The Finishing Components Company Limited 03385579 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the supply of finishing components to the manufacturing industry. Digita Accounts Production Advanced 6.30.9574.0 true true 03385579 2023-01-01 2023-12-31 03385579 2023-12-31 03385579 core:CurrentFinancialInstruments 2023-12-31 03385579 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03385579 core:FurnitureFittingsToolsEquipment 2023-12-31 03385579 core:MotorVehicles 2023-12-31 03385579 bus:SmallEntities 2023-01-01 2023-12-31 03385579 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03385579 bus:FullAccounts 2023-01-01 2023-12-31 03385579 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03385579 bus:RegisteredOffice 2023-01-01 2023-12-31 03385579 bus:Director2 2023-01-01 2023-12-31 03385579 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03385579 core:ComputerEquipment 2023-01-01 2023-12-31 03385579 core:FurnitureFittings 2023-01-01 2023-12-31 03385579 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03385579 core:MotorVehicles 2023-01-01 2023-12-31 03385579 core:OfficeEquipment 2023-01-01 2023-12-31 03385579 countries:EnglandWales 2023-01-01 2023-12-31 03385579 2022-12-31 03385579 core:FurnitureFittingsToolsEquipment 2022-12-31 03385579 core:MotorVehicles 2022-12-31 03385579 2022-01-01 2022-12-31 03385579 2022-12-31 03385579 core:CurrentFinancialInstruments 2022-12-31 03385579 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03385579 core:FurnitureFittingsToolsEquipment 2022-12-31 03385579 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03385579

The Finishing Components Company Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 December 2023

 

The Finishing Components Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Finishing Components Company Limited

(Registration number: 03385579)
Statement of Financial Position
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

607

744

Current assets

 

Stocks

5

2,000

2,000

Debtors

6

31,330

37,814

Cash at bank and in hand

 

16,109

14,046

 

49,439

53,860

Creditors: Amounts falling due within one year

7

(21,635)

(18,672)

Net current assets

 

27,804

35,188

Total assets less current liabilities

 

28,411

35,932

Provisions for liabilities

(115)

(142)

Net assets

 

28,296

35,790

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,196

35,690

Shareholders' funds

 

28,296

35,790

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Finishing Components Company Limited

(Registration number: 03385579)
Statement of Financial Position
31 December 2023

Approved and authorised by the director on 4 March 2024
 

.........................................
S Reading-Brown
Director

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL
United Kingdom

These financial statements were authorised for issue by the director on 4 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

over 4 years

Office equipment

over 5 years

Computer equipment

over 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

13,456

30,750

44,206

At 31 December 2023

13,456

30,750

44,206

Depreciation

At 1 January 2023

12,713

30,749

43,462

Charge for the year

137

-

137

At 31 December 2023

12,850

30,749

43,599

Carrying amount

At 31 December 2023

606

1

607

At 31 December 2022

743

1

744

5

Stocks

2023
£

2022
£

Other inventories

2,000

2,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,781

35,581

Prepayments

2,549

2,233

 

31,330

37,814

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

12,214

8,626

Taxation and social security

9,421

10,046

21,635

18,672