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Registered number: 07026218
Fluid Commerce Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Linto Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07026218
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 212,088 216,267
212,088 216,267
CURRENT ASSETS
Stocks 5 98,148 107,411
Debtors 6 235,295 300,715
Cash at bank and in hand 81,785 95,646
415,228 503,772
Creditors: Amounts Falling Due Within One Year 7 (365,109 ) (378,872 )
NET CURRENT ASSETS (LIABILITIES) 50,119 124,900
TOTAL ASSETS LESS CURRENT LIABILITIES 262,207 341,167
Creditors: Amounts Falling Due After More Than One Year 8 (80,673 ) (111,342 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,807 ) (7,122 )
NET ASSETS 172,727 222,703
CAPITAL AND RESERVES
Called up share capital 9 600 600
Other reserves (996 ) (996 )
Profit and Loss Account 173,123 223,099
SHAREHOLDERS' FUNDS 172,727 222,703
Page 1
Page 2
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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Adam Hindle
Director
25th September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fluid Commerce Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07026218 . The registered office is Jactin House, The Colony, 24 Hood Street, Manchester, M4 6WX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Plant & Machinery 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% on Cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2022: 29)
19 29
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 178,783 136,391 315,174
Additions - 6,443 6,443
As at 31 December 2023 178,783 142,834 321,617
Depreciation
As at 1 January 2023 - 98,907 98,907
Provided during the period - 10,622 10,622
As at 31 December 2023 - 109,529 109,529
Net Book Value
As at 31 December 2023 178,783 33,305 212,088
As at 1 January 2023 178,783 37,484 216,267
5. Stocks
2023 2022
£ £
Work in progress 98,148 107,411
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 202,053 264,171
Other debtors 33,242 36,544
235,295 300,715
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 28,593 87,151
Bank loans and overdrafts 135,702 43,790
Other creditors 28,507 13,322
Taxation and social security 172,307 234,609
365,109 378,872
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 80,673 111,342
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Page 5
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 600 600
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 6,597 43,200
Later than one year and not later than five years 15,942 -
22,539 43,200
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Adam Hindle 19,948 - 15,000 - 4,948
The above loan is unsecured, interest free and repayable on demand.
The balance was repaid on 24th February 2024.
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