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COMPANY REGISTRATION NUMBER: 01214458
F. W. Russell (Gauges) Limited
Filleted Unaudited Financial Statements
31 July 2024
F. W. Russell (Gauges) Limited
Financial Statements
Year ended 31 July 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
F. W. Russell (Gauges) Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
373,846
379,499
Current assets
Stocks
39,790
22,290
Debtors
6
103,893
69,142
Cash at bank and in hand
106,840
117,898
---------
---------
250,523
209,330
Creditors: amounts falling due within one year
7
( 93,130)
( 60,367)
---------
---------
Net current assets
157,393
148,963
---------
---------
Total assets less current liabilities
531,239
528,462
Provisions
Taxation including deferred tax
( 4,071)
( 5,780)
---------
---------
Net assets
527,168
522,682
---------
---------
F. W. Russell (Gauges) Limited
Statement of Financial Position (continued)
31 July 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
527,068
522,582
---------
---------
Shareholders funds
527,168
522,682
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
G M Page
C Williams
Director
Director
Company registration number: 01214458
F. W. Russell (Gauges) Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Swinborne Court, Swinborne Road, Burnt Mills Industrial Estate, Basildon, Essex, SS13 1QA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of services provided during the year exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 buildings
-
2% straight line
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company makes defined pension contributions in respect of certain employees only. The contributions payable by the company are charged to the profit and loss account as they become due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
385,474
115,743
5,568
506,785
---------
---------
-------
---------
Depreciation
At 1 August 2023
30,306
92,870
4,110
127,286
Charge for the year
2,000
3,432
221
5,653
---------
---------
-------
---------
At 31 July 2024
32,306
96,302
4,331
132,939
---------
---------
-------
---------
Carrying amount
At 31 July 2024
353,168
19,441
1,237
373,846
---------
---------
-------
---------
At 31 July 2023
355,168
22,873
1,458
379,499
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
102,530
67,928
Other debtors
1,363
1,214
---------
--------
103,893
69,142
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,547
22,981
Corporation tax
3,892
4,051
Social security and other taxes
42,244
25,949
Other creditors
7,447
7,386
--------
--------
93,130
60,367
--------
--------
8. Related party transactions
The directors are partners in the business of a customer, Kent Gauge Engineering (Kent). Sales to Kent in the year to 31 July 2024 amounted to £5,478 (2023: £23,960). As at 31 July 2024 the sum due to the company from Kent, in accordance with the company's normal trading terms, was £Nil (2023: £2,794).