
6,250
6,250
6,250
-------
-------
-------
-------
11. Directors' advances, credits and guarantees
12. Controlling party
The ultimate parent company is Sapphire Properties Dundee Limited. The registered office address is 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.