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Company registration number: 03930263
F A Supplies Limited
Unaudited filleted financial statements
28 February 2024
F A Supplies Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
F A Supplies Limited
Directors and other information
Director S J Dalby
Company number 03930263
Registered office 51 Wedderburn Road
Harrogate
North Yorkshire
HG2 7QQ
Business address 14A Nidd Valley Business Park
Market Flat Lane
Lingerfield
Knaresborough
HG5 9NL
Accountants SMH Howard Matthews Ltd
Queensgate House
23 North Park Road
Harrogate
HG1 5PD
Bankers Lloyds TSB
8 Cambridge Crescent
Harrogate
North Yorkshire
F A Supplies Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 79,692 77,011
_______ _______
79,692 77,011
Current assets
Stocks 2,759 3,926
Debtors 6 383,286 486,710
Cash at bank and in hand 99,439 163,577
_______ _______
485,484 654,213
Creditors: amounts falling due
within one year 7 ( 442,876) ( 456,403)
_______ _______
Net current assets 42,608 197,810
_______ _______
Total assets less current liabilities 122,300 274,821
Creditors: amounts falling due
after more than one year 8 ( 34,500) ( 56,500)
Provisions for liabilities ( 14,615) ( 13,886)
_______ _______
Net assets 73,185 204,435
_______ _______
Capital and reserves
Called up share capital 1 2
Capital redemption reserve 1 -
Profit and loss account 73,183 204,433
_______ _______
Shareholder funds 73,185 204,435
_______ _______
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
S J Dalby
Director
Company registration number: 03930263
F A Supplies Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is F A Supplies Limited, 51 Wedderburn Road, Harrogate, North Yorkshire, HG2 7QQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
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:
Leasehold improvements - 10 % straight line
Plant and machinery - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).
5. Tangible assets
Short leasehold property Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 March 2023 65,566 190,349 4,739 10,643 271,297
Additions 9,000 2,666 - 10,076 21,742
Disposals ( 10,122) - - ( 4,136) ( 14,258)
_______ _______ _______ _______ _______
At 28 February 2024 64,444 193,015 4,739 16,583 278,781
_______ _______ _______ _______ _______
Depreciation
At 1 March 2023 52,228 128,822 4,383 8,853 194,286
Charge for the year 3,518 9,229 89 3,725 16,561
Disposals ( 7,622) - - ( 4,136) ( 11,758)
_______ _______ _______ _______ _______
At 28 February 2024 48,124 138,051 4,472 8,442 199,089
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2024 16,320 54,964 267 8,141 79,692
_______ _______ _______ _______ _______
At 28 February 2023 13,338 61,527 356 1,790 77,011
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 338,955 375,111
Other debtors 44,331 111,599
_______ _______
383,286 486,710
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 22,000 22,000
Trade creditors 327,872 349,619
Corporation tax 47,037 38,053
Social security and other taxes 17,120 24,028
Other creditors 28,847 22,703
_______ _______
442,876 456,403
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,500 22,500
Other creditors 22,000 34,000
_______ _______
34,500 56,500
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
S J Dalby 34,429 ( 4,769) 29,660
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
S J Dalby 20,046 14,383 34,429
N J Dalby ( 632) 632 -
_______ _______ _______
19,414 15,015 34,429
_______ _______ _______
10. Related party transactions
During the year dividends totalling £72,000 were paid to the director.On 02/10/23 the company bought back shares for £130,000.