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REGISTERED NUMBER: SC141615 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

FAB-24 LIMITED

FAB-24 LIMITED (REGISTERED NUMBER: SC141615)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAB-24 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R McConnell
C Brooks





REGISTERED OFFICE: Units 1, 2, 3 & 4, Drumoyne Ind. Estate
326 Drumoyne Road
Glasgow
G51 4DX





REGISTERED NUMBER: SC141615 (Scotland)





ACCOUNTANTS: McDaid & Partners
Chartered Accountants
Stanley House
69/71 Hamilton Road
Motherwell
ML1 3DG

FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,508,873 1,537,296

CURRENT ASSETS
Stocks 5 111,064 294,974
Debtors 6 1,117,144 1,064,663
Cash at bank and in hand 1,884,097 2,111,151
3,112,305 3,470,788
CREDITORS
Amounts falling due within one year 7 1,377,947 1,817,148
NET CURRENT ASSETS 1,734,358 1,653,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,243,231

3,190,936

CREDITORS
Amounts falling due after more than one
year

8

(65,950

)

(68,880

)

PROVISIONS FOR LIABILITIES (264,012 ) (259,793 )
NET ASSETS 2,913,269 2,862,263

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Revaluation reserve 11 446,996 446,996
Retained earnings 2,416,273 2,365,267
SHAREHOLDERS' FUNDS 2,913,269 2,862,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





R McConnell - Director


FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

FAB-24 Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the supply of services 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. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property- 2% on cost
Property improvements- 10%-20% on cost
Plant & machinery- 10%-20% on cost
Fixtures & fittings- 20% on cost
Motor vehicles- 25% on cost
Office equipment- 33% on cost

Stocks
Stocks and work in progress are valued by using the average costing method, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Land and buildings
The land and buildings were revalued in 1997, 2012 and this valuation was subsequently updated in 2021. The company has adopted the transitional provisions of FRS 102 to retain the assets at the revalued amount subject to any requirement to provide for impairment. The directors are satisfied the value stated in the accounts represents the fair value for the land and buildings.

Basic financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods 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.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

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

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 42 ) .

FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Freehold Property Plant &
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 850,000 28,999 1,548,803
Additions - - 132,748
Disposals - - (96,940 )
At 31 May 2024 850,000 28,999 1,584,611
DEPRECIATION
At 1 June 2023 34,000 28,999 941,242
Charge for year 17,000 - 94,867
Eliminated on disposal - - (96,940 )
At 31 May 2024 51,000 28,999 939,169
NET BOOK VALUE
At 31 May 2024 799,000 - 645,442
At 31 May 2023 816,000 - 607,561

Fixtures Motor Office
& fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023 35,028 191,514 60,501 2,714,845
Additions - - - 132,748
Disposals - (27,495 ) - (124,435 )
At 31 May 2024 35,028 164,019 60,501 2,723,158
DEPRECIATION
At 1 June 2023 20,548 94,783 57,977 1,177,549
Charge for year 5,775 41,005 2,524 161,171
Eliminated on disposal - (27,495 ) - (124,435 )
At 31 May 2024 26,323 108,293 60,501 1,214,285
NET BOOK VALUE
At 31 May 2024 8,705 55,726 - 1,508,873
At 31 May 2023 14,480 96,731 2,524 1,537,296

FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Freehold Property Plant &
property improvements machinery
£    £    £   
Valuation in 1996 - - 35,207
Valuation in 1997 16,450 - -
Valuation in 2012 53,776 - -
Valuation in 2021 111,054 - -
Cost 668,720 28,999 1,549,404
850,000 28,999 1,584,611

Fixtures Motor Office
& fittings vehicles equipment Totals
£    £    £    £   
Valuation in 1996 - - - 35,207
Valuation in 1997 - - - 16,450
Valuation in 2012 - - - 53,776
Valuation in 2021 - - - 111,054
Cost 35,028 164,019 60,501 2,506,671
35,028 164,019 60,501 2,723,158

If freehold property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 668,720 668,720
Aggregate depreciation 288,012 274,638

Freehold property was valued on an open market basis on 8 June 2021 by Graham + Sibbald, Chartered Surveyors .

Certain items of plant were valued on a fair value basis by the directors.

If plant & machinery had not been revalued it would have been included at the following historic cost:


31.05.2431.05.23

Cost1,549,4041,513,596

Aggregate depreciation903,962906,035



FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. STOCKS
31.5.24 31.5.23
£    £   
Stocks 89,164 176,218
Work-in-progress 21,900 118,756
111,064 294,974

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 1,025,725 998,062
Other debtors 91,419 66,601
1,117,144 1,064,663

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 2,930 20,756
Trade creditors 994,456 1,220,711
Taxation and social security 235,174 300,589
Other creditors 145,387 275,092
1,377,947 1,817,148

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 65,950 68,880

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 2,930 20,756
Between one and five years 65,950 68,880
68,880 89,636

At the year end the company had total commitments under operating leases of £236,450 (2023 £249,653)

10. SECURED DEBTS

Royal Bank of Scotland PLC hold a bond and floating charge over all assets held by the company.

FAB-24 LIMITED (REGISTERED NUMBER: SC141615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. RESERVES
Revaluation
reserve
£   
At 1 June 2023
and 31 May 2024 446,996

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
Mr W J McConnell
Balance outstanding at start of year - 19,360
Amounts repaid - (19,360 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

R McConnell
Balance outstanding at start of year 23,060 -
Amounts advanced 66,096 90,532
Amounts repaid (71,425 ) (67,472 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,731 23,060

C Brooks
Balance outstanding at start of year 16,222 -
Amounts advanced 63,504 86,982
Amounts repaid (66,840 ) (70,760 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,886 16,222

Loans from directors are interest free and repayable on demand.