REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
F.W.P. LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
F.W.P. LTD |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
F.W.P. LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
BALANCE SHEET |
31 JANUARY 2024 |
31/1/24 | 31/1/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
F.W.P. Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable in respect of management services provided, net of Value Added Tax. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter. |
Plant and machinery - 10% on reducing balance |
Motor vehicles - 25% on reducing balance |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Short-term employee benefits, including holiday pay accrual, are recognised as an expense to in the income statement in the period in which they incurred. |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Fixed asset investment |
Fixed asset investments are held at cost less provision for impairment. |
Grants |
Grants received are recognised in the profit and loss account in the same period as the related expenditure. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Directors' current accounts | 49,045 | 19,263 |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 21,138 | 36,441 |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/1/24 | 31/1/23 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/1/24 | 31/1/23 |
value: | £ | £ |
Ordinary | £1 | 500 | 500 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
As at 31 January 2024 a Director owed the company £49,044. The amount owed is deemed repayable on demand. Interest at a rate of 2.25% has been charged on amounts owing to the company. |
F.W.P. LTD (REGISTERED NUMBER: 02877686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | RELATED PARTY DISCLOSURES |
During the year credit notes were raised to Frank Whittle Partnership Limited in respect of previously charged management fees totalling £40,000 excl VAT. Included in debtors as at 31 January 2024 is an amount of £5,514 (2023: £4,514) due from Frank Whittle Partnership Limited. The amount outstanding at the year end is deemed repayable on demand and no interest has been charged. |
Included in debtors as at 31 January 2024 is an amount of £945,541 due from FWP Group Limited. The amount outstanding at th year end is deemed repayable on demand and no interest has been charged. |
Included in creditors as at 31 January 2024 is an amount of £1,000 due to Blezard Limited. The amount outstanding at the year end is deemed repayable on demand and no interest has been charged. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party are the Directors as disclosed in the Directors report on page 2 by virtue of their shareholding in the parent company, FWP Group Limited |