Company registration number 3174147 (England and Wales)
N AND G FABB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
N AND G FABB LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
N AND G FABB LTD
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
99,000
99,000
Current assets
Cash at bank and in hand
13,118
13,395
Creditors: amounts falling due within one year
5
(28,137)
(28,996)
Net current liabilities
(15,019)
(15,601)
Total assets less current liabilities
83,981
83,399
Provisions for liabilities
(9,042)
(9,043)
Net assets
74,939
74,356
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
6
61,958
61,958
Distributable profit and loss reserves
12,979
12,396
Total equity
74,939
74,356
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 5 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.
The financial statements were approved by the board of directors and authorised for issue on 25 August 2024 and are signed on its behalf by:
Mr N A J Fabb
Director
Company Registration No. 3174147
N AND G FABB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information
N and G Fabb Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21 Overland Road, Mumbles, Swansea, United Kingdom, SA3 4LP.
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.
1.2
Turnover
Turnover from the rental of the property represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
1.3
Investment properties
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided for on these gains at the rate expected to apply when the property is sold.
1.4
Taxation
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
N AND G FABB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 6 April 2023 and 5 April 2024
99,000
The property has been revalued at open market value at the year end by the directors.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
137
156
Other creditors
28,000
28,000
Accruals and deferred income
840
28,137
28,996
6
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
61,958
61,958
N AND G FABB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
8
Related party transactions
At the balance sheet date, the company owed the director, Mr N A J Fabb, £28,000 (2023: £28,000). Interest is charged on this outstanding balance at 3% per annum. There are no fixed terms of repayment.