Company registration number 10684742 (England and Wales)
F & T BUILDING FABRICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2023
PAGES FOR FILING WITH REGISTRAR
F & T BUILDING FABRICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
F & T BUILDING FABRICS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4
4
Tangible assets
5
71,269
56,944
71,273
56,948
Current assets
Stocks
327,194
399,361
Debtors
8
461,063
881,034
Cash at bank and in hand
22,298
4,104
810,555
1,284,499
Creditors: amounts falling due within one year
9
(1,224,554)
(1,104,403)
Net current (liabilities)/assets
(413,999)
180,096
Total assets less current liabilities
(342,726)
237,044
Capital and reserves
Called up share capital
10
1,212,000
1,212,000
Profit and loss reserves
(1,554,726)
(974,956)
Total equity
(342,726)
237,044
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 28 July 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 2 September 2024
R Coffey
Director
Company Registration No. 10684742
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2023
- 2 -
1
Accounting policies
Company information
F & T Building Fabrics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Chichester Business Centre, Chichester Street, Rochdale, Lancshire, OL16 2AU.
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
Going concern
The company is reliant on the continued financial support of its directortrue and a factoring facility.
The director has confirmed that he will continue to provide financial support at the current levels.
The director is not aware as to any reason why the company's factoring facility will not continue to be provided and serviced at the current levels.
As a result the director has continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods provided net of VAT and trade discounts.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Other intangibles
No amortisation
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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:
Leasehold improvements
10% straight line
Plant and equipment
15% reducing balance
Motor vehicles
20% 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
1.8
Financial instruments
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
12
8
4
Intangible fixed assets
Other intangibles
£
Cost
At 30 July 2022 and 28 July 2023
4
Amortisation and impairment
At 30 July 2022 and 28 July 2023
Carrying amount
At 28 July 2023
4
At 29 July 2022
4
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 30 July 2022
89,054
89,054
Additions
9,505
21,570
31,075
Disposals
(1,167)
(1,167)
At 28 July 2023
9,505
109,457
118,962
Depreciation and impairment
At 30 July 2022
32,110
32,110
Depreciation charged in the period
475
15,283
15,758
Eliminated in respect of disposals
(175)
(175)
At 28 July 2023
475
47,218
47,693
Carrying amount
At 28 July 2023
9,030
62,239
71,269
At 29 July 2022
56,944
56,944
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
- 7 -
6
Fixed asset investments
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 30 July 2022 & 28 July 2023
218,515
Impairment
At 30 July 2022 & 28 July 2023
218,515
Carrying amount
At 28 July 2023
-
At 29 July 2022
-
7
Subsidiaries
Details of the company's subsidiaries at 28 July 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Mercer and Sons Limited
1 - Below
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Schofield Watts Business Recovery Llp, 7400 Daresbury Park, Daresbury, Warrington, WA4 4BS
Mercer and Sons Limited was placed into liquidation on 18 July 2019.
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
394,634
394,249
Corporation tax recoverable
47,482
Other debtors
66,429
439,303
461,063
881,034
Included within Other debtors are unsecured interest free amounts loaned to connected companies under common control. As at 28 July 2023 the amount owed to the company in respect of these loans was £29,060 (2022: £45,362).
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
308,547
285,959
Taxation and social security
194,012
262,475
Other creditors
714,553
552,334
Accruals and deferred income
7,442
3,635
1,224,554
1,104,403
Other creditors includes an interest free loan granted to the company by the director. At the balance sheet date the amount outstanding on the loan was £498,895 (2022: £333,548).
Other creditors also includes an amount due in respect of a factoring facility, at the balance sheet date the amount owed in respect of this facility was £178,450 (2022: £180,786).
The company’s factoring facility is secured by way of a first legal charge over the company’s assets.
Other creditors also includes interest free loans granted to the company by companies under common control. At the balance sheet date the amount outstanding in respect of the loans was £37,208 (2022: £38,000). The loans are unsecured and repayable on demand.
F & T BUILDING FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2023
- 9 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
12,000
12,000
12,000
12,000
B Ordinary shares of £1 each
500,000
500,000
500,000
500,000
512,000
512,000
512,000
512,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
700,000
700,000
700,000
700,000
Preference shares classified as equity
700,000
700,000
Total equity share capital
1,212,000
1,212,000
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