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COMPANY REGISTRATION NUMBER: 03796822
A.C. Fixings Limited
Filleted Unaudited Financial Statements
30 June 2023
A.C. Fixings Limited
Financial Statements
Year ended 30th June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
A.C. Fixings Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,285
12,003
Current assets
Stocks
128,986
120,548
Debtors
6
342,231
291,374
Cash at bank and in hand
241,581
190,090
---------
---------
712,798
602,012
Creditors: amounts falling due within one year
7
326,218
270,068
---------
---------
Net current assets
386,580
331,944
---------
---------
Total assets less current liabilities
391,865
343,947
Creditors: amounts falling due after more than one year
8
19,868
29,877
---------
---------
Net assets
371,997
314,070
---------
---------
Capital and reserves
Called up share capital
9
302
302
Share premium account
4,900
4,900
Profit and loss account
366,795
308,868
---------
---------
Shareholders funds
371,997
314,070
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A.C. Fixings Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr.L.C.V. Heaven
Mr.J.W.E. Pringle
Director
Director
Mr C.C. Kelly
Director
Company registration number: 03796822
A.C. Fixings Limited
Notes to the Financial Statements
Year ended 30th June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
20% straight line
Motor vehicles
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st July 2022 and 30th June 2023
36,125
57,110
93,235
--------
--------
--------
Depreciation
At 1st July 2022
27,189
54,043
81,232
Charge for the year
3,651
3,067
6,718
--------
--------
--------
At 30th June 2023
30,840
57,110
87,950
--------
--------
--------
Carrying amount
At 30th June 2023
5,285
5,285
--------
--------
--------
At 30th June 2022
8,936
3,067
12,003
--------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th June 2023
----
At 30th June 2022
3,067
-------
6. Debtors
2023
2022
£
£
Trade debtors
324,402
274,313
Prepayments and accrued income
17,829
17,061
---------
---------
342,231
291,374
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,003
22,615
Trade creditors
181,917
174,847
Accruals and deferred income
3,675
3,570
Corporation tax
35,493
23,298
Director loan accounts
2,268
2,188
Other taxes and social security
78,862
43,550
---------
---------
326,218
270,068
---------
---------
The bank loans and overdraft are secured by a mortgage debenture dated 9th September 2004.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,868
29,877
--------
--------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
10,000
10,000
10,000
10,000
Ordinary B shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
20,000
20,000
20,000
20,000
--------
--------
--------
--------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
300
300
300
300
----
----
----
----
302
302
302
302
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
54,857
46,645
Later than 1 year and not later than 5 years
185,333
44,357
---------
--------
240,190
91,002
---------
--------
11. Related party transactions
Some of the bank loans and overdraft are secured by personal guarantees of £25,000 given by the directors. At the year end, the company owed the directors £2,268 (2022: £2,188) which is shown amongst creditors.