Company Registration No. 10054481 (England and Wales)
FLUID POWER SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
FLUID POWER SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FLUID POWER SUPPLIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,257
15,008
Current assets
Stocks
23,898
28,203
Debtors
4
367,254
277,039
Cash at bank and in hand
277,092
241,046
668,244
546,288
Creditors: amounts falling due within one year
5
(335,456)
(307,583)
Net current assets
332,788
238,705
Total assets less current liabilities
344,045
253,713
Creditors: amounts falling due after more than one year
6
(2,731)
(6,009)
Net assets
341,314
247,704
Capital and reserves
Called up share capital
7
75
75
Capital redemption reserve
30
30
Profit and loss reserves
341,209
247,599
Total equity
341,314
247,704

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FLUID POWER SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2023 and are signed on its behalf by:
Mr J  Blackburn
Director
Company Registration No. 10054481
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Fluid Power Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is T54 Business Park, Nedge Hill, Telford, Shropshire, TF3 3AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is not calculated as it is considered immaterial.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
3,767
18,333
22,100
Depreciation and impairment
At 1 May 2022
2,509
4,583
7,092
Depreciation charged in the year
314
3,437
3,751
At 30 April 2023
2,823
8,020
10,843
Carrying amount
At 30 April 2023
944
10,313
11,257
At 30 April 2022
1,258
13,750
15,008
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
361,609
276,424
Other debtors
5,645
615
367,254
277,039
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
3,277
3,277
Trade creditors
258,504
237,482
Corporation tax
47,583
40,480
Other taxation and social security
23,711
14,713
Other creditors
911
10,261
Accruals and deferred income
1,470
1,370
335,456
307,583
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
2,731
6,009
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B of £1 each
30
30
30
30
Ordinary C of £1 each
35
40
35
40
Ordinary D of £1 each
5
5
5
5
Ordinary E of £1 each
5
-
5
-
75
75
75
75
8
Directors' transactions

Dividends totalling £92,867 (2022 - £66,972) were paid in the year in respect of shares held by the company's directors.

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