FAB SHOP LIMITED

Company Registration Number:
07101189 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

FAB SHOP LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

FAB SHOP LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 39,658 44,107
Total fixed assets: 39,658 44,107
Current assets
Stocks: 5,500 43,500
Debtors:   514,046 378,331
Cash at bank and in hand: 460 50
Total current assets: 520,006 421,881
Creditors: amounts falling due within one year:   (455,871) (373,335)
Net current assets (liabilities): 64,135 48,546
Total assets less current liabilities: 103,793 92,653
Creditors: amounts falling due after more than one year:   (62,141) (70,624)
Total net assets (liabilities): 41,652 22,029
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 41,651 22,028
Shareholders funds: 41,652 22,029

The notes form part of these financial statements

FAB SHOP LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 September 2024
and signed on behalf of the board by:

Name: A Fisher
Status: Director

The notes form part of these financial statements

FAB SHOP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows - Plant & Equipment at a rate of 15% straight line, Fixtures & Fittings at a rate of 20% straight line and Motor Vehicles at a rate of 25% straight line

Other accounting policies

Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Finance leases and hire purchase contracts Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

FAB SHOP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 13 13

FAB SHOP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 141,684
Additions 13,750
Disposals (10,000)
At 31 December 2023 145,434
Depreciation
At 01 January 2023 97,577
Charge for year 18,199
On disposals (10,000)
At 31 December 2023 105,776
Net book value
At 31 December 2023 39,658
At 31 December 2022 44,107

FAB SHOP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Related party transactions

The company was under the control of Mr Fisher throughout the current and previous year. Mr Fisher is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.