Company Registration No. 04683062 (England and Wales)
FCS BALMENT AND SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FCS BALMENT AND SONS LIMITED
COMPANY INFORMATION
Directors
Mr M Balment
Mr K J Hancock
Mrs C S M Balment
Secretary
Mr K J Hancock
Company number
04683062
Registered office
21 Bampton Street
Tiverton
Devon
EX16 6AA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
FCS BALMENT AND SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FCS BALMENT AND SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
36,152
14,768
Current assets
Stocks
1,000
1,500
Debtors
5
12,323
22,195
Cash at bank and in hand
92,204
115,556
105,527
139,251
Creditors: amounts falling due within one year
6
(133,590)
(148,215)
Net current liabilities
(28,063)
(8,964)
Total assets less current liabilities
8,089
5,804
Capital and reserves
Called up share capital
7
6
6
Profit and loss reserves
8,083
5,798
Total equity
8,089
5,804
FCS BALMENT AND SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
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 March 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 Act 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 18 October 2023 and are signed on its behalf by:
Mr M Balment
Director
Company Registration No. 04683062
FCS BALMENT AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
FCS Balment and Sons Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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 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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
Following the global impact of 'Covid-19', 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
Turnover
Turnover represents the total invoice value, excluding valued added tax, of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
15% straight line
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
1.5
Stocks
Stocks and contract work in progress are stated at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
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.
FCS BALMENT AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
84,471
Amortisation and impairment
At 1 April 2022 and 31 March 2023
84,471
Carrying amount
At 31 March 2023
At 31 March 2022
FCS BALMENT AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
29,374
572
4,650
45,086
79,682
Additions
26,430
26,430
At 31 March 2023
55,804
572
4,650
45,086
106,112
Depreciation and impairment
At 1 April 2022
18,615
546
3,345
42,408
64,914
Depreciation charged in the year
3,719
4
653
670
5,046
At 31 March 2023
22,334
550
3,998
43,078
69,960
Carrying amount
At 31 March 2023
33,470
22
652
2,008
36,152
At 31 March 2022
10,759
26
1,305
2,678
14,768
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,854
19,061
Other debtors
2,390
300
Prepayments and accrued income
3,079
2,834
12,323
22,195
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,772
Corporation tax
7,288
15,389
Other taxation and social security
1,255
4,426
Other creditors
123,642
125,288
Accruals and deferred income
1,405
1,340
133,590
148,215
FCS BALMENT AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary A shares of £1 each
4
4
2 Ordinary B shares of £1 each
2
2
6
6