29 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 5421902 2023-05-01 2024-04-30 5421902 2024-04-30 5421902 2023-04-30 5421902 2022-05-01 2023-04-30 5421902 2023-04-30 5421902 2022-04-30 5421902 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 5421902 core:PlantMachinery 2023-05-01 2024-04-30 5421902 core:FurnitureFittings 2023-05-01 2024-04-30 5421902 core:MotorVehicles 2023-05-01 2024-04-30 5421902 bus:Director1 2023-05-01 2024-04-30 5421902 core:LandBuildings 2023-04-30 5421902 core:PlantMachinery 2023-04-30 5421902 core:FurnitureFittings 2023-04-30 5421902 core:MotorVehicles 2023-04-30 5421902 core:LandBuildings 2024-04-30 5421902 core:PlantMachinery 2024-04-30 5421902 core:FurnitureFittings 2024-04-30 5421902 core:MotorVehicles 2024-04-30 5421902 core:LandBuildings 2023-05-01 2024-04-30 5421902 core:WithinOneYear 2024-04-30 5421902 core:WithinOneYear 2023-04-30 5421902 core:ShareCapital 2024-04-30 5421902 core:ShareCapital 2023-04-30 5421902 core:RetainedEarningsAccumulatedLosses 2024-04-30 5421902 core:RetainedEarningsAccumulatedLosses 2023-04-30 5421902 core:BetweenOneFiveYears 2024-04-30 5421902 core:BetweenOneFiveYears 2023-04-30 5421902 core:LandBuildings 2023-04-30 5421902 core:PlantMachinery 2023-04-30 5421902 core:FurnitureFittings 2023-04-30 5421902 core:MotorVehicles 2023-04-30 5421902 bus:SmallEntities 2023-05-01 2024-04-30 5421902 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 5421902 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 5421902 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 5421902 bus:FullAccounts 2023-05-01 2024-04-30 5421902 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 5421902 core:FurnitureFittingsToolsEquipment 2023-04-30 5421902 core:FurnitureFittingsToolsEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: 5421902
FISHER MOTOR FACTORS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
FISHER MOTOR FACTORS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
1,021,209
869,216
Current assets
Stocks
913,687
801,508
Debtors
5
1,997,044
1,902,891
Cash at bank and in hand
380,432
370,622
-------------
-------------
3,291,163
3,075,021
Creditors: amounts falling due within one year
6
( 929,497)
( 979,001)
-------------
-------------
Net current assets
2,361,666
2,096,020
-------------
-------------
Total assets less current liabilities
3,382,875
2,965,236
Provisions
Taxation including deferred tax
( 70,278)
( 47,676)
-------------
-------------
Net assets
3,312,597
2,917,560
-------------
-------------
FISHER MOTOR FACTORS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
260
260
Profit and loss account
3,312,337
2,917,300
-------------
-------------
Shareholders funds
3,312,597
2,917,560
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
I J Fisher
Director
Company registration number: 5421902
FISHER MOTOR FACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Kingsley Court, Kingsley Road, Lincoln Fields, Lincs, LN6 3TA.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 29 ).
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
629,355
20,700
100,750
260,436
58,124
1,069,365
Additions
86,023
45,016
143,149
3,010
277,198
Disposals
( 17,595)
( 96,073)
( 4,973)
( 118,641)
----------
---------
----------
----------
---------
-------------
At 30 Apr 2024
715,378
20,700
128,171
307,512
56,161
1,227,922
----------
---------
----------
----------
---------
-------------
Depreciation
At 1 May 2023
3,147
4,804
48,960
113,981
29,257
200,149
Charge for the year
13,590
3,984
15,379
45,339
5,899
84,191
Disposals
( 14,772)
( 58,782)
( 4,073)
( 77,627)
----------
---------
----------
----------
---------
-------------
At 30 Apr 2024
16,737
8,788
49,567
100,538
31,083
206,713
----------
---------
----------
----------
---------
-------------
Carrying amount
At 30 Apr 2024
698,641
11,912
78,604
206,974
25,078
1,021,209
----------
---------
----------
----------
---------
-------------
At 30 Apr 2023
626,208
15,896
51,790
146,455
28,867
869,216
----------
---------
----------
----------
---------
-------------
5. Debtors
2024
2023
£
£
Trade debtors
959,444
1,044,386
Amounts owed by group undertakings and undertakings in which the company has a participating interest
965,510
785,510
Other debtors
72,090
72,995
-------------
-------------
1,997,044
1,902,891
-------------
-------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
648,959
599,068
Corporation tax
120,757
135,229
Social security and other taxes
122,781
41,889
Other creditors
37,000
202,815
----------
----------
929,497
979,001
----------
----------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
21,069
18,652
Later than 1 year and not later than 5 years
117,371
4,315
----------
---------
138,440
22,967
----------
---------
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
9. Controlling party
The company is wholly owned by Fisher Motor Factors Holdings Limited . There is no individual controlling party however the group is under the control of the Directors of Fisher Motor Factors Holdings Limited.