Company registration number 14519289 (England and Wales)
FELLOWS FLOOR SANDING LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FELLOWS FLOOR SANDING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
FELLOWS FLOOR SANDING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Intangible assets
3
7,200
Tangible assets
4
22,411
29,611
Current assets
Stocks
2,000
Debtors
5
947
Cash at bank and in hand
1,734
4,681
Creditors: amounts falling due within one year
6
(28,531)
Net current liabilities
(23,850)
Total assets less current liabilities
5,761
Creditors: amounts falling due after more than one year
7
(3,876)
Provisions for liabilities
(1,412)
Net assets
473
Capital and reserves
Called up share capital
8
10
Profit and loss reserves
463
Total equity
473

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 period 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 and signed by the director and authorised for issue on 29 August 2024
Mr D L Miller
Director
Company registration number 14519289 (England and Wales)
FELLOWS FLOOR SANDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
5,463
5,463
Issue of share capital
8
10
-
10
Dividends
-
(5,000)
(5,000)
Balance at 31 December 2023
10
463
473
FELLOWS FLOOR SANDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Fellows Floor Sanding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.

1.1
Reporting period

This is the first set of accounts since incorporation and covers a period of approximately 13 months.

1.2
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.

1.3
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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Plant and equipment
20% Reducing balance
Computers
33% Reducing balance
Motor vehicles
25% Reducing balance
FELLOWS FLOOR SANDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

 

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.

FELLOWS FLOOR SANDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022
-
0
Additions
8,000
At 31 December 2023
8,000
Amortisation and impairment
At 1 December 2022
-
0
Amortisation charged for the period
800
At 31 December 2023
800
Carrying amount
At 31 December 2023
7,200
FELLOWS FLOOR SANDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
-
0
-
0
-
0
-
0
Additions
17,400
1,425
8,350
27,175
At 31 December 2023
17,400
1,425
8,350
27,175
Depreciation and impairment
At 1 December 2022
-
0
-
0
-
0
-
0
Depreciation charged in the period
3,306
284
1,174
4,764
At 31 December 2023
3,306
284
1,174
4,764
Carrying amount
At 31 December 2023
14,094
1,141
7,176
22,411
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
947
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
1,135
Other creditors
27,396
28,531
7
Creditors: amounts falling due after more than one year
2023
£
Other creditors
3,876
FELLOWS FLOOR SANDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
8
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A Shares of £1 each
9
9
Ordinary B Shares of £1 each
1
1
10
10
9
Directors' transactions

Dividends totalling £4,000 were paid in the period 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
Amounts repaid
Closing balance
£
£
£
£
Director
-
-
41,281
(40,334)
947
-
41,281
(40,334)
947
2023-12-312022-12-01false29 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr D L Millerfalsefalse145192892022-12-012023-12-31145192892023-12-3114519289core:NetGoodwill2023-12-3114519289core:PlantMachinery2023-12-3114519289core:ComputerEquipment2023-12-3114519289core:MotorVehicles2023-12-3114519289core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3114519289core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3114519289core:CurrentFinancialInstruments2023-12-3114519289core:ShareCapital2023-12-3114519289core:RetainedEarningsAccumulatedLosses2023-12-3114519289core:ShareCapital2022-11-3014519289core:RetainedEarningsAccumulatedLosses2022-11-3014519289core:ShareCapitalOrdinaryShares2023-12-3114519289bus:Director12022-12-012023-12-3114519289core:RetainedEarningsAccumulatedLosses2022-12-012023-12-3114519289core:ShareCapital2022-12-012023-12-3114519289core:Goodwill2022-12-012023-12-3114519289core:PlantMachinery2022-12-012023-12-3114519289core:ComputerEquipment2022-12-012023-12-3114519289core:MotorVehicles2022-12-012023-12-3114519289core:NetGoodwill2022-11-3014519289core:NetGoodwill2022-12-012023-12-3114519289core:PlantMachinery2022-11-3014519289core:ComputerEquipment2022-11-3014519289core:MotorVehicles2022-11-30145192892022-11-3014519289core:WithinOneYear2023-12-3114519289core:Non-currentFinancialInstruments2023-12-3114519289bus:PrivateLimitedCompanyLtd2022-12-012023-12-3114519289bus:SmallCompaniesRegimeForAccounts2022-12-012023-12-3114519289bus:FRS1022022-12-012023-12-3114519289bus:AuditExemptWithAccountantsReport2022-12-012023-12-3114519289bus:FullAccounts2022-12-012023-12-31xbrli:purexbrli:sharesiso4217:GBP