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REGISTERED NUMBER: SC079132 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Ful-Ton Forklifts Limited

Ful-Ton Forklifts Limited (Registered number: SC079132)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Ful-Ton Forklifts Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: G J Fulston
C Fulston
C Welsh
S Henderson





SECRETARY: L T Fulston





REGISTERED OFFICE: 29 Brandon Street
Hamilton
ML3 6DA





REGISTERED NUMBER: SC079132 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

Ful-Ton Forklifts Limited (Registered number: SC079132)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 30,000 37,500
Tangible assets 6 82,167 17,247
112,167 54,747

CURRENT ASSETS
Stocks 437,393 399,043
Debtors 7 306,117 286,742
Cash at bank and in hand 231,992 166,124
975,502 851,909
CREDITORS
Amounts falling due within one year 8 590,613 567,800
NET CURRENT ASSETS 384,889 284,109
TOTAL ASSETS LESS CURRENT
LIABILITIES

497,056

338,856

CREDITORS
Amounts falling due after more than one
year

9

(46,964

)

(42,273

)

PROVISIONS FOR LIABILITIES (19,866 ) (2,434 )
NET ASSETS 430,226 294,149

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 430,221 294,144
SHAREHOLDERS' FUNDS 430,226 294,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ful-Ton Forklifts Limited (Registered number: SC079132)

Balance Sheet - continued
30 September 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





S Henderson - Director


Ful-Ton Forklifts Limited (Registered number: SC079132)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Ful-Ton Forklifts Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from the sale, maintenance and hire of forklift trucks, agricultural vehicles and equipment supplied by the company.

Turnover is measured at the fair value of the sale, maintenance and hire of forklift trucks, agricultural vehicles and equipment supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill
As of 1 October 2017 goodwill is being amortised over the remaining 10 year period with impairment reviews being carried out annually by the directors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on cost and 15% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Ful-Ton Forklifts Limited (Registered number: SC079132)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme, the pension charge represents the amounts payable by the company to the fund in respect of the year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

Ful-Ton Forklifts Limited (Registered number: SC079132)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 150,000
AMORTISATION
At 1 October 2022 112,500
Charge for year 7,500
At 30 September 2023 120,000
NET BOOK VALUE
At 30 September 2023 30,000
At 30 September 2022 37,500

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 146,726
Additions 84,167
Disposals (13,682 )
At 30 September 2023 217,211
DEPRECIATION
At 1 October 2022 129,479
Charge for year 16,797
Eliminated on disposal (11,232 )
At 30 September 2023 135,044
NET BOOK VALUE
At 30 September 2023 82,167
At 30 September 2022 17,247

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 242,027 219,403
Other debtors 64,090 67,339
306,117 286,742

Ful-Ton Forklifts Limited (Registered number: SC079132)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 26,921 41,205
Trade creditors 63,513 82,544
Taxation and social security 176,021 137,310
Other creditors 314,158 296,741
590,613 567,800

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 20,000 30,000
Hire purchase contracts 26,964 12,273
46,964 42,273

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 30,000 40,000
Hire purchase contracts 53,885 53,478
83,885 93,478

The bank loan is supported by a 100% guarantee from the UK Government.
The hire purchase contracts are secured against the fixed assets of which they relate.

11. RELATED PARTY DISCLOSURES

The company operates a loan account with the directors.

During the year the company repaid loans totalling £2,092 to the directors. At the year end, the balance due to the directors was £2,290 (2022 £4,382). This loan is unsecured, interest free and has no fixed repayment terms.

The company also operates loan accounts with related parties. These companies have common directors and shareholders.

At the year end, the balance due from Dunallan Property Company Limited was £15,510 (2022: £15,510).

During the year the company borrowed £13,897 from Trys UK Spare Parts and Recycling Limited. At the year end, the balance due to Tryus UK Spare Parts and Recycling Limited was £192,009 (2022: £178,112).

During the year the company supplied goods and services totalling £4,379 to Argyle Cars Limited. These amounts have been offset against the loan account due by Ful-Ton to Argyle Cars Limited.. At the year end, the balance due to Argyle Cars Limited was £91,910 (2022: £87,531).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ful-Ton Forklifts Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ful-Ton Forklifts Limited for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Ful-Ton Forklifts Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ful-Ton Forklifts Limited and state those matters that we have agreed to state to the Board of Directors of Ful-Ton Forklifts Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ful-Ton Forklifts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ful-Ton Forklifts Limited. You consider that Ful-Ton Forklifts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ful-Ton Forklifts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


30 July 2024