Company registration number 08926173 (England and Wales)
Getfix Limited
Unaudited Financial Statements
For the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Getfix Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Getfix Limited
Balance Sheet
As at 31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
592,837
277,849
Current assets
Debtors
4
1,259,900
1,925,245
Cash at bank and in hand
978,080
612,586
2,237,980
2,537,831
Creditors: amounts falling due within one year
5
(1,087,863)
(1,614,680)
Net current assets
1,150,117
923,151
Total assets less current liabilities
1,742,954
1,201,000
Creditors: amounts falling due after more than one year
6
(337,146)
(88,460)
Provisions for liabilities
(98,705)
(37,968)
Net assets
1,307,103
1,074,572
Capital and reserves
Called up share capital
7
1,001
1,001
Profit and loss reserves
1,306,102
1,073,571
Total equity
1,307,103
1,074,572
The director of the company has 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 director acknowledges his 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.
Getfix Limited
Balance Sheet (Continued)
As at 31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
S P Fuller
Director
Company Registration No. 08926173
Getfix Limited
Notes to the Financial Statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information
Getfix Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Sovereign Park, Cleveland Way, Hemel Hempstead, Herts, HP2 7DA.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Getfix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
Getfix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
24
Getfix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
356,130
20,522
14,610
83,000
474,262
Additions
18,558
432,760
24,708
18,006
494,032
Disposals
(84,794)
(18,524)
(103,318)
At 31 March 2023
18,558
704,096
26,706
32,616
83,000
864,976
Depreciation and impairment
At 1 April 2022
150,808
14,828
10,027
20,750
196,413
Depreciation charged in the year
109
114,009
940
7,010
15,563
137,631
Eliminated in respect of disposals
(47,477)
(14,428)
(61,905)
At 31 March 2023
109
217,340
1,340
17,037
36,313
272,139
Carrying amount
At 31 March 2023
18,449
486,756
25,366
15,579
46,687
592,837
At 31 March 2022
205,322
5,694
4,583
62,250
277,849
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,150,048
1,894,081
Other debtors
65,671
11,108
Prepayments and accrued income
44,181
3,099
1,259,900
1,908,288
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
16,957
Total debtors
1,259,900
1,925,245
Getfix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,847
9,606
Obligations under finance leases
85,249
37,818
Trade creditors
624,355
478,679
Corporation tax
18,460
246,659
Other taxation and social security
218,267
200,963
Other creditors
125,185
639,555
Accruals and deferred income
6,500
1,400
1,087,863
1,614,680
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
26,611
36,460
Obligations under finance leases
310,535
52,000
337,146
88,460
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £10 each
100
100
1,000
1,000
Ordinary B of £1 each
1
1
1
1
101
101
1,001
1,001
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Mr S Fuller
38
498,738
Mrs S Fuller
-
78,820
Getfix Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Deferred tax
-
(37,967)
Wages for March 2022
-
(84,466)
Total adjustments
-
(122,433)
Equity as previously reported
657,224
1,197,005
Equity as adjusted
657,224
1,074,572
Analysis of the effect upon equity
Profit and loss reserves
-
(122,433)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Deferred tax
(37,967)
Wages for March 2022
(84,466)
Total adjustments
(122,433)
Profit as previously reported
1,117,600
Profit as adjusted
995,167