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Registered number: 07568856
FBF Fabrications Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Tasker Osman & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07568856
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 69,686 60,694
69,686 60,694
CURRENT ASSETS
Stocks 5 200,960 369,254
Debtors 6 200,098 313,718
Cash at bank and in hand 49,183 5,516
450,241 688,488
Creditors: Amounts Falling Due Within One Year 7 (281,761 ) (548,230 )
NET CURRENT ASSETS (LIABILITIES) 168,480 140,258
TOTAL ASSETS LESS CURRENT LIABILITIES 238,166 200,952
Creditors: Amounts Falling Due After More Than One Year 8 (119,184 ) (152,304 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,261 ) (8,272 )
NET ASSETS 109,721 40,376
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account 109,521 40,176
SHAREHOLDERS' FUNDS 109,721 40,376
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ronald Dawes
Director
Mr Jamie Dawes
Director
31/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
FBF Fabrications Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07568856 . The registered office is Unit 4, Shortgate Imdustrial Park , The Broyle, Ringmer, East Sussex, BN8 6PH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 0
Plant & Machinery 25
Motor Vehicles 25
Computer Equipment 25
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 1,500 133,873 151,512 6,311 293,196
Additions - 3,978 24,990 2,753 31,721
As at 31 March 2024 1,500 137,851 176,502 9,064 324,917
Depreciation
As at 1 April 2023 - 108,906 118,996 4,600 232,502
Provided during the period - 7,236 14,377 1,116 22,729
As at 31 March 2024 - 116,142 133,373 5,716 255,231
Net Book Value
As at 31 March 2024 1,500 21,709 43,129 3,348 69,686
As at 1 April 2023 1,500 24,967 32,516 1,711 60,694
5. Stocks
2024 2023
£ £
Stock 38,960 46,880
Work in progress 162,000 322,374
200,960 369,254
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 174,822 219,150
Prepayments and accrued income 8,363 6,939
Other debtors - 1,000
Other taxes - 852
VAT 4,455 74,085
Other taxes and social security 12,458 11,692
200,098 313,718
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 168,779 425,863
Bank loans and overdrafts 22,500 32,500
Credit Cards 33,322 153
Accruals and deferred income 1,600 1,600
Directors' loan accounts 55,560 88,114
281,761 548,230
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 24,990 -
Other loans 94,194 152,304
119,184 152,304
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 24,990 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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