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REGISTERED NUMBER: 03262523 (England and Wales)






















Fisadco Engineering (1980) Limited

Unaudited Financial Statements for the Year Ended 31st October 2023






Fisadco Engineering (1980) Limited (Registered number: 03262523)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fisadco Engineering (1980) Limited

Company Information
for the year ended 31st October 2023







DIRECTORS: D W Smith
W H Smith





REGISTERED OFFICE: Raywell Street
Hull
East Yorkshire
HU2 8EP





REGISTERED NUMBER: 03262523 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Fisadco Engineering (1980) Limited (Registered number: 03262523)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 392,543 451,288
392,543 451,288

CURRENT ASSETS
Stocks 6 419,864 350,669
Debtors 7 956,053 961,283
Cash at bank and in hand 21,683 39,427
1,397,600 1,351,379
CREDITORS
Amounts falling due within one year 8 981,321 912,407
NET CURRENT ASSETS 416,279 438,972
TOTAL ASSETS LESS CURRENT
LIABILITIES

808,822

890,260

CREDITORS
Amounts falling due after more than one
year

9

(219,859

)

(280,003

)

PROVISIONS FOR LIABILITIES (66,430 ) (80,183 )
NET ASSETS 522,533 530,074

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Retained earnings 482,533 490,074
SHAREHOLDERS' FUNDS 522,533 530,074

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Fisadco Engineering (1980) Limited (Registered number: 03262523)

Balance Sheet - continued
31st October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30th October 2024 and were signed on its behalf by:





D W Smith - Director


Fisadco Engineering (1980) Limited (Registered number: 03262523)

Notes to the Financial Statements
for the year ended 31st October 2023

1. STATUTORY INFORMATION

Fisadco Engineering (1980) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year.


Goodwill
Goodwill is written off evenly over its estimated economic life of 10 years and is stated in the balance sheet at cost less amounts written off.


Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on cost and 10% on cost

Stocks
Stock and work in progress is stated at the lower of cost and net realisable value. Cost represents that expenditure which has been incurred in the normal course of business in bringing the product or service to its present location and condition.

In the case of work in progress and finished goods, cost consists of direct materials, direct labour and attributable production and other overheads based on normal levels of activity.

Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution.


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.


Fisadco Engineering (1980) Limited (Registered number: 03262523)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
Contributions to provide pensions and related benefits are charged to the profit and loss account so as to recognise the cost over employee's working lives.


Government grants
Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful lives of the relevant fixed assets. The amount shown in the balance sheet as deferred government grants represents the total grants receivable to date less the amounts so far released to profit and loss account.

Grants of a revenue nature which are made to give immediate financial support or to reimburse costs previously incurred are credited to profit and loss account in the period in which they become receivable.

Grants of a revenue nature which are made to finance general activities over a specified period or to compensate for a loss of current or future income are credited to profit and loss account in the period in which they are paid.


Deferred taxation
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the accounts. Provision is made for deferred taxation on the liability method, to the extent that the liability is expected to be payable in the foreseeable future.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st November 2022
and 31st October 2023 20,001
AMORTISATION
At 1st November 2022
and 31st October 2023 20,001
NET BOOK VALUE
At 31st October 2023 -
At 31st October 2022 -

Fisadco Engineering (1980) Limited (Registered number: 03262523)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st November 2022 237,640 1,344,373 109,809 103,815 1,795,637
Additions - 11,250 2,175 - 13,425
At 31st October 2023 237,640 1,355,623 111,984 103,815 1,809,062
DEPRECIATION
At 1st November 2022 102,149 1,135,527 75,053 31,620 1,344,349
Charge for year 4,752 42,921 7,654 16,843 72,170
At 31st October 2023 106,901 1,178,448 82,707 48,463 1,416,519
NET BOOK VALUE
At 31st October 2023 130,739 177,175 29,277 55,352 392,543
At 31st October 2022 135,491 208,846 34,756 72,195 451,288

6. STOCKS
2023 2022
£    £   
Stocks 28,100 22,086
Work-in-progress 391,764 328,583
419,864 350,669

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 541,549 558,197
Amounts owed by group undertakings 409,622 386,427
Other debtors 4,882 16,659
956,053 961,283

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,510 20,324
Hire purchase contracts 40,234 39,024
Trade creditors 449,128 393,011
Taxation and social security 120,808 108,588
Other creditors 355,641 351,460
981,321 912,407

Fisadco Engineering (1980) Limited (Registered number: 03262523)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 141,870 161,815
Hire purchase contracts 77,989 118,188
219,859 280,003

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 46,157 44,364

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 157,380 182,139
Hire purchase contracts 118,223 157,212
Invoice discounting 320,583 291,152
596,186 630,503

The amount advanced from the invoice discounting company is secured over the trade debts of the company.

The bank loan is secured by a charge over the company's freehold property and a debenture over all assets.

The hire purchase liabilities are secured on assets of the company.

11. ULTIMATE CONTROLLING PARTY

The parent company of Fisadco Engineering (1980) Limited is Fisadco Engineering Limited, a company registered in England and Wales.

Fisadco Engineering Limited is also the company's ultimate parent undertaking and its registered office is Raywell Street, Hull, HU2 8EP.