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Registration number: 05413680

Fluid Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Fluid Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Fluid Systems Limited

Company Information

Directors

Mr SD Johnson

Mr C I J Johnson

Registered office

Unit 2/3 Enterprise Est
Moorfield Road
Slyfield Industrial Est
Guildford
Surrey
GU1 1RB

 

Fluid Systems Limited

(Registration number: 05413680)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

85,467

25,567

Current assets

 

Stocks

6

63,014

50,193

Debtors

7

592,839

663,942

Cash at bank and in hand

 

312,013

217,410

 

967,866

931,545

Creditors: Amounts falling due within one year

8

(230,274)

(254,327)

Net current assets

 

737,592

677,218

Total assets less current liabilities

 

823,059

702,785

Creditors: Amounts falling due after more than one year

8

(118,279)

(144,338)

Provisions for liabilities

(16,239)

(4,858)

Net assets

 

688,541

553,589

Capital and reserves

 

Called up share capital

2,552

2,552

Retained earnings

685,989

551,037

Shareholders' funds

 

688,541

553,589

 

Fluid Systems Limited

(Registration number: 05413680)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Mr SD Johnson
Director

   
     
 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2/3 Enterprise Est
Moorfield Road
Slyfield Industrial Est
Guildford
Surrey
GU1 1RB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 year straight line

Fixture and fittings

10 year straight line

Motor vehicles

3 year straight line

Office equipment

5 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

121,106

121,106

At 30 April 2024

121,106

121,106

Amortisation

At 1 May 2023

121,106

121,106

At 30 April 2024

121,106

121,106

Carrying amount

At 30 April 2024

-

-

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

31,587

14,661

95,501

91,138

232,887

Additions

-

-

572

98,350

98,922

Disposals

-

-

-

(25,496)

(25,496)

At 30 April 2024

31,587

14,661

96,073

163,992

306,313

Depreciation

At 1 May 2023

19,298

13,956

94,166

79,900

207,320

Charge for the year

2,273

119

429

36,201

39,022

Eliminated on disposal

-

-

-

(25,496)

(25,496)

At 30 April 2024

21,571

14,075

94,595

90,605

220,846

Carrying amount

At 30 April 2024

10,016

586

1,478

73,387

85,467

At 30 April 2023

12,289

705

1,335

11,238

25,567

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

63,014

50,193

7

Debtors

Current

2024
£

2023
£

Trade debtors

176,897

159,265

Prepayments

13,044

15,851

Other debtors

402,898

488,826

 

592,839

663,942

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

26,058

27,585

Trade creditors

 

69,528

77,062

Taxation and social security

 

89,327

88,146

Accruals and deferred income

 

27,498

23,671

Other creditors

 

17,863

37,863

 

230,274

254,327

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

21,540

47,599

Other non-current financial liabilities

 

96,739

96,739

 

118,279

144,338

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,369

30,306

HP and finance lease liabilities

10,171

17,293

21,540

47,599

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,937

20,871

Hire purchase liabilities

7,121

6,714

26,058

27,585

 

Fluid Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

488,826

488,826

Repaid

(85,929)

(85,929)

At end of period

402,897

402,897

2023

Entities with joint control or significant influence
£

Total
£

At start of period

243,342

243,342

Advanced

245,484

245,484

At end of period

488,826

488,826

Terms of loans to related parties

The Company has provided a loan to S.D.J Fluid Systems Limited, GCJ Fluid Systems Limietd, S D J Property Holdings Limited, Changkon Limited and Fluid Systems (Plymouth) Limited, which is under common control with Mr S Johnson. There are no terms to repayment on these loans.