Bowes Fastrac Limited 05851181 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is continued to be that of design and development of products primarily for the aerospace, marine and automotive sectors, plus the manufacture of short run and low volume production components. Digita Accounts Production Advanced 6.30.9574.0 true true 05851181 2023-01-01 2023-12-31 05851181 2023-12-31 05851181 bus:OrdinaryShareClass1 2023-12-31 05851181 core:CurrentFinancialInstruments 2023-12-31 05851181 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05851181 core:FurnitureFittingsToolsEquipment 2023-12-31 05851181 core:MotorVehicles 2023-12-31 05851181 bus:SmallEntities 2023-01-01 2023-12-31 05851181 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05851181 bus:FullAccounts 2023-01-01 2023-12-31 05851181 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05851181 bus:RegisteredOffice 2023-01-01 2023-12-31 05851181 bus:Director1 2023-01-01 2023-12-31 05851181 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05851181 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05851181 core:FurnitureFittings 2023-01-01 2023-12-31 05851181 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05851181 core:MotorVehicles 2023-01-01 2023-12-31 05851181 core:OfficeEquipment 2023-01-01 2023-12-31 05851181 core:PlantMachinery 2023-01-01 2023-12-31 05851181 countries:EnglandWales 2023-01-01 2023-12-31 05851181 2022-12-31 05851181 core:FurnitureFittingsToolsEquipment 2022-12-31 05851181 core:MotorVehicles 2022-12-31 05851181 2022-01-01 2022-12-31 05851181 2022-12-31 05851181 bus:OrdinaryShareClass1 2022-12-31 05851181 core:CurrentFinancialInstruments 2022-12-31 05851181 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05851181 core:FurnitureFittingsToolsEquipment 2022-12-31 05851181 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05851181

Bowes Fastrac Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bowes Fastrac Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Bowes Fastrac Limited

(Registration number: 05851181)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

268,684

269,605

Current assets

 

Stocks

5

300,000

426,699

Debtors

6

624,619

645,390

Cash at bank and in hand

 

1,253,051

2,150,244

 

2,177,670

3,222,333

Creditors: Amounts falling due within one year

7

(504,700)

(684,333)

Net current assets

 

1,672,970

2,538,000

Total assets less current liabilities

 

1,941,654

2,807,605

Provisions for liabilities

(46,731)

(18,784)

Net assets

 

1,894,923

2,788,821

Capital and reserves

 

Called up share capital

8

5

5

Profit and loss account

1,894,918

2,788,816

Shareholders' funds

 

1,894,923

2,788,821

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
R J Bowes
Director

 

Bowes Fastrac Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statement are prepared in sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Bowes Fastrac Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% Straight line

Office equipment

25% Reducing balance

Furniture and fittings

25% Reducing balance

Motor vehicles

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Bowes Fastrac Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bowes Fastrac Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 33).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,351,948

52,212

1,404,160

Additions

-

44,262

44,262

At 31 December 2023

1,351,948

96,474

1,448,422

Depreciation

At 1 January 2023

1,109,118

25,437

1,134,555

Charge for the year

30,369

14,814

45,183

At 31 December 2023

1,139,487

40,251

1,179,738

Carrying amount

At 31 December 2023

212,461

56,223

268,684

At 31 December 2022

242,830

26,775

269,605

5

Stocks

2023
£

2022
£

Other inventories

300,000

426,699

 

Bowes Fastrac Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

477,015

606,145

Amounts owed by related parties

10

130,000

-

Prepayments

 

3,461

11,663

Other debtors

 

14,143

27,582

   

624,619

645,390

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

964

249,504

Trade creditors

 

45,025

36,150

Taxation and social security

 

359,084

391,870

Accruals and deferred income

 

84,864

2,500

Other creditors

 

14,763

4,309

 

504,700

684,333

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.05 each

100

5

100

5

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

964

249,504

 

Bowes Fastrac Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 “Related Party Disclosures” from disclosing transactions with entities which are a wholly owned part of the group.

Included in other debtors is an amount of £393 (2022: £110) owed by a director of the company. This amount is provided interest free and is unsecured, with no formal terms.