Registered number
12785430
Fosseway Environmental Limited
Filleted Accounts
31 December 2023
Fosseway Environmental Limited
Registered number: 12785430
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 92,516 78,360
Current assets
Stocks 551 404
Debtors 4 118,707 148,152
Cash at bank and in hand 17,300 22,801
136,558 171,357
Creditors: amounts falling due within one year 5 (30,411) (61,616)
Net current assets 106,147 109,741
Total assets less current liabilities 198,663 188,101
Creditors: amounts falling due after more than one year 6 (33,848) (56,690)
Provisions for liabilities (17,578) (8,046)
Net assets 147,237 123,365
Capital and reserves
Called up share capital 200 200
Profit and loss account 147,037 123,165
Shareholders' funds 147,237 123,365
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Shelbourne
Director
Approved by the board on 9 September 2024
Fosseway Environmental Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Motor vehicle 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 80,561 17,249 97,810
Additions 14,988 17,800 32,788
Disposals - (7,492) (7,492)
At 31 December 2023 95,549 27,557 123,106
Depreciation
At 1 January 2023 13,785 5,665 19,450
Charge for the year 8,177 6,240 14,417
On disposals - (3,277) (3,277)
At 31 December 2023 21,962 8,628 30,590
Net book value
At 31 December 2023 73,587 18,929 92,516
At 31 December 2022 66,776 11,584 78,360
4 Debtors 2023 2022
£ £
Trade debtors 117,455 147,201
Other debtors 1,252 951
118,707 148,152
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,746 19,947
Taxation and social security costs 23,065 32,069
Other creditors 3,600 9,600
30,411 61,616
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 33,848 56,690
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 9,372 -
8 Controlling party
The company is under the control of Mr P Kettle by virtue of his shareholding.
9 Other information
Fosseway Environmental Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
Office 17 The Atkins Building
Lower Bond Street
Hinckley
Leicestershire
LE10 1QU
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