Registered number
05800624
Filco Services Limited
Report and Accounts
31 March 2024
Filco Services Limited
Registered number: 05800624
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 189,524 181,556
Current assets
Stocks 50,000 50,000
Debtors 4 225,371 206,521
Cash at bank and in hand 51,574 27,633
326,945 284,154
Creditors: amounts falling due within one year 5 (315,063) (169,875)
Net current assets 11,882 114,279
Total assets less current liabilities 201,406 295,835
Creditors: amounts falling due after more than one year 6 (3,071) -
Provisions for liabilities (44,750) (34,500)
Net assets 153,585 261,335
Capital and reserves
Called up share capital 100 100
Profit and loss account 153,485 261,235
Shareholders' funds 153,585 261,335
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Whalley
Director
Approved by the board on 22 April 2024
Filco Services Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15 - 20 % writing down
Fixtures, fittings, tools and equipment 20% writing down
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 48,493 218,287 266,780
Additions 80,817 51,235 132,052
Disposals - (110,810) (110,810)
At 31 March 2024 129,310 158,712 288,022
Depreciation
At 1 April 2023 26,757 58,467 85,224
Charge for the year 19,810 26,695 46,505
On disposals - (33,231) (33,231)
At 31 March 2024 46,567 51,931 98,498
Net book value
At 31 March 2024 82,743 106,781 189,524
At 31 March 2023 21,736 159,820 181,556
4 Debtors 2024 2023
£ £
Trade debtors 220,539 198,143
Other debtors 4,832 8,378
225,371 206,521
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,070 2,531
Trade creditors 230,692 113,456
Corporation tax 30,671 22,432
Other taxes and social security costs 31,436 30,995
Other creditors 19,194 461
315,063 169,875
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,071 -
7 Other information
Filco Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5-7 Valley Park
Watermills Road
Stoke on Trent
ST5 6At
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