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REGISTERED NUMBER: 04355554 (England and Wales)


















FOLBIGG FABRICATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






FOLBIGG FABRICATIONS LIMITED (REGISTERED NUMBER: 04355554)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FOLBIGG FABRICATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: S R Hunt





SECRETARY: S M Hunt





REGISTERED OFFICE: Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
CF23 8RS





REGISTERED NUMBER: 04355554 (England and Wales)





ACCOUNTANTS: Watts Gregory LLP
Chartered Accountants
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS

FOLBIGG FABRICATIONS LIMITED (REGISTERED NUMBER: 04355554)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 194,252 116,813

CURRENT ASSETS
Stocks 5 8,500 5,900
Debtors 6 1,005,480 971,520
Cash at bank and in hand 60,596 47,882
1,074,576 1,025,302
CREDITORS
Amounts falling due within one year 7 (81,169 ) (100,369 )
NET CURRENT ASSETS 993,407 924,933
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,187,659

1,041,746

PROVISIONS FOR LIABILITIES (74,275 ) (53,273 )
NET ASSETS 1,113,384 988,473

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,113,284 988,373
SHAREHOLDERS' FUNDS 1,113,384 988,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit and loss account has not been delivered.

The financial statements were approved for issue by the director and authorised for issue on 1 September 2022 and were signed by:





S R Hunt - Director


FOLBIGG FABRICATIONS LIMITED (REGISTERED NUMBER: 04355554)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Folbigg Fabrications Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

There have been no material departures from Financial Reporting Standard 102 1A, other than that noted below in respect of stock.

Going concern
The director is satisfied that despite the Coronavirus pandemic, it is appropriate for the company's financial statements to be prepared on a going concern basis. The pandemic has resulted in a number of uncertainties arising and the director has taken steps to minimise the effect on the company and will continue to do so. In the circumstances he has concluded that no adjustments are required to the financial statements at this time.

Turnover
Turnover is comprised of amounts billed and billable in respect of the manufacturing of metal structures during the year, excluding value added tax.

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 - 10% on reducing balance
Fixtures and Fittings - 33% on cost
Motor vehicles - 25% on reducing balance

Stocks
The value of stock has been estimated by the director.

Non-derivative financial instruments
Non-derivative financial instruments comprise trade debtors, cash, trade and other creditors. Basic financial instruments are recognised at amortised cost.

Current taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

FOLBIGG FABRICATIONS LIMITED (REGISTERED NUMBER: 04355554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

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.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Unbilled work
Work done at the balance sheet date which has not been billed, has been recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the work completed at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery Fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2021 195,839 12,974 98,886 307,699
Additions 105,511 - - 105,511
Disposals (33,041 ) (2,858 ) (3,325 ) (39,224 )
At 31 March 2022 268,309 10,116 95,561 373,986
DEPRECIATION
At 1 April 2021 115,708 11,275 63,903 190,886
Charge for year 7,967 932 8,728 17,627
Eliminated on disposal (23,256 ) (2,270 ) (3,253 ) (28,779 )
At 31 March 2022 100,419 9,937 69,378 179,734
NET BOOK VALUE
At 31 March 2022 167,890 179 26,183 194,252
At 31 March 2021 80,131 1,699 34,983 116,813

5. STOCKS
2022 2021
£    £   
Stocks 8,500 5,900

6. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 262,862 218,524
Amounts to be billed 9,500 16,000
Director's current account 100,311 97,285
Prepayments and accrued income 6,174 5,773
378,847 337,582

FOLBIGG FABRICATIONS LIMITED (REGISTERED NUMBER: 04355554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


6. DEBTORS - continued
2022 2021
£    £   
Amounts falling due after more than one year:
Related party loan 598,226 606,434
Other debtors 28,407 27,504
626,633 633,938

Aggregate amounts 1,005,480 971,520

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 29,030 46,047
Corporation tax 7,036 16,656
Social security and other taxes 5,052 4,313
VAT 16,025 18,172
Other creditors 3,324 7,890
Accruals and deferred income 7,108 7,291
Deferred government grants 13,594 -
81,169 100,369

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
S R Hunt
Balance outstanding at start of year 97,285 93,459
Amounts advanced 33,026 33,839
Amounts repaid (30,000 ) (30,013 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 100,311 97,285

There are no fixed repayment terms and interest has been charged on the balance at a commercial rate.