Company registration number 05737708 (England and Wales)
FABRICON DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
FABRICON DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FABRICON DESIGN LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
400
8,092
Tangible assets
4
661,968
462,336
662,368
470,428
Current assets
Stocks
194,087
184,252
Debtors
5
602,998
425,870
Cash at bank and in hand
248,285
597,645
1,045,370
1,207,767
Creditors: amounts falling due within one year
6
(672,992)
(759,358)
Net current assets
372,378
448,409
Total assets less current liabilities
1,034,746
918,837
Creditors: amounts falling due after more than one year
7
(42,631)
(10,485)
Provisions for liabilities
(125,927)
(84,927)
Net assets
866,188
823,425
Capital and reserves
Called up share capital
1,002
1,002
Profit and loss reserves
865,186
822,423
Total equity
866,188
823,425

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

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 25 January 2024
M E Bushdyhan
Director
Company Registration No. 05737708
FABRICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
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

in relation to innovative plastics component design, manufacturing process (3Dimemsional ABS Prototype Modelling), product production and product testing and is shown net of VAT.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised at a rate of 10% on a straight line basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets represent Trade Marks and Patents and are recognised at cost. No depreciation has been provided against these assets, as in the opinion of the director, their market value has not fallen below their historical cost.

 

Software
33% straight line
1.5
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:

Leasehold improvements
15% straight line
Plant and equipment
10% straight line/25% straight line
Fixtures and fittings
10% straight line/33.3% straight line/25% straight line
Motor vehicles
25% straight line

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.

FABRICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

FABRICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

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

1.12
Leases

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.

1.13
Company information

Fabricon Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Wellington Centre, Whitelands Road, Ashton-Under-Lyne, Lancashire, OL6 6UY.

2
Employees

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

2023
2022
Number
Number
Total
16
16
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 September 2022
68,480
36,384
104,864
Disposals
-
0
(12,820)
(12,820)
At 31 August 2023
68,480
23,564
92,044
Amortisation and impairment
At 1 September 2022
68,480
28,292
96,772
Disposals
-
0
(5,128)
(5,128)
At 31 August 2023
68,480
23,164
91,644
Carrying amount
At 31 August 2023
-
0
400
400
At 31 August 2022
-
0
8,092
8,092
FABRICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
111,700
1,288,974
1,400,674
Additions
63,000
264,291
327,291
Disposals
-
0
(31,799)
(31,799)
At 31 August 2023
174,700
1,521,466
1,696,166
Depreciation and impairment
At 1 September 2022
63,737
874,601
938,338
Depreciation charged in the year
19,163
108,496
127,659
Eliminated in respect of disposals
-
0
(31,799)
(31,799)
At 31 August 2023
82,900
951,298
1,034,198
Carrying amount
At 31 August 2023
91,800
570,168
661,968
At 31 August 2022
47,963
414,373
462,336
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
315,638
215,331
Other debtors
287,360
210,539
602,998
425,870
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
183,978
217,500
Amounts owed to group undertakings
173,724
154,052
Taxation and social security
161,024
153,244
Other creditors
154,266
234,562
672,992
759,358
FABRICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
42,631
10,485
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