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Reports Dated : 28/08/2024 Registered Number: 06789790
England and Wales

 

 

 

BRITISH & IRISH ASSOCIATION OF FASTENER DISTRIBUTORS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Directors David Furness
Ian Doherty
Gary Henderson
Joseph Peter Chalk
Registered Number 06789790
Registered Office 10b Red House Yard, Gislingham Road,
Thornham Magna
Eye
Suffolk
IP23 8HH
Accountants Denton Tavara Ltd
61a High Street South
Rushden
Norhants
NN10 0RA
1
Directors' report and financial statements
The directors present their annual report and the financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company during the financial year was  that of a trade association..
Directors
The directors who served the company throughout the year were as follows:
David Furness
Ian Doherty (from 01/05/2023)
Gary Henderson (from 01/05/2023)
Joseph Peter Chalk (from 01/07/2023)
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
David Furness
Director

Date approved: 28 August 2024
2
Accountants report
You consider that the company is exempt from an audit for the year ended 30 June 2024 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................
Denton Tavara Ltd
61a High Street South
Rushden
Norhants
NN10 0RA
28 August 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 165    221 
165    221 
Current assets      
Debtors 4 3,470    2,397 
Cash at bank and in hand 56,934    48,939 
60,404    51,336 
Creditors: amount falling due within one year 5 (13,918)   (271)
Net current assets 46,486    51,065 
 
Total assets less current liabilities 46,651    51,286 
Net assets 46,651    51,286 
 

Capital and reserves
     
Special Reserves 6 19,470    19,470 
Profit and loss account 27,181    31,816 
Shareholders' funds 46,651    51,286 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 August 2024 and were signed on its behalf by:


-------------------------------
David Furness
Director
4
General Information
British & Irish Association of Fastener Distributors Limited is a private company, limited by shares, registered in England and Wales, registration number 06789790, registration address 10b Red House Yard, Gislingham Road, , Thornham Magna, Eye, Suffolk, IP23 8HH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 July 2023 698    698 
Additions  
Disposals  
At 30 June 2024 698    698 
Depreciation
At 01 July 2023 477    477 
Charge for year 56    56 
On disposals  
At 30 June 2024 533    533 
Net book values
Closing balance as at 30 June 2024 165    165 
Opening balance as at 01 July 2023 221    221 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 682   
Prepayments & Accrued Income 1,165   
Corporation Tax   674 
VAT 1,623    1,723 
3,470    2,397 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 2,772   
Accruals 11,147    271 
Other Creditors (1)  
13,918    271 

6.

Special Reserves

2024
£
  2023
£
Transfer From Pre-incorporated Organisation 19,470    19,470 
19,470    19,470 

5