Registered number
03466941
Fairway Tool Hire Limited
Filleted Accounts
30 April 2024
Fairway Tool Hire Limited
Registered number: 03466941
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 185,629 226,995
Current assets
Stocks 6,537 5,651
Debtors 4 161,603 219,244
Cash at bank and in hand 468,771 365,471
636,911 590,366
Creditors: amounts falling due within one year 5 (105,504) (100,195)
Net current assets 531,407 490,171
Total assets less current liabilities 717,036 717,166
Creditors: amounts falling due after more than one year 6 (12,337) (23,143)
Net assets 704,699 694,023
Capital and reserves
Called up share capital 2 2
Profit and loss account 704,697 694,021
Shareholders' funds 704,699 694,023
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.
Mr A D Patrick
Director
Approved by the board on 14 November 2024
Fairway Tool Hire Limited
Notes to the Accounts
for the year ended 30 April 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 5 years reducing balance
Motor vehicles over 4 years
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 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 1,060 487,128 164,969 653,157
Additions - 19,500 760 20,260
Disposals - (14,600) - (14,600)
At 30 April 2024 1,060 492,028 165,729 658,817
Depreciation
At 1 May 2023 1,059 311,384 113,719 426,162
Charge for the year - 36,897 21,302 58,199
On disposals - (11,173) - (11,173)
At 30 April 2024 1,059 337,108 135,021 473,188
Net book value
At 30 April 2024 1 154,920 30,708 185,629
At 30 April 2023 1 175,744 51,250 226,995
4 Debtors 2024 2023
£ £
Trade debtors 138,512 190,333
Other debtors 23,091 28,911
161,603 219,244
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 28,472 40,831
Taxation and social security costs 50,807 44,516
Other creditors 16,225 4,848
105,504 100,195
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,337 23,143
7 Other information
Fairway Tool Hire Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Minsterley Avenue
Shepperton
Middlesex
TW17 8QS
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