Final Fencing Ltd
Registered number: 12155190
Statement of Financial Position
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,000 4,000
Tangible assets 4 18,836 24,365
20,836 28,365
Current assets
Stocks 1,454 2,500
Debtors 5 465 200
Cash at bank and in hand 42,398 27,557
44,317 30,257
Creditors: amounts falling due within one year 6 (8,929) (8,889)
Net current assets 35,388 21,368
Total assets less current liabilities 56,224 49,733
Provisions for liabilities (3,579) (4,629)
Net assets 52,645 45,104
Capital and reserves
Called up share capital 100 100
Profit and loss account 52,545 45,004
Shareholder's funds 52,645 45,104
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 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.
Darren Palmer
Director
Approved by the board on 19 October 2023
Final Fencing Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. 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:
Plant and machinery 25% reducing balance
Inventories
Inventories 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, 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. 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.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 10,000
At 31 August 2023 10,000
Amortisation
At 1 September 2022 6,000
Provided during the year 2,000
At 31 August 2023 8,000
Net book value
At 31 August 2023 2,000
At 31 August 2022 4,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 33,600
Additions 749
At 31 August 2023 34,349
Depreciation
At 1 September 2022 9,235
Charge for the year 6,278
At 31 August 2023 15,513
Net book value
At 31 August 2023 18,836
At 31 August 2022 24,365
5 Debtors 2023 2022
£ £
Prepayments 400 200
Other debtors 65 -
465 200
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 55 -
Accruals 1,008 1,260
Corporation tax 3,726 891
Other taxes and social security costs - 282
Other creditors 4,140 6,456
8,929 8,889
7 Other information
Final Fencing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
33 Shady Nook
Farnham
Surrey
GU9 0DT
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