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Registration number: 01657509

FPW Axles Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

FPW Axles Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

FPW Axles Limited

Company Information

Directors

Mr D Mason

Mr L Wilson

Mr S Taylor

Mr M Brotherton

Company secretary

Mr L Wilson

Registered office

Unit D4
Enfield Road
Huncoat Industrial Estate
Accrington Lancashire
BB5 6NN

Accountants

Beever and Struthers
Suite 9B, The Beehive
Lions Drive
Shadsworth Business Park
Blackburn
Lancashire
BB1 2QS

 

FPW Axles Limited

(Registration number: 01657509)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

741,419

662,850

Current assets

 

Stocks

719,581

649,664

Debtors

6

580,855

709,850

Cash at bank and in hand

 

16,644

278

 

1,317,080

1,359,792

Creditors: Amounts falling due within one year

7

(516,748)

(625,060)

Net current assets

 

800,332

734,732

Total assets less current liabilities

 

1,541,751

1,397,582

Creditors: Amounts falling due after more than one year

7

(88,365)

-

Provisions

 

Government grants

 

(19,816)

(23,451)

Taxation including deferred tax

 

(178,927)

(151,474)

(198,743)

(174,925)

Net assets

 

1,254,643

1,222,657

Capital and reserves

 

Called up share capital

25,909

25,909

Retained earnings

1,228,734

1,196,748

Shareholders' funds

 

1,254,643

1,222,657

 

FPW Axles Limited

(Registration number: 01657509)
Statement of Financial Position as at 31 January 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

For the financial year ending 31 January 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 year 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 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 Income Statement.

Approved and authorised by the Board on 8 July 2024 and signed on its behalf by:
 

.........................................
Mr L Wilson
Company secretary and director

   
     
 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Unit D4
Enfield Road
Huncoat Industrial Estate
Accrington Lancashire
BB5 6NN

These financial statements were authorised for issue by the Board on 8 July 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.

Judgements

The preparation of the financial statements requires management to make judgements that affect the amounts reported. These judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no key judgements required in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the goods are delivered.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Plant & Machinery

6 2/3% straight line

Fixtures and fittings

20% straight line

Motor vehicle

20% straight line

Tooling

10% - 20% straight line

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

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:

Asset class

Amortisation method and rate

Development costs

5 years straight line

Patents and licences

5 years straight line

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

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 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.

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

The company only has basic financial instruments.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 33).

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Development Costs
£

Total
£

Cost or valuation

At 1 February 2023

18,795

94,030

112,825

At 31 January 2024

18,795

94,030

112,825

Amortisation

At 1 February 2023

18,795

94,030

112,825

At 31 January 2024

18,795

94,030

112,825

Carrying amount

At 31 January 2024

-

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Tooling
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

177,739

1,767,126

297,906

48,185

2,290,956

Additions

33,375

137,000

10,875

-

181,250

Disposals

-

(65,000)

-

-

(65,000)

At 31 January 2024

211,114

1,839,126

308,781

48,185

2,407,206

Depreciation

At 1 February 2023

162,604

1,232,632

199,409

33,461

1,628,106

Charge for the year

16,130

60,293

21,209

5,049

102,681

Eliminated on disposal

-

(65,000)

-

-

(65,000)

At 31 January 2024

178,734

1,227,925

220,618

38,510

1,665,787

Carrying amount

At 31 January 2024

32,380

611,201

88,163

9,675

741,419

At 31 January 2023

15,135

534,494

98,497

14,724

662,850

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

503,939

645,889

Prepayments

31,521

28,564

Other debtors

45,395

35,397

 

580,855

709,850

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

53,302

143,066

Trade creditors

 

410,168

370,952

Taxation and social security

 

22,067

52,971

Accruals and deferred income

 

20,539

36,705

Other creditors

 

10,672

21,366

 

516,748

625,060

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

7,572

Bank overdrafts

28,642

125,583

Hire purchase contracts

24,660

-

Other loans

-

9,911

53,302

143,066


The hire purchase creditors of £24,660 (2023 - £Nil) are secured on the underlying assets and bank loans
and overdrafts of £28,642 (2023 - £133,155) are secured by a fixed and floating charge over all property or undertaking of the company.

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Hire purchase contracts

88,365

-


The hire purchase creditors of £88,365 (2023 - £Nil) are secured on the underlying assets.

8

Obligations under operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

83,333

100,000

Later than one year and not later than five years

65,000

148,333

148,333

248,333

 

FPW Axles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Related party transactions

Other transactions with directors

The amount owed by one director at 31 January 2024 is £247 (2023: £Nil). No interest has been charged on the balance, which was repaid shortly after the year end.