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COMPANY REGISTRATION NUMBER: 00833372
Fowlmere Engineering Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Fowlmere Engineering Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
361,608
279,312
Current assets
Stocks
204,416
208,379
Debtors
6
548,447
496,241
Cash at bank and in hand
583,718
560,229
------------
------------
1,336,581
1,264,849
Creditors: amounts falling due within one year
7
934,166
881,714
------------
------------
Net current assets
402,415
383,135
---------
---------
Total assets less current liabilities
764,023
662,447
Creditors: amounts falling due after more than one year
8
61,362
Provisions
Taxation including deferred tax
49,549
46,222
---------
---------
Net assets
653,112
616,225
---------
---------
Capital and reserves
Called up share capital
200
200
Non-distributable reserves
51,682
54,475
Profit and loss account
601,230
561,550
---------
---------
Shareholders funds
653,112
616,225
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fowlmere Engineering Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr R P Nicoll
Director
Company registration number: 00833372
Fowlmere Engineering Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Garage, Rectory Lane, Fowlmere, Royston, Hertfordshire, SG8 7TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amounts receivable for goods and work done during the year exclusive of VAT.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. In the case of land and buildings these were revalued at the deemed cost in September 1991.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
20% straight line
Freehold Land - not depreciated Freehold Buildings - 4% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
92,596
44,938
45,380
451,647
634,561
Additions
23,750
1,358
124,182
149,290
--------
--------
--------
---------
---------
At 31 December 2023
92,596
68,688
46,738
575,829
783,851
--------
--------
--------
---------
---------
Depreciation
At 1 January 2023
37,898
40,518
276,833
355,249
Charge for the year
2,112
1,501
63,381
66,994
--------
--------
--------
---------
---------
At 31 December 2023
40,010
42,019
340,214
422,243
--------
--------
--------
---------
---------
Carrying amount
At 31 December 2023
92,596
28,678
4,719
235,615
361,608
--------
--------
--------
---------
---------
At 31 December 2022
92,596
7,040
4,862
174,814
279,312
--------
--------
--------
---------
---------
The freehold property was revalued in September 1991 by Cheffins, Grain & Comins, Chartered Surveyors, at open market value. The surplus of £54,475 arising on the revaluation was taken to the revaluation reserve. Since this date, the directors have adopted a policy not to revalue fixed assets. In the opinion of the directors all of the value is attributable to the land and none to the building due to its age and condition.
6. Debtors
2023
2022
£
£
Trade debtors
364,558
400,669
Other debtors
183,889
95,572
---------
---------
548,447
496,241
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
643,638
704,045
Social security and other taxes
175,609
95,147
Other creditors
114,919
82,522
---------
---------
934,166
881,714
---------
---------
Included in other creditors above are £7,501 (2022: £27,358) of obligations which are secured on the assets concerned .
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
61,362
--------
----
Included in other creditors above are £61,362 (2022: £nil) of obligations which are secured on the assets concerned.
9. Other financial commitments
The total future minimum payments under non-cancellable obligations are £ 9,228 (2022: £ 27,684 ).