Registered number
05489256
Fosse Fires Limited
Filleted Accounts
31 July 2023
Fosse Fires Limited
Registered number: 05489256
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,500 7,070
Current assets
Stocks 60,000 42,500
Cash at bank and in hand 14,640 34,476
74,640 76,976
Creditors: amounts falling due within one year 5 (74,105) (82,868)
Net current assets/(liabilities) 535 (5,892)
Net assets 5,035 1,178
Capital and reserves
Called up share capital 10 10
Profit and loss account 5,025 1,168
Shareholders' funds 5,035 1,178
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
R J Mulligan
Director
Approved by the board on 30 April 2024
Fosse Fires Limited
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 10,000
At 31 July 2023 10,000
Amortisation
At 1 August 2022 10,000
At 31 July 2023 10,000
Net book value
At 31 July 2023 -
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 August 2022 16,242 36,629 52,871
At 31 July 2023 16,242 36,629 52,871
Depreciation
At 1 August 2022 15,922 29,879 45,801
Charge for the year 320 2,250 2,570
At 31 July 2023 16,242 32,129 48,371
Net book value
At 31 July 2023 - 4,500 4,500
At 31 July 2022 320 6,750 7,070
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 9,272 8,400
Directors loan account 62,964 72,463
Other creditors 1,869 2,005
74,105 82,868
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 9,787 9,635
7 Controlling party
The company is controlled by R J Milligan.
8 Other information
Fosse Fires Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Creese Cottages
Teddington
Tewkesbury
Glos
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