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REGISTERED NUMBER: 08723644 (England and Wales)















FAIRHURST PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






FAIRHURST PRODUCTS LIMITED (REGISTERED NUMBER: 08723644)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


FAIRHURST PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J G A Fairhurst
J R J Fairhurst
Miss M G R Fairhurst
Dr A R G Fairhurst





REGISTERED OFFICE: 14 London Road
Newark
Nottinghamshire
NG24 1TW





REGISTERED NUMBER: 08723644 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

FAIRHURST PRODUCTS LIMITED (REGISTERED NUMBER: 08723644)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 40,587 11,794

CURRENT ASSETS
Inventories 197,316 178,776
Debtors 5 47,269 30,915
Cash at bank 35,108 16,641
279,693 226,332
CREDITORS
Amounts falling due within one year 6 242,976 189,513
NET CURRENT ASSETS 36,717 36,819
TOTAL ASSETS LESS CURRENT LIABILITIES 77,304 48,613

CREDITORS
Amounts falling due after more than one year 7 (41,244 ) (21,667 )

PROVISIONS FOR LIABILITIES (7,712 ) (2,241 )
NET ASSETS 28,348 24,705

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 28,248 24,605
SHAREHOLDERS' FUNDS 28,348 24,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 4 November 2024 and were signed on its behalf by:





J R J Fairhurst - Director


FAIRHURST PRODUCTS LIMITED (REGISTERED NUMBER: 08723644)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Fairhurst Products 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.

Revenue
Revenue represents net invoiced sales of goods and provision of services, excluding value added tax.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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.

Inventories
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

FAIRHURST PRODUCTS LIMITED (REGISTERED NUMBER: 08723644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2023 36,876
Additions 41,537
At 31 March 2024 78,413
DEPRECIATION
At 1 April 2023 25,082
Charge for year 12,744
At 31 March 2024 37,826
NET BOOK VALUE
At 31 March 2024 40,587
At 31 March 2023 11,794

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 30,734 20,666
Other debtors 4,990 1,875
Prepayments 11,545 8,374
47,269 30,915

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 89,934 26,517
Hire purchase contracts (see note 8) 4,276 -
Trade creditors 94,616 93,369
Taxation - 3,313
Other taxes and social security 22,295 25,377
Other creditors 3,260 3,570
Directors' current accounts 25,462 34,580
Accrued expenses 3,133 2,787
242,976 189,513

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,667 11,667
Hire purchase contracts (see note 8) 29,577 -
41,244 21,667

FAIRHURST PRODUCTS LIMITED (REGISTERED NUMBER: 08723644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 4,276 -
Between one and five years 29,577 -
33,853 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 15,602 22,078
Between one and five years 11,139 26,741
26,741 48,819

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75 Ordinary A £1 75 75
23 Ordinary B £1 23 23
2 Ordinary C & D £1 2 2
100 100