Registered number
10729843
FFAVS Ltd
Abbreviated Accounts
31 May 2023
FFAVS Ltd
Registered number: 10729843
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,066 5,180
Current assets
Stocks 150,319 181,460
Debtors 4 298,348 396,007
Cash at bank and in hand 158,109 126,468
606,776 703,935
Creditors: amounts falling due within one year 5 (312,174) (309,419)
Net current assets 294,602 394,516
Total assets less current liabilities 301,668 399,696
Creditors: amounts falling due after more than one year 6 (180,334) (225,199)
Net assets 121,334 174,497
Capital and reserves
Called up share capital 200 200
Profit and loss account 121,134 174,297
Shareholder's funds 121,334 174,497
The director is 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 director acknowledges his 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 and delivered 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.
Robert Fountain
Director
Approved by the board on 12 February 2024
FFAVS Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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 2023 2022
Number Number
Average number of persons employed by the company 21 19
3 Tangible fixed assets
Office equipment Computer equipment Total
£ £ £
Cost
At 1 June 2022 - 9,115 9,115
Additions 287 3,957 4,244
At 31 May 2023 287 13,072 13,359
Depreciation
At 1 June 2022 - 3,935 3,935
Charge for the year 72 2,286 2,358
At 31 May 2023 72 6,221 6,293
Net book value
At 31 May 2023 215 6,851 7,066
At 31 May 2022 - 5,180 5,180
4 Debtors 2023 2022
£ £
Trade debtors 298,348 396,007
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 68,192 68,192
Trade creditors 155,997 154,373
Taxation and social security costs 86,415 84,066
Other creditors 1,570 2,788
312,174 309,419
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 180,334 225,199
7 Other information
FFAVS Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Kings Court Newcomen Way, Severalls Industrial Park, Colchester, England, CO4 9RA
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