1 November 2022 v2024.35.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP082497612022-11-012023-10-31082497612023-10-31082497612022-10-3108249761core:WithinOneYear2023-10-3108249761core:WithinOneYear2022-10-3108249761core:AfterOneYear2023-10-3108249761core:AfterOneYear2022-10-3108249761core:ShareCapital2023-10-3108249761core:ShareCapital2022-10-3108249761core:RetainedEarningsAccumulatedLosses2023-10-3108249761core:RetainedEarningsAccumulatedLosses2022-10-3108249761bus:Director12022-11-012023-10-3108249761bus:RegisteredOffice2022-11-012023-10-3108249761core:MotorVehicles2022-11-012023-10-3108249761core:PlantMachinery2022-11-012023-10-31082497612021-11-012022-10-3108249761core:PlantMachinery2023-10-3108249761core:PlantMachinery2022-11-0108249761core:PlantMachinery2022-10-310824976112022-11-012023-10-3108249761countries:EnglandWales2022-11-012023-10-3108249761bus:AuditExemptWithAccountantsReport2022-11-012023-10-3108249761bus:PrivateLimitedCompanyLtd2022-11-012023-10-3108249761bus:SmallEntities2022-11-012023-10-3108249761bus:FullAccounts2022-11-012023-10-31
Company registration number:
08249761
Fischer Engineering Products (UK) Limited
Unaudited Filleted Financial Statements for the year ended
31 October 2023
Fischer Engineering Products (UK) Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Fischer Engineering Products (UK) Limited
Year ended
31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Fischer Engineering Products (UK) Limited
for the year ended
31 October 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Fischer Engineering Products (UK) Limited
, as a body, in accordance with the terms of my engagement letter dated 1 November 2017. My work has been undertaken solely to prepare for your approval the
financial statements
of
Fischer Engineering Products (UK) Limited
and state those matters that I have agreed to state to the Board of Directors of
Fischer Engineering Products (UK) Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Fischer Engineering Products (UK) Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Fischer Engineering Products (UK) 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
Fischer Engineering Products (UK) Limited
. You consider that
Fischer Engineering Products (UK) Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Fischer Engineering Products (UK) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Gordon & Co
Chartered Accountants and Business Advisors
25/27 Station Street
Cheslyn Hay
Walsall
West Midlands
WS6 7ED
United Kingdom
Date:
31 July 2024
Fischer Engineering Products (UK) Limited
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Tangible assets 5
31,129
 
41,506
 
Current assets    
Stocks
122,020
 
104,198
 
Debtors 6
409,463
 
414,257
 
Cash at bank and in hand
59,822
 
38,497
 
591,305
 
556,952
 
Creditors: amounts falling due within one year 7
(471,372
)
(478,179
)
Net current assets
119,933
 
78,773
 
Total assets less current liabilities 151,062   120,279  
Creditors: amounts falling due after more than one year 8
(41,409
)
(56,615
)
Net assets
109,653
 
63,664
 
Capital and reserves    
Called up share capital
4
 
4
 
Profit and loss account
109,649
 
63,660
 
Shareholders funds
109,653
 
63,664
 
For the year ending
31 October 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Derek Heath
Director
Company registration number:
08249761
Fischer Engineering Products (UK) Limited
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 2 Maybrook Industrial Estate
,
Maybrook Road
,
Walsall
,
West Midlands
,
WS8 7DG
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% reducing balance
Plant and machinery
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
13
(2022:
12
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2022
and
31 October 2023
126,492
 
Depreciation  
At
1 November 2022
84,986
 
Charge
10,377
 
At
31 October 2023
95,363
 
Carrying amount  
At
31 October 2023
31,129
 
At 31 October 2022
41,506
 

6 Debtors

20232022
££
Trade debtors
409,463
 
414,257
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
152,907
 
236,653
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
47,967
 
20,071
 
Taxation and social security
147,550
 
88,889
 
Other creditors
122,948
 
132,566
 
471,372
 
478,179
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
37,932
 
44,468
 
Other creditors
3,477
 
12,147
 
41,409
 
56,615