11 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 30,150 7,286 3,015 10,301 19,849 22,864 xbrli:pure xbrli:shares iso4217:GBP 06448968 2023-01-01 2023-12-31 06448968 2023-12-31 06448968 2022-12-31 06448968 2022-01-01 2022-12-31 06448968 2022-12-31 06448968 2021-12-31 06448968 core:NetGoodwill 2023-01-01 2023-12-31 06448968 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06448968 core:PlantMachinery 2023-01-01 2023-12-31 06448968 core:FurnitureFittings 2023-01-01 2023-12-31 06448968 core:MotorVehicles 2023-01-01 2023-12-31 06448968 bus:Director1 2023-01-01 2023-12-31 06448968 core:NetGoodwill 2022-12-31 06448968 core:NetGoodwill 2023-12-31 06448968 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06448968 core:PlantMachinery 2022-12-31 06448968 core:FurnitureFittings 2022-12-31 06448968 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 06448968 core:PlantMachinery 2023-12-31 06448968 core:FurnitureFittings 2023-12-31 06448968 core:WithinOneYear 2023-12-31 06448968 core:WithinOneYear 2022-12-31 06448968 core:ShareCapital 2023-12-31 06448968 core:ShareCapital 2022-12-31 06448968 core:RetainedEarningsAccumulatedLosses 2023-12-31 06448968 core:RetainedEarningsAccumulatedLosses 2022-12-31 06448968 core:NetGoodwill 2022-12-31 06448968 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06448968 core:PlantMachinery 2022-12-31 06448968 core:FurnitureFittings 2022-12-31 06448968 bus:Director1 2023-12-31 06448968 bus:SmallEntities 2023-01-01 2023-12-31 06448968 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06448968 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06448968 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06448968 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06448968
Fabmania Ltd
Filleted Unaudited Financial Statements
31 December 2023
Fabmania Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
19,849
22,864
Tangible assets
6
227,493
237,085
---------
---------
247,342
259,949
Current assets
Stocks
24,450
24,283
Debtors
7
51,926
44,117
Cash at bank and in hand
61,751
142,880
---------
---------
138,127
211,280
Creditors: amounts falling due within one year
8
38,064
43,987
---------
---------
Net current assets
100,063
167,293
---------
---------
Total assets less current liabilities
347,405
427,242
Provisions
4,198
4,996
---------
---------
Net assets
343,207
422,246
---------
---------
Capital and reserves
Called up share capital
5,002
5,002
Profit and loss account
338,205
417,244
---------
---------
Shareholders funds
343,207
422,246
---------
---------
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 statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fabmania Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr N Rowley
Director
Company registration number: 06448968
Fabmania Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 18, Kernan Drive, Loughborough, Leicestershire, LE11 5JF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(iii) Taxation
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 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.
(iv) 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.
(v) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(vi) Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
(vii) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(viii) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(ix) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
15% reducing balance
(x) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(xi) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(xii) 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(xiii) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
(xiv) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
30,150
--------
Amortisation
At 1 January 2023
7,286
Charge for the year
3,015
--------
At 31 December 2023
10,301
--------
Carrying amount
At 31 December 2023
19,849
--------
At 31 December 2022
22,864
--------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
245,000
17,218
136,317
2,576
401,111
---------
--------
---------
-------
---------
Depreciation
At 1 January 2023
39,200
8,588
114,809
1,429
164,026
Charge for the year
4,900
1,294
3,226
172
9,592
---------
--------
---------
-------
---------
At 31 December 2023
44,100
9,882
118,035
1,601
173,618
---------
--------
---------
-------
---------
Carrying amount
At 31 December 2023
200,900
7,336
18,282
975
227,493
---------
--------
---------
-------
---------
At 31 December 2022
205,800
8,630
21,508
1,147
237,085
---------
--------
---------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
44,759
37,767
Other debtors
7,167
6,350
--------
--------
51,926
44,117
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,243
31,822
Corporation tax
2,618
Social security and other taxes
14,850
7,266
Other creditors
1,971
2,281
--------
--------
38,064
43,987
--------
--------
9. Other financial commitments
The company has a financial commitment under a contract hire agreement of £16,899 at 31 December 2023. (2022: £27,038).
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr N Rowley
15
15
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr N Rowley
----
----
----
The directors' loans are interest free and repayable on demand.