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Registration number: 04580085

Abbey Fire (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Abbey Fire (UK) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Abbey Fire (UK) Limited

(Registration number: 04580085)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,509

1,118

Current assets

 

Stocks

5

84,625

60,495

Debtors

6

1,679,638

1,379,804

Cash at bank and in hand

 

3,022

577

 

1,767,285

1,440,876

Creditors: Amounts falling due within one year

7

(968,937)

(725,145)

Net current assets

 

798,348

715,731

Total assets less current liabilities

 

833,857

716,849

Creditors: Amounts falling due after more than one year

7

(41,362)

(27,500)

Provisions for liabilities

-

(1,402)

Net assets

 

792,495

687,947

Capital and reserves

 

Called up share capital

100

100

Retained earnings

792,395

687,847

Shareholders' funds

 

792,495

687,947

 

Abbey Fire (UK) Limited

(Registration number: 04580085)
Statement of Financial Position as at 31 August 2023

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 27 March 2024
 

.........................................
Mr P Jones
Director

   
     
 

Abbey Fire (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 2 Beeston Court
Stuart Road
Manor Park
Runcorn
Cheshire
WA7 1SS

These financial statements were authorised for issue by the director on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are included in the profit and loss account on the accruals basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Abbey Fire (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and equipment

15% straight line

Motor vehicles

varying rates on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Abbey Fire (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 59 (2022 - 55).

 

Abbey Fire (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

49,835

49,098

98,933

Additions

-

44,480

44,480

At 31 August 2023

49,835

93,578

143,413

Depreciation

At 1 September 2022

48,717

49,098

97,815

Charge for the year

822

9,267

10,089

At 31 August 2023

49,539

58,365

107,904

Carrying amount

At 31 August 2023

296

35,213

35,509

At 31 August 2022

1,118

-

1,118

5

Stocks

2023
£

2022
£

Other inventories

84,625

60,495

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,254,536

966,751

Other debtors

425,102

413,053

 

1,679,638

1,379,804

 

Abbey Fire (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

130,268

124,362

Trade creditors

 

465,623

288,983

Taxation and social security

 

335,367

274,430

Accruals and deferred income

 

6,500

6,500

Other creditors

 

31,179

30,870

 

968,937

725,145

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

41,362

27,500

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,499

27,500

Hire purchase contracts

23,863

-

41,362

27,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

111,051

114,362

Hire purchase contracts

9,217

-

130,268

124,362

 

Abbey Fire (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Secured creditors

Hire purchase and finance lease agreements are secured on the assets to which they relate. The bank overdraft is secured by way of fixed and floating charge over the assets of the company in favour of National Westminster Bank PLC dated 3 July 2013. The invoice financing account is secured by way of a fixed and floating charge over the assets of the company in favour of RBS Invoice Financing Limited dated 25 October 2018.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £649,717 (2022 - £304,955).

10

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Mr P Jones

Advances

293,911

-

293,911

Interest charged @ 2% / 2.25%

27,274

6,758

34,032

 

321,185

6,758

327,943

     

 

2022

At 1 September 2021
£

Advances to director
£

At 31 August 2022
£

Mr P Jones

Advances

293,911

-

293,911

Interest charged @ 2% / 2.25%

20,514

6,760

27,274

 

314,425

6,760

321,185