Company Registration No. 01413462 (England and Wales)
ACQUISITIONS (FIREPLACES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ACQUISITIONS (FIREPLACES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ACQUISITIONS (FIREPLACES) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
147,954
195,954
Tangible assets
4
900
147,954
196,854
Current assets
Stocks
488,426
518,102
Debtors
6
14,325
38,504
Cash at bank and in hand
88,729
206,494
591,480
763,100
Creditors: amounts falling due within one year
7
(356,777)
(485,838)
Net current assets
234,703
277,262
Total assets less current liabilities
382,657
474,116
Creditors: amounts falling due after more than one year
8
(206,281)
(299,356)
Net assets
176,376
174,760
Capital and reserves
Called up share capital
1,250
1,250
Profit and loss reserves
175,126
173,510
Total equity
176,376
174,760
For the financial year ended 31 May 2023 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.
The 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.
ACQUISITIONS (FIREPLACES) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mr J Kennedy
Director
Company Registration No. 01413462
ACQUISITIONS (FIREPLACES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Acquisitions (Fireplaces) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Great Portland Street, Marylebone, London, W1W 5AB.
2.1
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 amounts 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.
2.2
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3
Intangible fixed assets other than goodwill
The cost of acquiring a patent has been capitalised and it will be written off in equal annual instalments over its estimated economic life.
Amortisation 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:
Patents and licences
30 years
2.4
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.
ACQUISITIONS (FIREPLACES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2
Accounting policies
(Continued)
- 4 -
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:
Leasehold property
Over the term of the lease
Leasehold improvements
Over the term of the lease
Fixtures, fittings and patterns
10% per annum of cost
Motor vehicles
25% per annum of cost
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
2.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ACQUISITIONS (FIREPLACES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
2
Accounting policies
(Continued)
- 5 -
2.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Tangible fixed assets
Leasehold property
Leasehold improvements
Fixtures, fittings and patterns
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
7,500
90,382
211,999
22,750
332,631
Disposals
(7,500)
(90,382)
(207,399)
(22,750)
(328,031)
At 31 May 2023
4,600
4,600
Depreciation and impairment
At 1 June 2022
7,500
90,382
211,099
22,750
331,731
Depreciation charged in the year
900
900
Eliminated in respect of disposals
(7,500)
(90,382)
(207,399)
(22,750)
(328,031)
At 31 May 2023
4,600
4,600
Carrying amount
At 31 May 2023
At 31 May 2022
900
900
ACQUISITIONS (FIREPLACES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
5
Intangible fixed assets
Patents and licences
£
Cost
At 1 June 2022 and 31 May 2023
360,519
Amortisation and impairment
At 1 June 2022
164,565
Amortisation charged for the year
48,000
At 31 May 2023
212,565
Carrying amount
At 31 May 2023
147,954
At 31 May 2022
195,954
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,119
31,298
Other debtors
7,206
7,206
14,325
38,504
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
41,453
41,453
Trade creditors
61,089
127,945
Corporation tax
559
1,063
Other taxation and social security
14,601
3,661
Other creditors
239,075
311,716
356,777
485,838
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,400
76,767
Other creditors
165,881
222,589
206,281
299,356
ACQUISITIONS (FIREPLACES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
68,000
68,000