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Registration number: 06059318

BH-Fabs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

BH-Fabs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 10

 

BH-Fabs Limited

Company Information

Directors

Mr B Horrocks

Mrs S M Horrocks

Registered office

Mill Street Works
Mill Street
Adlington
Chorley
PR6 9QY

 

BH-Fabs Limited

(Registration number: 06059318)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,964

3,390

Current assets

 

Stocks

6

500

500

Debtors

7

26,342

52,795

Cash at bank and in hand

 

329,920

295,420

 

356,762

348,715

Creditors: Amounts falling due within one year

8

(64,254)

(96,265)

Net current assets

 

292,508

252,450

Total assets less current liabilities

 

295,472

255,840

Provisions for liabilities

(740)

(643)

Net assets

 

294,732

255,197

Capital and reserves

 

Called up share capital

2

2

Retained earnings

294,730

255,195

Shareholders' funds

 

294,732

255,197

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 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.

 

BH-Fabs Limited

(Registration number: 06059318)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mr B Horrocks
Director

 

BH-Fabs Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 February 2023

2

255,195

255,197

Profit for the year

-

62,335

62,335

Total comprehensive income

-

62,335

62,335

Dividends

-

(22,800)

(22,800)

At 31 January 2024

2

294,730

294,732

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

2

164,689

164,691

Profit for the year

-

112,686

112,686

Dividends

-

(22,180)

(22,180)

At 31 January 2023

2

255,195

255,197

 

BH-Fabs Limited

Notes to the 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/Wales.

The address of its registered office is:
Mill Street Works
Mill Street
Adlington
Chorley
PR6 9QY

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and providion 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.

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.

 

BH-Fabs Limited

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



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:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Plant and machinery

10% reducing balance

Office equipment

33% straight line

Motor vehicles

25% reducing balance

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

BH-Fabs Limited

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

BH-Fabs Limited

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

428

519

 

BH-Fabs Limited

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

5

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 February 2023

181

36,780

1,158

35,648

At 31 January 2024

181

36,780

1,158

35,648

Depreciation

At 1 February 2023

154

33,883

901

35,439

Charge for the year

2

289

83

52

At 31 January 2024

156

34,172

984

35,491

Carrying amount

At 31 January 2024

25

2,608

174

157

At 31 January 2023

27

2,897

257

209

Total
£

Cost or valuation

At 1 February 2023

73,767

At 31 January 2024

73,767

Depreciation

At 1 February 2023

70,377

Charge for the year

426

At 31 January 2024

70,803

Carrying amount

At 31 January 2024

2,964

At 31 January 2023

3,390

6

Stocks

2024
£

2023
£

Closing stock

500

500

 

BH-Fabs Limited

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

7

debtors

Current

2024
£

2023
£

Trade debtors

24,502

51,295

Prepayments

1,840

1,500

 

26,342

52,795

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Director's loan account

9

5,571

29,831

Trade creditors

 

17,983

17,064

Taxation and social security

 

19,261

19,926

Other creditors

 

21,439

29,444

 

64,254

96,265

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Director's loan account

5,571

29,831

The director’s loan account is non-interest bearing and has no formal repayment terms.

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £22,800.00 (2023 - £22,180.00)

 

22,800

 

22,180