Registered number
11118531
The Fireplace Fitters Shop Ltd
Filleted Accounts
31 December 2023
The Fireplace Fitters Shop Ltd
Registered number: 11118531
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,482 13,360
Current assets
Stocks 30,000 30,000
Debtors 4 44,601 48,245
Cash at bank and in hand 18,491 110,046
93,092 188,291
Creditors: amounts falling due within one year 5 (38,672) (133,215)
Net current assets 54,420 55,076
Total assets less current liabilities 64,902 68,436
Creditors: amounts falling due after more than one year 6 (14,440) (24,742)
Net assets 50,462 43,694
Capital and reserves
Called up share capital 1 1
Profit and loss account 50,461 43,693
Shareholders' funds 50,462 43,694
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tom Ballinger
Director
Approved by the board on 2 August 2024
The Fireplace Fitters Shop Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,245 18,940 20,185
Additions 616 - 616
At 31 December 2023 1,861 18,940 20,801
Depreciation
At 1 January 2023 433 6,392 6,825
Charge for the year 357 3,137 3,494
At 31 December 2023 790 9,529 10,319
Net book value
At 31 December 2023 1,071 9,411 10,482
At 31 December 2022 812 12,548 13,360
4 Debtors 2023 2022
£ £
Trade debtors 29,343 32,987
Other debtors 15,258 15,258
44,601 48,245
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,552 10,802
Trade creditors 18,191 48,309
Taxation and social security costs 6,935 55,963
Other creditors 2,994 18,141
38,672 133,215
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,440 24,742
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr T Ballinger
Overdrawn director's loan 90,251 (90,251) -
90,251 - (90,251) -
8 Related party transactions
The director Mr T Ballinger cleared his overdrawn director's loan account. (2022 - £90,251).
9 Other information
The Fireplace Fitters Shop Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Christchurch Street East
Frome
Somerset
BA11 1QB
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