Registered number: 04993107 | ||||||||
FOR THE YEAR ENDED 31/12/2023 | ||||||||
Prepared By: | ||||||||
Anstee Gorst | ||||||||
Unit 4 Eaton Court | ||||||||
Colmworth Business Park | ||||||||
Eaton Socon | ||||||||
Cambridgeshire | ||||||||
PE19 8ER |
Fabwell Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/12/2023 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
West Midlands | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 04993107 | ||||||||
ACCOUNTANTS | ||||||||
Anstee Gorst | ||||||||
Unit 4 Eaton Court | ||||||||
Colmworth Business Park | ||||||||
Eaton Socon | ||||||||
Cambridgeshire | ||||||||
PE19 8ER |
Fabwell Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31/12/2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 5 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Fabwell Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Intangible assets | 2 | |||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
1,823,802 | 1,470,218 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 541,091 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | - | 6,309 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 9 | |||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 10 | |||||||||
Profit and loss account | 1,347,001 | 1,099,052 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Fabwell Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Fabwell Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/12/2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Land And Buildings | reducing balance 2% | |||||||
Plant and Machinery | reducing balance 10% | |||||||
Commercial Vehicles | reducing balance 25% | |||||||
Fixtures and Fittings | reducing balance 33.33% | |||||||
Equipment | reducing balance 33.33% | |||||||
Motor Cars | reducing balance 25% |
1c. Intangible Assets | ||||||||
1d. Stocks | ||||||||
Stock and work in progress are valued at the lower of cost and and net realisable value, after due regard for obsolete and slow moving stocks. Cost in the case of work in progress and finished goods products includes the appropriate proportion of manufacturing overheads. |
1e. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
Fabwell Ltd | ||||||||
1f. Leasing Commitments | ||||||||
Assets held under finance leases, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful lives The capital element of future obligations under the lease is included as a liability in the balance sheet The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. | ||||||||
For sale and leaseback agreements the commercial substance of the leaseback is taken into account when deciding on the correct accounting treatment For sale and leaseback agreements which are of a rental nature ("operating leases") any profit or loss on disposal is recognised immediately in the profit and loss account. | ||||||||
Incentives received to enter into a lease agreement are recognised in the profit and loss account over the shorter of the lease term and the period to the next lease review. |
1g. Leases | ||||||||
Assets held under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with thte policies outlined above. Lease obligations are included as creditors, with the interest being charged against profit over the period of the lease. |
2. INTANGIBLE FIXED ASSETS | ||||
Development | ||||
Costs | Total | |||
£ | £ | |||
Cost | ||||
At 01/01/2023 | 2,650 | 2,650 | ||
At 31/12/2023 | 2,650 | 2,650 | ||
Depreciation | ||||
At 01/01/2023 | 530 | 530 | ||
For the year | 530 | 530 | ||
At 31/12/2023 | 1,060 | 1,060 | ||
Net Book Amounts | ||||
At 31/12/2023 | ||||
At 31/12/2022 | ||||
Fabwell Ltd | ||||||||
3. TANGIBLE FIXED ASSETS | ||||||||||||||
Land And | Plant and | Commercial | Fixtures | |||||||||||
Buildings | Machinery | Vehicles | and Fittings | Equipment | Motor Cars | Total | ||||||||
£ | £ | £ | £ | £ | £ | £ | ||||||||
Cost | ||||||||||||||
At 01/01/2023 | 474,901 | 174,114 | 106,363 | 11,807 | 6,744 | 62,377 | 836,306 | |||||||
Additions | 4,230 | 67,606 | 28,798 | 18,741 | 3,074 | 26,697 | 149,146 | |||||||
At 31/12/2023 | 479,131 | 241,720 | 135,161 | 30,548 | 9,818 | 89,074 | 985,452 | |||||||
Depreciation | ||||||||||||||
At 01/01/2023 | 65,961 | 83,950 | 83,313 | 7,972 | 3,978 | 2,139 | 247,313 | |||||||
For the year | 8,203 | 11,776 | 12,366 | 2,656 | 1,261 | 15,059 | 51,321 | |||||||
At 31/12/2023 | 74,164 | 95,726 | 95,679 | 10,628 | 5,239 | 17,198 | 298,634 | |||||||
Net Book Amounts | ||||||||||||||
At 31/12/2023 | 686,818 | |||||||||||||
At 31/12/2022 | 588,993 | |||||||||||||
4. STOCK | 2023 | 2022 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Work in progress | ||||||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 1,349,692 | 906,022 | ||||||
Other debtors | 7,000 | - | ||||||
Prepayments | 12,813 | 9,466 | ||||||
1,369,505 | 915,488 | |||||||
Fabwell Ltd | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
UK corporation tax | 80,421 | 55,378 | ||||||
VAT | 68,509 | 36,288 | ||||||
PAYE control | 25,234 | 30,503 | ||||||
Directors current account | 112 | 1,734 | ||||||
Bank Loan | - | 216,666 | ||||||
Mortgage | 7,321 | 29,499 | ||||||
Payments received on account | 3,198 | - | ||||||
Trade creditors | 536,887 | 298,978 | ||||||
Other creditors | 311,857 | 179,597 | ||||||
Pension schemes | 290 | 4,607 | ||||||
Accruals | 19,135 | 6,869 | ||||||
Deferred income | 54,627 | 69,008 | ||||||
1,107,591 | 929,127 | |||||||
An amount of £311,857 (2022 £179,597) included in sundry creditors is secured by an all assets debenture over the fixed and floating assets of the company. Additionally, included in bank loans and overdrafts is an amount of £7,321 (2022 £29,499) which represents mortgage payments payable within one year. This is secured by a fixed and floating charge over the assets and property of the business. | ||||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Mortgages >1yr | - | 6,309 | ||||||
- | 6,309 | |||||||
8. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 15 | |||||
Fabwell Ltd | ||||||||
9. PROVISIONS FOR LIABILITIES | 2023 | 2022 | ||||||
£ | £ | |||||||
Deferred taxation | 57,518 | 26,743 | ||||||
57,518 | 26,743 | |||||||
10. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 100 | |||||||
100 | 100 | |||||||
11. CONTROLLING PARTY | ||||||||
The controlling party is Douglas Smith who is a director of the company. | ||||||||
12. COMMITMENTS | ||||||||
Total future minimum lease payments under non-cancellable operating leases | ||||||||
Expiring between one and five years | Plant and equipment £1,395 | |||||||