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REGISTERED NUMBER: 00460583 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Foundrax Engineering Products Limited

Foundrax Engineering Products Limited (Registered number: 00460583)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Foundrax Engineering Products Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A A Austin
L C Austin





SECRETARY: A A Austin





REGISTERED OFFICE: 18 Wessex Park
Bancombe Road Trading Estate
Somerton
Somerset
TA11 6SB





REGISTERED NUMBER: 00460583 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Foundrax Engineering Products Limited (Registered number: 00460583)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 685,059 438,570

CURRENT ASSETS
Stocks 251,960 657,097
Debtors 5 595,514 568,201
Cash at bank and in hand 79,673 158,594
927,147 1,383,892
CREDITORS
Amounts falling due within one year 6 407,241 643,318
NET CURRENT ASSETS 519,906 740,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,204,965

1,179,144

CREDITORS
Amounts falling due after more than one
year

7

(114,600

)

(137,842

)

PROVISIONS FOR LIABILITIES 9 (23,644 ) (15,313 )
NET ASSETS 1,066,721 1,025,989

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 1,064,721 1,023,989
1,066,721 1,025,989

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 10 January 2025 and were signed on its behalf by:





A A Austin - Director


Foundrax Engineering Products Limited (Registered number: 00460583)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Foundrax Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

On long term projects spanning more than twelve months, an element of profit is recognised within turnover based on the percentage completion of each project at the year end. Otherwise, turnover is recognised when the risks and rewards of ownership pass to the end customer.

Where an element of profit on longer term projects is recognised these amounts are included within prepayments and accrued income on the balance sheet.

Where payments on account are received in advance of the work starting then these amounts are included
within proforma deposits on the balance sheet until the criteria for recognising them as turnover is met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property2% on cost
Freehold landNo depreciation charged
Improvements to property2% on cost
Plant and machinery20% on cost and 15% on reducing balance
Fixture and fittings25% on reducing balance
Motor vehicles15% on reducing balance
Assets under constructionNo depreciation charged

Assets under construction consist of freehold buildings which were under construction at the balance sheet date.

Fixed assets are initially measured at cost, and subsequently at cost less accumulated depreciation, and impairment.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, labour and handling costs in bringing stocks and work in progress to their present location and condition.

Financial instruments
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost.


Foundrax Engineering Products Limited (Registered number: 00460583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Assets Improvement
Freehold under to
property construction property
£    £    £   
COST
At 1 April 2023 401,678 - 21,819
Additions 38,977 170,000 5,718
At 31 March 2024 440,655 170,000 27,537
DEPRECIATION
At 1 April 2023 53,762 - 1,569
Charge for year 5,458 - 473
At 31 March 2024 59,220 - 2,042
NET BOOK VALUE
At 31 March 2024 381,435 170,000 25,495
At 31 March 2023 347,916 - 20,250

Foundrax Engineering Products Limited (Registered number: 00460583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 199,008 56,260 18,490 697,255
Additions 58,300 - - 272,995
At 31 March 2024 257,308 56,260 18,490 970,250
DEPRECIATION
At 1 April 2023 146,762 54,974 1,618 258,685
Charge for year 17,724 321 2,530 26,506
At 31 March 2024 164,486 55,295 4,148 285,191
NET BOOK VALUE
At 31 March 2024 92,822 965 14,342 685,059
At 31 March 2023 52,246 1,286 16,872 438,570

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 337,730 333,016
Other debtors 66,488 103,927
Directors' current accounts 80,912 56,104
VAT 55,496 32,947
Prepayments and Accrued Income 54,888 42,207
595,514 568,201

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,444 29,755
Hire purchase contracts 6,158 3,373
Trade creditors 288,220 251,177
Tax 41,996 34,148
Social security and other taxes 8,786 7,544
Other creditors 4,164 5,604
Pro Forma Deposits 8,703 307,428
Accrued expenses 19,770 4,289
407,241 643,318

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 31,231 30,598
Bank loans - 2-5 years 58,166 71,339
Bank loans more 5 yr by instal 13,279 28,036
Hire purchase contracts 11,924 7,869
114,600 137,842

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,279 28,036

Foundrax Engineering Products Limited (Registered number: 00460583)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 132,120 159,728
Hire purchase contracts 18,082 11,242
150,202 170,970

The bank loans are secured by a fixed and floating charge over the assets of the company.

Hire purchase contracts are secured over the assets to which it relates.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 23,644 15,313

Deferred
tax
£   
Balance at 1 April 2023 15,313
Movement in deferred tax 8,331
Balance at 31 March 2024 23,644

10. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 60,000 -

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A A Austin
Balance outstanding at start of year 56,104 190,048
Amounts advanced 54,807 -
Amounts repaid (30,000 ) (133,944 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 80,911 56,104

Interest on the overdrawn loan account is charged at 2.25%.