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No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
03973440
2023-03-01
2024-02-29
03973440
2024-02-29
03973440
2023-02-28
03973440
2022-03-01
2023-02-28
03973440
2023-02-28
03973440
2022-02-28
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2024-02-29
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2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2023-02-28
03973440
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2023-02-28
03973440
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2024-02-29
03973440
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2024-02-29
03973440
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2024-02-29
03973440
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2023-02-28
03973440
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2024-02-29
03973440
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2023-02-28
03973440
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2024-02-29
03973440
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2023-02-28
03973440
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2024-02-29
03973440
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2023-02-28
03973440
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2023-02-28
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-29
03973440
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2023-03-01
2024-02-29
03973440
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2024-02-29
03973440
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2023-02-28
03973440
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2024-02-29
03973440
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2023-02-28
03973440
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2024-02-29
03973440
bus:AllOrdinaryShares
2023-02-28
COMPANY REGISTRATION NUMBER:
03973440
Fairwood Engineering Limited |
|
Filleted Unaudited Financial Statements |
|
Fairwood Engineering Limited |
|
Year ended 29 February 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Fairwood Engineering Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr G M Davies |
|
Mr C J Owen |
|
|
Company secretary |
Mr G M Davies |
|
|
Registered office |
8 Heather Rise |
|
Jersey Marine |
|
Neath |
|
SA10 6LJ |
|
|
Accountants |
James & Uzzell Ltd |
|
Chartered Certified Accountants |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Fairwood Engineering Limited |
|
Statement of Financial Position |
|
29 February 2024
FIXED ASSETS
Tangible assets |
5 |
102,958 |
13,650 |
|
|
|
|
CURRENT ASSETS
Stocks |
6 |
41,952 |
23,713 |
Debtors |
7 |
247,152 |
185,025 |
Cash at bank and in hand |
9,575 |
14,933 |
|
--------- |
--------- |
|
298,679 |
223,671 |
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
199,246 |
135,943 |
|
--------- |
--------- |
NET CURRENT ASSETS |
99,433 |
87,728 |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
202,391 |
101,378 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
93,033 |
36,244 |
|
|
|
|
PROVISIONS
Taxation including deferred tax |
25,740 |
3,413 |
|
--------- |
--------- |
NET ASSETS |
83,618 |
61,721 |
|
--------- |
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
10 |
100 |
100 |
Profit and loss account |
83,518 |
61,621 |
|
-------- |
-------- |
SHAREHOLDERS FUNDS |
83,618 |
61,721 |
|
-------- |
-------- |
|
|
|
|
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.
For the year ending 29 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Fairwood Engineering Limited |
|
Statement of Financial Position (continued) |
|
29 February 2024
These financial statements were approved by the
board of directors
and authorised for issue on
11 October 2024
, and are signed on behalf of the board by:
Mr G M Davies
Director
Company registration number:
03973440
Fairwood Engineering Limited |
|
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
GENERAL INFORMATION
Fairwood Engineering Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is that of precision engineering.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 29 February 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Stock provisioning The company sells parts for metal structures and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Rendering of services When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to monies received. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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 & Machinery |
- |
10% straight line |
|
|
|
|
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
14
(2023:
12
).
5.
TANGIBLE ASSETS
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 March 2023 |
200,485 |
19,500 |
219,985 |
Additions |
– |
95,392 |
95,392 |
|
--------- |
--------- |
--------- |
At 29 February 2024 |
200,485 |
114,892 |
315,377 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 March 2023 |
200,485 |
5,850 |
206,335 |
Charge for the year |
– |
6,084 |
6,084 |
|
--------- |
--------- |
--------- |
At 29 February 2024 |
200,485 |
11,934 |
212,419 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 29 February 2024 |
– |
102,958 |
102,958 |
|
--------- |
--------- |
--------- |
At 28 February 2023 |
– |
13,650 |
13,650 |
|
--------- |
--------- |
--------- |
|
|
|
|
6.
STOCKS
|
2024 |
2023 |
|
£ |
£ |
Work in progress |
41,952 |
23,713 |
|
-------- |
-------- |
|
|
|
7.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
216,338 |
145,442 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
27,803 |
38,933 |
Other debtors |
3,011 |
650 |
|
--------- |
--------- |
|
247,152 |
185,025 |
|
--------- |
--------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
5,611 |
5,649 |
Trade creditors |
98,919 |
51,225 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
45,866 |
27,000 |
Corporation tax |
– |
1,748 |
Social security and other taxes |
27,165 |
45,983 |
Other creditors |
21,685 |
4,338 |
|
--------- |
--------- |
|
199,246 |
135,943 |
|
--------- |
--------- |
|
|
|
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. Hire Purchase Contracts are secured over the asset to which they relate. The total amount of secured liabilities is £16,934 (2023: NIL)
9.
CREDITORS:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
30,671 |
36,244 |
Other creditors |
62,362 |
– |
|
-------- |
-------- |
|
93,033 |
36,244 |
|
-------- |
-------- |
|
|
|
Hire Purchase Contracts are secured over the asset to which they relate. The total amount of secured liabilities is £62,362 (2023: NIL)
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
25 |
25 |
25 |
25 |
Ordinary A shares of £ 1 each |
75 |
75 |
75 |
75 |
|
---- |
---- |
---- |
---- |
|
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
11.
FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £118,125 (2023: £140,625).
12.
RELATED PARTY TRANSACTIONS
During the period the company entered into the following transactions related parties: 1. Entities with control, joint control or significant influence over the entity
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Balance due (to)/from related parties |
(45,866) |
(27,000) |
|
|
|
|
2. Other related parties
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Balance due (to)/from related parties: |
27,803 |
38,932 |
|
|
|
|
No interest had been incurred on this balance.
13.
PARENT COMPANY
The ultimate parent company is Fairwood Holdings Limited, a company registered in England & Wales. The registered office for the parent company is the same as that shown on page 1 of these financial statements.