Company Registration No. 08804584 (England and Wales)
FORTEX ENGINEERING LIMITED
Unaudited accounts
for the year ended 31 December 2023
FORTEX ENGINEERING LIMITED
Unaudited accounts
Contents
FORTEX ENGINEERING LIMITED
Company Information
for the year ended 31 December 2023
Company Number
08804584 (England and Wales)
Registered Office
Unit 16 Freeman Road
North Hykeham
Lincoln
Lincolnshire
LN6 9AP
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA
Templar Accounting & Business Support
Services Limited (Incorp: Blake and Co )
112 - 113 High Street,
Lincoln, Lincolnshire
LN5 7PY
FORTEX ENGINEERING LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
49,794
17,104
Cash at bank and in hand
617,873
479,852
Creditors: amounts falling due within one year
(112,268)
(183,312)
Net current assets
664,291
405,099
Total assets less current liabilities
714,085
422,203
Provisions for liabilities
Net assets
706,396
422,203
Called up share capital
100
100
Revaluation reserve
70,241
37,188
Profit and loss account
636,055
384,915
Shareholders' funds
706,396
422,203
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 September 2024 and were signed on its behalf by
B. A. Holland
Director
Company Registration No. 08804584
FORTEX ENGINEERING LIMITED
Notes to the Accounts
for the year ended 31 December 2023
FORTEX ENGINEERING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08804584. The registered office is Unit 16 Freeman Road, North Hykeham, Lincoln, Lincolnshire, LN6 9AP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
No revaluations of fixed assets have been included in these accounts and the director concludes the carrying value of assets to be in line with current economic conditions
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
A revaluation process has been carried out this financial year therefore deprecation has not been charged to the profit and loss account in this period.
Plant & machinery
25% Straight line
Fixtures & fittings
25% Straight line
Computer equipment
25% Straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
FORTEX ENGINEERING LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At valuation
At cost
At valuation
At valuation
At 1 January 2023
64,255
-
2,125
1,071
67,451
Additions
-
24,000
-
-
24,000
Revaluations
32,127
-
1,062
535
33,724
At 31 December 2023
96,382
24,000
3,187
1,606
125,175
At 1 January 2023
47,579
-
1,730
1,038
50,347
Charge for the year
19,276
4,800
637
321
25,034
At 31 December 2023
66,855
4,800
2,367
1,359
75,381
At 31 December 2023
29,527
19,200
820
247
49,794
At 31 December 2022
16,676
-
395
33
17,104
Amounts falling due within one year
Trade debtors
122,686
87,288
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
29,304
87,898
Taxes and social security
81,483
36,164
Loans from directors
-
36,000
FORTEX ENGINEERING LIMITED
Notes to the Accounts
for the year ended 31 December 2023
7
Deferred taxation
2023
2022
Accelerated capital allowances
7,689
-
Provision at start of year
-
5,668
Charged/(credited) to the profit and loss account
7,689
(5,668)
Provision at end of year
7,689
-
A deferred taxation reserve has been created of some £7,689 in the period due to accelerated capital allowances. These reserves will reverse in future periods creating a tax liability at the prevailing rate on the day.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Capital commitments
2023
2022
there are no capital commitments at this point in time.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).