Company Registration No. 10054481 (England and Wales)
FLUID POWER SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FLUID POWER SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FLUID POWER SUPPLIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,552
11,257
Current assets
Stocks
24,829
23,898
Debtors
4
411,054
367,254
Cash at bank and in hand
332,693
277,092
768,576
668,244
Creditors: amounts falling due within one year
5
(344,480)
(335,456)
Net current assets
424,096
332,788
Total assets less current liabilities
455,648
344,045
Creditors: amounts falling due after more than one year
6
(5,761)
(2,731)
Net assets
449,887
341,314
Capital and reserves
Called up share capital
7
75
75
Capital redemption reserve
30
30
Profit and loss reserves
449,782
341,209
Total equity
449,887
341,314
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FLUID POWER SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Mr J Blackburn
Director
Company registration number 10054481 (England and Wales)
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Fluid Power Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is T54 Business Park, Nedge Hill, Telford, Shropshire, TF3 3AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is not calculated as it is considered immaterial.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
3,767
18,333
22,100
Additions
997
29,815
30,812
At 30 April 2024
4,764
48,148
52,912
Depreciation and impairment
At 1 May 2023
2,823
8,020
10,843
Depreciation charged in the year
485
10,032
10,517
At 30 April 2024
3,308
18,052
21,360
Carrying amount
At 30 April 2024
1,456
30,096
31,552
At 30 April 2023
944
10,313
11,257
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
345,319
361,609
Other debtors
65,735
5,645
411,054
367,254
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
7,670
3,277
Trade creditors
261,973
258,504
Corporation tax
55,683
47,583
Other taxation and social security
16,366
23,711
Other creditors
1,188
911
Accruals and deferred income
1,600
1,470
344,480
335,456
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
5,761
2,731
FLUID POWER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B of £1 each
30
30
30
30
Ordinary C of £1 each
35
35
35
35
Ordinary D of £1 each
5
5
5
5
Ordinary E of £1 each
5
5
5
5
75
75
75
75
8
Directors' transactions
Dividends totalling £73,356 (2023 - £92,867) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Advance
-
5,030
60,000
65,030
5,030
60,000
65,030
Advances to directors will be repaid in full on 31 January 2025.