2023-01-012023-12-312023-12-31false03492568THE FITTER'S FRIEND 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THE FITTER'S FRIEND LIMITED

Registered Number
03492568
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

THE FITTER'S FRIEND LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

FENTON, Martin

Registered Address

Unit P14 Parklands
Heywood Distribution Park
Heywood
OL10 2TT

Registered Number

03492568 (England and Wales)
THE FITTER'S FRIEND LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets361,05793,914
61,05793,914
Current assets
Stocks41,524,0422,011,317
Debtors53,412153,885
Cash at bank and on hand480,054362,880
2,057,5082,528,082
Creditors amounts falling due within one year5(1,232,749)(1,634,706)
Net current assets (liabilities)824,759893,376
Total assets less current liabilities885,816987,290
Creditors amounts falling due after one year6(243,519)(339,886)
Net assets642,297647,404
Capital and reserves
Called up share capital100100
Profit and loss account642,197647,304
Shareholders' funds642,297647,404
The financial statements were approved and authorised for issue by the Director on 25 April 2024, and are signed on its behalf by:
FENTON, Martin
Director
Registered Company No. 03492568
THE FITTER'S FRIEND LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings25
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year5253
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 January 23871,664190,005306,3631,368,032
Additions15,326--15,326
At 31 December 23886,990190,005306,3631,383,358
Depreciation and impairment
At 01 January 23785,562181,148307,4081,274,118
Charge for year2,0849,03837,06148,183
At 31 December 23787,646190,186344,4691,322,301
Net book value
At 31 December 2399,344(181)(38,106)61,057
At 31 December 2286,1028,857(1,045)93,914
4.Stocks

2023

2022

££
Work in progress316,133-
Payments on account, stocks1,207,9092,011,317
Total1,524,0422,011,317
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables712,692903,884
Taxation and social security72,772101,850
Payments received on account442,683615,532
Other creditors4,6024,940
Accrued liabilities and deferred income-8,500
Total1,232,7491,634,706
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts237,500332,500
Other creditors6,0197,386
Total243,519339,886
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts6,0197,386