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REGISTERED NUMBER: 10241966 (England and Wales)











Financial Statements for the Year Ended 31 July 2023

for

FIROW PROPSHAFTS LIMITED

FIROW PROPSHAFTS LIMITED (REGISTERED NUMBER: 10241966)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FIROW PROPSHAFTS LIMITED

Company Information
for the Year Ended 31 July 2023







DIRECTOR: M Rowley



SECRETARY: M Rowley



REGISTERED OFFICE: Units 1 & 2
Manor Lane Business Park
Manor Lane
Holmes Chapel
Cheshire
CW4 8AF



REGISTERED NUMBER: 10241966 (England and Wales)



ACCOUNTANT: Mourne & Co
10 Market Street
Chapel-en-le-Frith
High Peak
Derbyshire
SK23 0HH



BANKERS: National Westminster Bank Plc
The Bull Ring
Northwich
Cheshire
CW9 5BN

FIROW PROPSHAFTS LIMITED (REGISTERED NUMBER: 10241966)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 123,501 126,010

CURRENT ASSETS
Stocks 6 200,000 200,000
Debtors 7 296,687 199,345
Cash at bank and in hand 633,993 490,366
1,130,680 889,711
CREDITORS
Amounts falling due within one year 8 270,743 195,796
NET CURRENT ASSETS 859,937 693,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

983,438

819,925

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 11 982,438 818,925
SHAREHOLDERS' FUNDS 983,438 819,925

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

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

The director acknowledges his 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 director and authorised for issue on 20 February 2024 and were signed by:




M Rowley - Director


FIROW PROPSHAFTS LIMITED (REGISTERED NUMBER: 10241966)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

Firow Propshafts 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.

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 principal accounting policies adopted in the preparation of the financial statements are set out below.

The financial statements have been prepared under the historic cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

Turnover
Turnover represents net invoiced sales of propshafts, associated components and propshaft repairs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & equipment - 20% on reducing balance
Fixtures & fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

Financial instruments
The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 the Statement of Income and Retained Earnings.

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.

FIROW PROPSHAFTS LIMITED (REGISTERED NUMBER: 10241966)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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 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.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

5. TANGIBLE FIXED ASSETS
Improvements
to Plant & Fixtures
property equipment & fittings
£    £    £   
COST
At 1 August 2022 38,709 71,539 11,610
Additions - 17,015 2,600
At 31 July 2023 38,709 88,554 14,210
DEPRECIATION
At 1 August 2022 - 34,920 -
Charge for year 3,870 7,324 2,322
At 31 July 2023 3,870 42,244 2,322
NET BOOK VALUE
At 31 July 2023 34,839 46,310 11,888
At 31 July 2022 38,709 36,619 11,610

FIROW PROPSHAFTS LIMITED (REGISTERED NUMBER: 10241966)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 119,775 8,942 250,575
Additions - 2,178 21,793
At 31 July 2023 119,775 11,120 272,368
DEPRECIATION
At 1 August 2022 84,230 5,415 124,565
Charge for year 8,886 1,900 24,302
At 31 July 2023 93,116 7,315 148,867
NET BOOK VALUE
At 31 July 2023 26,659 3,805 123,501
At 31 July 2022 35,545 3,527 126,010

6. STOCKS
31.7.23 31.7.22
£    £   
Stocks 200,000 200,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 280,187 199,345
Other debtors 16,500 -
296,687 199,345

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 138,611 91,168
Taxation 42,556 19,237
Social security & other taxes 17,477 25,685
VAT 62,953 52,748
Sundry creditors & accruals 9,146 6,958
270,743 195,796

FIROW PROPSHAFTS LIMITED (REGISTERED NUMBER: 10241966)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year 17,000 17,000
Between one and five years 68,000 68,000
85,000 85,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
1,000 Ordinary £1.00 1,000 1,000

11. RESERVES
Retained
earnings
£   

At 1 August 2022 818,925
Profit for the year 223,513
Dividends (60,000 )
At 31 July 2023 982,438

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £60,000 (2022 - £60,000) were paid to the director .

13. ULTIMATE CONTROLLING PARTY

The controlling party is M Rowley.

The ultimate controlling party is M Rowley.