Fluid Systems Exeter Limited 14581224 false 2023-01-10 2024-02-28 2024-02-28 The principal activity of the company is that of other manufacturing not elsewhere classified. Digita Accounts Production Advanced 6.30.9574.0 true true 14581224 2023-01-10 2024-02-28 14581224 2024-02-28 14581224 core:RetainedEarningsAccumulatedLosses 2024-02-28 14581224 core:ShareCapital 2024-02-28 14581224 core:CurrentFinancialInstruments 2024-02-28 14581224 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-28 14581224 core:Goodwill 2024-02-28 14581224 core:FurnitureFittings 2024-02-28 14581224 core:MotorVehicles 2024-02-28 14581224 core:OfficeEquipment 2024-02-28 14581224 core:PlantMachinery 2024-02-28 14581224 core:OtherRelatedParties 2024-02-28 14581224 bus:SmallEntities 2023-01-10 2024-02-28 14581224 bus:AuditExemptWithAccountantsReport 2023-01-10 2024-02-28 14581224 bus:FilletedAccounts 2023-01-10 2024-02-28 14581224 bus:SmallCompaniesRegimeForAccounts 2023-01-10 2024-02-28 14581224 bus:RegisteredOffice 2023-01-10 2024-02-28 14581224 bus:Director1 2023-01-10 2024-02-28 14581224 bus:Director2 2023-01-10 2024-02-28 14581224 bus:PrivateLimitedCompanyLtd 2023-01-10 2024-02-28 14581224 core:Goodwill 2023-01-10 2024-02-28 14581224 core:FurnitureFittings 2023-01-10 2024-02-28 14581224 core:MotorVehicles 2023-01-10 2024-02-28 14581224 core:OfficeEquipment 2023-01-10 2024-02-28 14581224 core:PlantMachinery 2023-01-10 2024-02-28 14581224 core:OtherRelatedParties 2023-01-10 2024-02-28 14581224 countries:EnglandWales 2023-01-10 2024-02-28 iso4217:GBP xbrli:pure

Registration number: 14581224

Fluid Systems Exeter Limited

Unaudited Filleted Financial Statements

for the Period from 10 January 2023 to 28 February 2024

 

Fluid Systems Exeter Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fluid Systems Exeter Limited

Company Information

Directors

Mr SD Johnson

Mr AM Lucas

Registered office

Pirtek
4 Jackson Close
Drayton
Portsmouth
Hampshire
PO6 1QW

 

Fluid Systems Exeter Limited

(Registration number: 14581224)
Balance Sheet as at 28 February 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

87,346

Tangible assets

5

38,662

 

126,008

Current assets

 

Stocks

6

58,317

Debtors

7

174,226

Cash at bank and in hand

 

106,473

 

339,016

Creditors: Amounts falling due within one year

8

(389,579)

Net current liabilities

 

(50,563)

Total assets less current liabilities

 

75,445

Provisions for liabilities

(6,343)

Net assets

 

69,102

Capital and reserves

 

Called up share capital

2

Retained earnings

69,100

Shareholders' funds

 

69,102

 

Fluid Systems Exeter Limited

(Registration number: 14581224)
Balance Sheet as at 28 February 2024 (continued)

For the financial period ending 28 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 Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 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 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.

 

Fluid Systems Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 February 2024 (continued)

2

Accounting policies (continued)

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.

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 Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9.

 

Fluid Systems Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 February 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

97,051

97,051

At 28 February 2024

97,051

97,051

Amortisation

Amortisation charge

9,705

9,705

At 28 February 2024

9,705

9,705

Carrying amount

At 28 February 2024

87,346

87,346

 

Fluid Systems Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 February 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

12,006

20,546

604

14,581

47,737

At 28 February 2024

12,006

20,546

604

14,581

47,737

Depreciation

Charge for the period

1,833

4,291

125

2,826

9,075

At 28 February 2024

1,833

4,291

125

2,826

9,075

Carrying amount

At 28 February 2024

10,173

16,255

479

11,755

38,662

 

Fluid Systems Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 February 2024 (continued)

6

Stocks

2024
£

Other inventories

58,317

7

Debtors

Current

2024
£

Trade debtors

167,036

Prepayments

7,190

 

174,226

8

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

176,470

Taxation and social security

29,462

Accruals and deferred income

15,486

Other creditors

168,161

389,579

 

Fluid Systems Exeter Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 28 February 2024 (continued)

9

Related party transactions

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 from Fluid Systems Plymouth Ltd.

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

Loans from related parties

2024

Other related parties
£

Total
£

Advanced

70,000

70,000

At end of period

70,000

70,000

Terms of loans from related parties

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