Custom Fabrication Ltd 14679189 false 2023-02-21 2023-12-31 2023-12-31 The principal activity of the company is the fabrication of bespoke parts for 4x4 vehicles Digita Accounts Production Advanced 6.30.9574.0 true true true 14679189 2023-02-21 2023-12-31 14679189 2023-12-31 14679189 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 14679189 core:CurrentFinancialInstruments 2023-12-31 14679189 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14679189 bus:SmallEntities 2023-02-21 2023-12-31 14679189 bus:AuditExemptWithAccountantsReport 2023-02-21 2023-12-31 14679189 bus:FilletedAccounts 2023-02-21 2023-12-31 14679189 bus:SmallCompaniesRegimeForAccounts 2023-02-21 2023-12-31 14679189 bus:RegisteredOffice 2023-02-21 2023-12-31 14679189 bus:Director1 2023-02-21 2023-12-31 14679189 bus:Director2 2023-02-21 2023-12-31 14679189 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-02-21 2023-12-31 14679189 bus:PrivateLimitedCompanyLtd 2023-02-21 2023-12-31 14679189 1 2023-02-21 2023-12-31 14679189 countries:AllCountries 2023-02-21 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Custom Fabrication Ltd

Annual Report and Unaudited Financial Statements

for the Period from 21 February 2023 to 31 December 2023

Registration number: 14679189

 

Custom Fabrication Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Custom Fabrication Ltd

Company Information

Directors

Mr R Wrench-Buck

Mr S Wrench-Buck

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

 

Custom Fabrication Ltd

(Registration number: 14679189)
Balance Sheet as at 31 December 2023

Note

2023
£

Current assets

 

Stocks

4

35,246

Debtors

5

59,880

Cash at bank and in hand

 

1,666

 

96,792

Creditors: Amounts falling due within one year

6

(96,120)

Net assets

 

672

Capital and reserves

 

Retained earnings

672

Shareholders' funds

 

672

For the financial period 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 period 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 10 September 2024 and signed on its behalf by:
 

.........................................
Mr S Wrench-Buck
Director

 

Custom Fabrication Ltd

Notes to the Unaudited Financial Statements for the Period from 21 February 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL

These financial statements were authorised for issue by the Board on 10 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.

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.

Tax

The tax expense for the period comprises current 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 income 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.

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.

 

Custom Fabrication Ltd

Notes to the Unaudited Financial Statements for the Period from 21 February 2023 to 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Stocks

2023
£

Work in progress

10,722

Other inventories

24,524

35,246

5

Debtors

Current

Note

2023
£

Trade debtors

 

219

Amounts owed by related parties

59,661

   

59,880

 

Custom Fabrication Ltd

Notes to the Unaudited Financial Statements for the Period from 21 February 2023 to 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Trade creditors

 

10,456

Amounts owed to group undertakings and undertakings in which the company has a participating interest

82,360

Taxation and social security

 

3,304

 

96,120

7

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary shares of £1 each

1

1

   

8

Parent and ultimate parent undertaking

The company's immediate parent is Devon 4x4 Centre Limited, incorporated in .