Company Registration No. 08034267 (England and Wales)
FASTENER CONCEPT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
31 December 2021
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FASTENER CONCEPT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FASTENER CONCEPT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
70,024
70,024
Current assets
Debtors
4
37,949
37,949
Creditors: amounts falling due within one year
5
(78,554)
(77,541)
Net current liabilities
(40,605)
(39,592)
Net assets
29,419
30,432
Capital and reserves
Called up share capital
6
120
120
Profit and loss reserves
29,299
30,312
Total equity
29,419
30,432

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 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.

The financial statements were approved by the board of directors and authorised for issue on 17 August 2022 and are signed on its behalf by:
L Williams
Director
Company Registration No. 08034267
FASTENER CONCEPT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Fastener Concept Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 41, Stakehill Industrial Estate, Touchet Hall Road, Middleton, Manchester, M24 2FL.

1.1
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.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FASTENER CONCEPT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
3
3
3
Fixed asset investments
2021
2020
£
£
Investments in subsidiaries
70,024
70,024
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2021 & 31 December 2021
70,024
Carrying amount
At 31 December 2021
70,024
At 31 December 2020
70,024
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
37,949
37,949
5
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts due to group undertakings
78,554
9,068
Directors loan accounts
-
0
68,473
78,554
77,541
FASTENER CONCEPT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
6
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
120
120
120
120
7
Events after the reporting date

On 9 June 2022 the company purchased one third of its share capital from T Murphy on the date of his retirement as a director at a total cost of £150,000.

8
Directors' transactions

Dividends totalling £212,500 (2020 - £185,000) were paid in the year in respect of shares held by the company's directors.

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