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REGISTERED NUMBER: 01889558 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

FSL AEROSPACE LIMITED

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FSL AEROSPACE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: T I Halliday
C Prickett





SECRETARY: S J Halliday





REGISTERED OFFICE: Unit 33 Riverside Way
Uxbridge
Middlesex
UB8 2YF





REGISTERED NUMBER: 01889558 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Aquis House
49-51 Blagrave Street
Reading
Berkshire
RG1 1PL

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 107,758 12,806

CURRENT ASSETS
Stocks 5 732,810 588,311
Debtors 6 1,543,168 1,275,571
Cash at bank and in hand 139,864 1,118,697
2,415,842 2,982,579
CREDITORS
Amounts falling due within one year 7 846,759 805,552
NET CURRENT ASSETS 1,569,083 2,177,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,676,841

2,189,833

CREDITORS
Amounts falling due after more than
one year

8

(147,475

)

(166,919

)

PROVISIONS FOR LIABILITIES 10 (11,850 ) -
NET ASSETS 1,517,516 2,022,914

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,516,516 2,021,914
1,517,516 2,022,914

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

BALANCE SHEET - continued
30 JUNE 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Statement of Income and Retained Earnings 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:





C Prickett - Director


FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

FSL Aerospace 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 principal activity of the company is the wholesale of industrial fasteners.

2. ACCOUNTING POLICIES

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

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 each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2022 72,628 71,122 160,745 9,500 313,995
Additions - - 10,188 238,659 248,847
Disposals - - - (115,905 ) (115,905 )
At 30 June 2023 72,628 71,122 170,933 132,254 446,937
DEPRECIATION
At 1 July 2022 72,628 71,122 147,939 9,500 301,189
Charge for year - - 7,301 30,689 37,990
At 30 June 2023 72,628 71,122 155,240 40,189 339,179
NET BOOK VALUE
At 30 June 2023 - - 15,693 92,065 107,758
At 30 June 2022 - - 12,806 - 12,806

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. STOCKS
2023 2022
£    £   
Stocks 732,810 588,311

An impairment gain of £28,595 (2022 - £72,252) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,294,246 1,025,496
Other debtors 42,318 92,318
Directors' loan accounts - 77,314
Tax 53,230 -
VAT 80,253 -
Deferred tax asset
Accelerated capital allowances - 12,630
Prepayments and accrued income 48,750 43,442
1,518,797 1,251,200

Amounts falling due after more than one year:
Other debtors 24,371 24,371

Aggregate amounts 1,543,168 1,275,571

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 9)
21,635

-
Trade creditors 573,152 536,305
Corporation tax - 64,838
Social security and other taxes 38,070 73,373
Other creditors 30,401 23,229
Directors' loan accounts 89,212 -
Accruals and deferred income 44,289 57,807
846,759 805,552

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 120,431 166,919
Hire purchase contracts (see note 9)
27,044

-
147,475 166,919

The bank loan is secured by a fixed and floating charge over all of the companys assets.

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 21,635 -
Between one and five years 27,044 -
48,679 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 162,591 72,356
Between one and five years 608,815 4,538
In more than five years 25,355 -
796,761 76,894

10. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax
Accelerated capital allowances 11,850

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2022 (12,630 )
Charge to Statement of Income and Retained Earnings
during year

24,480
Balance at 30 June 2023 11,850

11. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £90,483 (2022 - £57,454).

Contributions totalling £10,904 (2022 - £10,108) were payable to the fund at the balance sheet date and are included in creditors.

12. RELATED PARTY TRANSACTIONS

Included within creditors falling due within one year is an amount of £89,212 (£2022 - £77,314 due from) due to a director. This amount is interest free and repayable within one year.