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REGISTERED NUMBER: 06601616 (England and Wales)















FABRITEC FURNITURE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FABRITEC FURNITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr J J Callow
Mr D G Bryson





REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX





BUSINESS ADDRESS: Regis House
New Road
SHEERNESS
Kent
ME12 1HW





REGISTERED NUMBER: 06601616 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 878,121 855,561
Investments 6 1 1
878,122 855,562

CURRENT ASSETS
Stocks 7 417,934 424,477
Debtors 8 600,756 602,126
Cash at bank and in hand 122,928 141,461
1,141,618 1,168,064
CREDITORS
Amounts falling due within one year 9 680,674 730,272
NET CURRENT ASSETS 460,944 437,792
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,339,066

1,293,354

CREDITORS
Amounts falling due after more than one
year

10

(156,705

)

(246,182

)

PROVISIONS FOR LIABILITIES (193,917 ) (149,707 )
NET ASSETS 988,444 897,465

CAPITAL AND RESERVES
Called up share capital 12 100,000 100,000
Retained earnings 888,444 797,465
SHAREHOLDERS' FUNDS 988,444 897,465

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





Mr J J Callow - Director


FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Fabritec Furniture 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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery- 25% on reducing balance and straight line over 5 to 15 years
Office equipment- 15% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, on a first in first out basis, after making making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 38 ) .

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Office
property machinery equipment
£    £    £   
COST
At 1 June 2022 13,614 1,439,717 14,895
Additions - 49,176 -
Disposals - (12,000 ) -
At 31 May 2023 13,614 1,476,893 14,895
DEPRECIATION
At 1 June 2022 4,533 598,107 11,177
Charge for year 2,723 66,874 558
Eliminated on disposal - (9,433 ) -
At 31 May 2023 7,256 655,548 11,735
NET BOOK VALUE
At 31 May 2023 6,358 821,345 3,160
At 31 May 2022 9,081 841,610 3,718

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 24,712 33,344 1,526,282
Additions 43,419 10,935 103,530
Disposals - - (12,000 )
At 31 May 2023 68,131 44,279 1,617,812
DEPRECIATION
At 1 June 2022 24,007 32,897 670,721
Charge for year 7,411 837 78,403
Eliminated on disposal - - (9,433 )
At 31 May 2023 31,418 33,734 739,691
NET BOOK VALUE
At 31 May 2023 36,713 10,545 878,121
At 31 May 2022 705 447 855,561

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2022 546,802 - 546,802
Additions - 43,419 43,419
Transfer to ownership (378,467 ) - (378,467 )
At 31 May 2023 168,335 43,419 211,754
DEPRECIATION
At 1 June 2022 101,766 - 101,766
Charge for year 28,878 7,236 36,114
Transfer to ownership (115,986 ) - (115,986 )
At 31 May 2023 14,658 7,236 21,894
NET BOOK VALUE
At 31 May 2023 153,677 36,183 189,860
At 31 May 2022 445,036 - 445,036

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 1
NET BOOK VALUE
At 31 May 2023 1
At 31 May 2022 1

7. STOCKS
31.5.23 31.5.22
£    £   
Stocks 354,307 346,133
Work-in-progress 27,500 28,350
Finished goods 36,127 49,994
417,934 424,477

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 451,152 471,673
Corporation tax refund 21,590 -
Prepayments 128,014 130,453
600,756 602,126

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other loans - less than 1 yr 108,104 133,363
Hire purchase contracts 39,249 63,618
Trade creditors 303,497 262,765
Other taxes and PAYE taxes 106,734 87,205
Other creditors 3,970 3,141
Factoring account 80,174 166,155
Directors' Current Accounts 450 450
Accrued expenses 38,496 13,575
680,674 730,272

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Other loans - 1-2 years 40,335 88,059
Other loans - 2-5 years 16,667 57,002
Hire purchase contracts 99,703 101,121
156,705 246,182

11. SECURED DEBTS

The factoring company holds a fixed and floating charges covering all the property or undertaking of the company.

Lloyds Bank Plc hold fixed and floating charges covering all the property or undertaking of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100,000 Ordinary Shares £1 100,000 100,000

FABRITEC FURNITURE LIMITED (REGISTERED NUMBER: 06601616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

13. CAPITAL COMMITMENTS
31.5.23 31.5.22
£    £   
Contracted but not provided for in the
financial statements 497,847 -

14. RELATED PARTY DISCLOSURES

During the year the company had the following transactions with businesses associated with Mr J J Callow, a director:
2023 2022
£ £
Rent paid to the Callow Pension Fund 90,000 55,000


Balances at the year end were:
2023 2022
£ £
Owed by Callow Pension Fund 6,000 6,000


The above transactions were conducted on normal commercial terms.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J J Callow.

The ultimate controlling party is Mr J J Callow.