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REGISTERED NUMBER: 07810491 (England and Wales)















FPS AIR COMPRESSORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






FPS AIR COMPRESSORS LTD (REGISTERED NUMBER: 07810491)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


FPS AIR COMPRESSORS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M M Palaci
N Poole





REGISTERED OFFICE: Units 1 & 5 Tower Estate
Warpsgrove Lane
Chalgrove
Oxford
Oxfordshire
OX44 7XZ





REGISTERED NUMBER: 07810491 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FPS AIR COMPRESSORS LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FPS Air Compressors Ltd for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of FPS Air Compressors Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of FPS Air Compressors Ltd and state those matters that we have agreed to state to the Board of Directors of FPS Air Compressors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FPS Air Compressors Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that FPS Air Compressors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of FPS Air Compressors Ltd. You consider that FPS Air Compressors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of FPS Air Compressors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


20 September 2024

FPS AIR COMPRESSORS LTD (REGISTERED NUMBER: 07810491)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,408 40,317

CURRENT ASSETS
Stocks 2,153,130 2,175,716
Debtors 5 1,359,771 1,473,771
Cash at bank and in hand 27,928 246,613
3,540,829 3,896,100
CREDITORS
Amounts falling due within one year 6 2,370,277 2,418,418
NET CURRENT ASSETS 1,170,552 1,477,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,212,960

1,517,999

CREDITORS
Amounts falling due after more than one year 7 66,667 116,667
NET ASSETS 1,146,293 1,401,332

CAPITAL AND RESERVES
Called up share capital 8 200,000 200,000
Retained earnings 946,293 1,201,332
SHAREHOLDERS' FUNDS 1,146,293 1,401,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FPS AIR COMPRESSORS LTD (REGISTERED NUMBER: 07810491)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





M M Palaci - Director


FPS AIR COMPRESSORS LTD (REGISTERED NUMBER: 07810491)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

FPS Air Compressors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net sales of goods/services, excluding value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FPS AIR COMPRESSORS LTD (REGISTERED NUMBER: 07810491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 60,748 88,673 149,421
Additions 8,530 7,643 16,173
At 31 December 2023 69,278 96,316 165,594
DEPRECIATION
At 1 January 2023 35,221 73,883 109,104
Charge for year 6,246 7,836 14,082
At 31 December 2023 41,467 81,719 123,186
NET BOOK VALUE
At 31 December 2023 27,811 14,597 42,408
At 31 December 2022 25,527 14,790 40,317

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,104,268 1,186,286
Amounts owed by group undertakings 10,312 4,013
Other debtors 78,191 153,472
1,192,771 1,343,771

Amounts falling due after more than one year:
Amounts owed by group undertakings 167,000 130,000

Aggregate amounts 1,359,771 1,473,771

FPS AIR COMPRESSORS LTD (REGISTERED NUMBER: 07810491)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 67,970 76,146
Trade creditors 1,736,218 1,726,203
Amounts owed to group undertakings 277,057 283,186
Taxation and social security 272,728 275,940
Other creditors 16,304 56,943
2,370,277 2,418,418

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 66,667 116,667

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,000 Ordinary £1 200,000 200,000

9. RELATED PARTY DISCLOSURES

FPS Air Compressors Limited is 50% owned by FNA S.p.A who form part of the Crap Holding S.p.A Group.

At the year end, included within trade creditors is an amount of £1,409,928 (2022: £1,440,117) due to FNA S.p.A, for which extended payments terms have been agreed.

At the statement of financial position date, the company owed the sum of £277,056 (2022 £283,186) to FNA S.p.A.

During the year, the company paid £254,000 (2022: £244,800) in rent to FPS Property Management Limited an associated company within the Crab Holding S.p.A group. At the statement of financial position date, the
company was owed the sum of £167,000 (2022 £130,000) by FPS Property Management Limited.