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Registration number: 14581735

Fluid Systems Plymouth Limited

Unaudited Filleted Financial Statements

for the Period from 10 January 2023 to 29 February 2024

 

Fluid Systems Plymouth Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fluid Systems Plymouth Limited

Company Information

Directors

Mr SD Johnson

Mr AM Lucas

Registered office

Pirtek
4 Jackson Close
Drayton
Portsmouth
Hampshire
PO6 1QW

 

Fluid Systems Plymouth Limited

(Registration number: 14581735)
Balance Sheet as at 29 February 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

81,001

Tangible assets

5

20,936

 

101,937

Current assets

 

Stocks

6

85,813

Debtors

7

194,825

Cash at bank and in hand

 

17

 

280,655

Creditors: Amounts falling due within one year

8

(370,858)

Net current liabilities

 

(90,203)

Total assets less current liabilities

 

11,734

Provisions for liabilities

(3,978)

Net assets

 

7,756

Capital and reserves

 

Called up share capital

2

Retained earnings

7,754

Shareholders' funds

 

7,756

 

Fluid Systems Plymouth Limited

(Registration number: 14581735)
Balance Sheet as at 29 February 2024 (continued)

For the financial period ending 29 February 2024 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 4 October 2024 and signed on its behalf by:
 

.........................................
Mr SD Johnson
Director

.........................................
Mr AM Lucas
Director

 
     
 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024

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:
Pirtek
4 Jackson Close
Drayton
Portsmouth
Hampshire
PO6 1QW
United Kingdom

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 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.

 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024 (continued)

2

Accounting policies (continued)

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024 (continued)

2

Accounting policies (continued)

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.

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.

 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 8.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

90,001

90,001

At 29 February 2024

90,001

90,001

Amortisation

Amortisation charge

9,000

9,000

At 29 February 2024

9,000

9,000

Carrying amount

At 29 February 2024

81,001

81,001

 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

8,385

10,802

172

13,459

32,818

Disposals

-

-

-

(6,959)

(6,959)

At 29 February 2024

8,385

10,802

172

6,500

25,859

Depreciation

Charge for the period

1,048

2,197

172

1,722

5,139

Eliminated on disposal

-

-

-

(216)

(216)

At 29 February 2024

1,048

2,197

172

1,506

4,923

Carrying amount

At 29 February 2024

7,337

8,605

-

4,994

20,936

 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024 (continued)

6

Stocks

2024
£

Other inventories

85,813

7

Debtors

Current

2024
£

Trade debtors

114,651

Prepayments

10,174

Other debtors

70,000

 

194,825

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

9

12,231

Trade creditors

 

177,731

Taxation and social security

 

16,907

Accruals and deferred income

 

28,940

Other creditors

 

135,049

 

370,858

9

Loans and borrowings

Current loans and borrowings

2024
£

Bank overdrafts

12,231

 

Fluid Systems Plymouth Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 29 February 2024 (continued)

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,000. This being the rental of premises occupied by the company.

11

Related party transactions

Transaction with directors
All directors remuneration was paid under normal market conditions.

Summary of transactions with other related parties
Fluid Systems Plymouth Ltd and Fluid Systems Exeter Ltd are under the common control of Mr S Johnson and Mr A Lucas.

At the year end there where outstanding loans to Fluid Systems Exeter Ltd.

All sales and purchases with entities under common control were conducted under normal market conditions.
 

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

70,000

70,000

At end of period

70,000

70,000

Terms of loans to related parties

There are no repayment terms attached to the loan to entities under common control and no interest charged.
The loan is repayable on demand.