Registered number
03164012
Automatic Flare Systems Limited
Filleted Accounts
29 February 2024
Automatic Flare Systems Limited
Registered number: 03164012
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 125,139 120,179
Current assets
Stocks 15,200 39,200
Debtors 4 167,403 160,467
Cash at bank and in hand 410,941 455,896
593,544 655,563
Creditors: amounts falling due within one year 5 (129,224) (152,934)
Net current assets 464,320 502,629
Total assets less current liabilities 589,459 622,808
Creditors: amounts falling due after more than one year 6 (12,000) (21,400)
Provisions for liabilities (23,776) (22,834)
Net assets 553,683 578,574
Capital and reserves
Called up share capital 100 100
Profit and loss account 553,583 578,474
Shareholders' funds 553,683 578,574
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S M Willacy
Director
Approved by the board on 4 November 2024
Automatic Flare Systems Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to leasehold property 18% reducing balance
Plant and machinery 18% reducing balance
Equipment and motor vehicles 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Improvements to leasehold property Office equipment Plant and machinery etc Motor vehicles Rental Flare Total
£ £ £ £ £
Cost
At 1 March 2023 2,083 41,163 75,802 96,004 69,703 284,755
Additions - 994 1,493 39,350 - 41,837
Disposals - - - (13,990) - (13,990)
At 29 February 2024 2,083 42,157 77,295 121,364 69,703 312,602
Depreciation
At 1 March 2023 1,310 29,500 68,000 27,577 38,189 164,576
Charge for the year 139 2,278 1,673 17,707 5,673 27,470
On disposals - - - (4,583) - (4,583)
At 29 February 2024 1,449 31,778 69,673 40,701 43,862 187,463
Net book value
At 29 February 2024 634 10,379 7,622 80,663 25,841 125,139
At 28 February 2023 773 11,663 7,802 68,427 31,514 120,179
4 Debtors 2024 2023
£ £
Trade debtors 143,587 157,905
Other debtors 23,816 2,562
167,403 160,467
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 18,988 22,724
Trade creditors 84,456 109,535
Accruals 4,220 2,300
Taxation and social security costs 20,288 17,869
Other creditors 1,272 506
129,224 152,934
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,000 21,400
7 Events after the reporting date
There have been no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
10 Related party transactions
Total dividends of £92000 were paid during the year to the shareholders of the company. As at the year end the company owed £1272 to Mr Willacy and Mrs Willacy. The loan is interest free with no fixed date for repayment.
11 Controlling party
The company is under the common control of Mr and Mrs Willacy, being director and shareholders of the company.
12 Other information
Automatic Flare Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Ensign Businesss Centre
Westwood Way
Coventry
CV4 8JA
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