Registered number
03705977
F.G.S. London Company Limited
Filleted Accounts for the year ended
29 February 2024
F.G.S. London Company Limited
Registered number: 03705977
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 75,537 99,192
Investments 4 351,750 351,750
427,287 450,942
Current assets
Debtors 5 300,730 218,164
Cash at bank and in hand 119,847 203,191
420,577 421,355
Creditors: amounts falling due within one year 6 (477,152) (502,881)
Net current liabilities (56,575) (81,526)
Total assets less current liabilities 370,712 369,416
Creditors: amounts falling due after more than one year 7 (38,637) (69,546)
Net assets 332,075 299,870
Capital and reserves
Called up share capital 10 10
Profit and loss account 332,065 299,860
Shareholders' funds 332,075 299,870
The director is 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 director acknowledges her 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.
K P Georgiou
Director
Approved by the board on 26 November 2024
F.G.S. London Company Limited
Notes to the Accounts
for the year ended 29 February 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:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 28
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 293,644 45,968 339,612
Additions 1,523 - 1,523
At 29 February 2024 295,167 45,968 341,135
Depreciation
At 1 March 2023 202,634 37,786 240,420
Charge for the year 23,133 2,045 25,178
At 29 February 2024 225,767 39,831 265,598
Net book value
At 29 February 2024 69,400 6,137 75,537
At 28 February 2023 91,010 8,182 99,192
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2023 351,750
At 29 February 2024 351,750
5 Debtors 2024 2023
£ £
Trade debtors 126,761 188,469
Associated company loans 169,804 24,878
Other debtors 4,165 4,817
300,730 218,164
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,909 30,909
Trade creditors 52,726 9,244
Associated company loans 324,729 374,722
Taxation and social security costs 61,355 58,716
Other creditors 7,433 29,290
477,152 502,881
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,637 69,546
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 69,546 100,455
Bank loans are secured by way of debenture over the company's assets.
9 Controlling party
The director K P Georgiou, together with other family members are the controlling party of the company with 100% of the issued share capital.

During the year the shareholders received a dividend totalling £25,000.
10 Other information
F.G.S. London Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Circle Line House
9 East Road
Harlow
Essex
CM20 2BJ
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