Company registration number SC162170 (Scotland)
FITZSIMONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
FITZSIMONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FITZSIMONS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
131,576
140,552
Investments
5
497,759
474,832
629,335
615,384
Current assets
Debtors
6
1,329,683
1,161,974
Cash at bank and in hand
1,234,282
1,176,180
2,563,965
2,338,154
Creditors: amounts falling due within one year
7
(1,498,214)
(1,047,017)
Net current assets
1,065,751
1,291,137
Total assets less current liabilities
1,695,086
1,906,521
Creditors: amounts falling due after more than one year
8
(186,421)
(303,411)
Provisions for liabilities
8,831
15,806
Net assets
1,517,496
1,618,916
Capital and reserves
Called up share capital
33
33
Share premium account
23,341
23,341
Capital redemption reserve
1,083
1,083
Profit and loss reserves
1,493,039
1,594,459
Total equity
1,517,496
1,618,916
FITZSIMONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
MR A L GARRICK
Mr A L Garrick
Director
Company Registration No. SC162170
FITZSIMONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Fitzsimons Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o Anderson Anderson & Brown LLP, 133 Finnieston Street, Glasgow, Scotland, G3 8HB.. The principal place of business is 5 Park Circus Place, Basement Office, Glasgow, G3 6AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover represents net invoiced sale of services, excluding value added tax from company's one principle
activity being chartered quantity surveying activities.
Turnover is recognised when the work has been performed as explained within the amounts recoverable on contracts accounting policy detailed below.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is three years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer Equipment
20% straight line
Motor vehicles
25% reducing balance
1.6
Fixed asset investments
The fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
FITZSIMONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and 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 the Statement of comprehensive income.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
12
FITZSIMONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
83,587
Amortisation and impairment
At 1 February 2023 and 31 January 2024
83,587
Carrying amount
At 31 January 2024
At 31 January 2023
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
149,979
101,392
303,955
201,750
757,076
Additions
11,049
12,651
23,700
At 31 January 2024
149,979
112,441
316,606
201,750
780,776
Depreciation and impairment
At 1 February 2023
106,535
89,005
271,511
149,473
616,524
Depreciation charged in the year
6,517
2,014
11,075
13,070
32,676
At 31 January 2024
113,052
91,019
282,586
162,543
649,200
Carrying amount
At 31 January 2024
36,927
21,422
34,020
39,207
131,576
At 31 January 2023
43,444
12,387
32,444
52,277
140,552
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
497,759
474,832
FITZSIMONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2023
474,832
Valuation changes
22,927
At 31 January 2024
497,759
Carrying amount
At 31 January 2024
497,759
At 31 January 2023
474,832
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
893,746
751,830
Other debtors
435,937
410,144
1,329,683
1,161,974
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
100,000
Trade creditors
53,748
44,168
Taxation and social security
627,451
762,340
Other creditors
717,015
140,509
1,498,214
1,047,017
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
150,000
250,000
Other creditors
36,421
53,411
186,421
303,411
FITZSIMONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Lease purchase and hire purchase commitments
At 31 January 2024, the company had minimum lease and hire purchase commitments of the following:
2024
2023
£
£
Within one year
7,249
4,850
Between two and five years
36,421
47,268
43,670
52,118
10
Directors' transactions
During the year the company had the following transactions with directors:
Balance as at
Balance as at
Related Party
Transaction
£
31/01/24
31/01/23
A L Garrick
Loan
67,144 Cr
135,111 Dr
202,255 Dr
G R G Hanley
Loan
33,353 Dr
74,891 Dr
41,537 Dr
K Murray
Loan
41,155 Dr
41,108 Dr
47 Cr
The loans due from directors were repaid in full in April 2024.