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COMPANY REGISTRATION NUMBER: 2519255
FIBRE DRUMS LIMITED
Filleted Unaudited Financial Statements
31 March 2023
FIBRE DRUMS LIMITED
Financial Statements
Year ended 31st March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
FIBRE DRUMS LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,448,097
1,102,479
Investments
6
295,300
300,146
------------
------------
2,743,397
1,402,625
Current assets
Stocks
660,574
268,066
Debtors
7
1,157,683
1,473,029
Cash at bank and in hand
348,934
770,834
------------
------------
2,167,191
2,511,929
Creditors: amounts falling due within one year
8
1,558,365
1,110,270
------------
------------
Net current assets
608,826
1,401,659
------------
------------
Total assets less current liabilities
3,352,223
2,804,284
Provisions
Taxation including deferred tax
298,182
80,884
------------
------------
Net assets
3,054,041
2,723,400
------------
------------
Capital and reserves
Called up share capital
2,500
2,500
Share premium account
899,148
899,148
Capital redemption reserve
2,286
2,286
Profit and loss account
2,150,107
1,819,466
------------
------------
Shareholders funds
3,054,041
2,723,400
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FIBRE DRUMS LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
S.G. Cunniffe
R. Douse
Director
Director
Company registration number: 2519255
FIBRE DRUMS LIMITED
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeyway South, Vista Road, Haydock, St.Helens, WA11 0RW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows. No depreciation has been charged on freehold property in the current year as it is considered that the residual value is not less than it's carrying value.
Freehold property
-
2% straight line
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 52 (2022: 40 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
844,216
1,056,386
140,073
48,610
193,271
2,282,556
Additions
1,408,098
1,408,098
---------
------------
---------
--------
---------
------------
At 31 Mar 2023
844,216
2,464,484
140,073
48,610
193,271
3,690,654
---------
------------
---------
--------
---------
------------
Depreciation
At 1 Apr 2022
202,417
675,228
106,774
15,816
179,842
1,180,077
Charge for the year
46,476
3,330
8,198
4,476
62,480
---------
------------
---------
--------
---------
------------
At 31 Mar 2023
202,417
721,704
110,104
24,014
184,318
1,242,557
---------
------------
---------
--------
---------
------------
Carrying amount
At 31 Mar 2023
641,799
1,742,780
29,969
24,596
8,953
2,448,097
---------
------------
---------
--------
---------
------------
At 31 Mar 2022
641,799
381,158
33,299
32,794
13,429
1,102,479
---------
------------
---------
--------
---------
------------
6. Investments
Shares in group undertaking
Other investments other than loans
Total
£
£
£
Cost
At 1st April 2022 and 31st March 2023
200,000
100,000
300,000
---------
---------
---------
Impairment
At 1st April 2022
( 146)
( 146)
Impairment losses
4,846
4,846
---------
---------
---------
At 31st March 2023
4,700
4,700
---------
---------
---------
Carrying amount
At 31st March 2023
200,000
95,300
295,300
---------
---------
---------
At 31st March 2022
200,000
100,146
300,146
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
606,832
526,770
Other debtors
550,851
946,259
------------
------------
1,157,683
1,473,029
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
808,351
490,458
Social security and other taxes
145,728
95,552
Other creditors
604,286
524,260
------------
------------
1,558,365
1,110,270
------------
------------
9. Related party transactions
The company was under the control of S.G.Cunniffe, a director throughout the current and previous year. S.G.Cunniffe is the managing director and majority shareholder. At 31 March 2023 the company was due £430,147 (2022: due £399,031) from companies related by common ownership and control. At 31 March 2023 the company owed £241,034 (2022: owed £296,616) to companies related by common ownership and control.