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REGISTERED NUMBER: 01889558 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

FSL AEROSPACE LIMITED

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FSL AEROSPACE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: T I Halliday
C Prickett





SECRETARY: S J Halliday





REGISTERED OFFICE: Unit 33 Riverside Way
Uxbridge
Middlesex
UB8 2YF





REGISTERED NUMBER: 01889558 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
5th Floor, R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 76,243 107,758

CURRENT ASSETS
Stocks 5 816,776 732,810
Debtors 6 1,645,394 1,543,168
Cash at bank and in hand 321,062 139,864
2,783,232 2,415,842
CREDITORS
Amounts falling due within one year 7 1,391,616 846,759
NET CURRENT ASSETS 1,391,616 1,569,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,467,859

1,676,841

CREDITORS
Amounts falling due after more than
one year

8

(76,298

)

(147,475

)

PROVISIONS FOR LIABILITIES 10 (4,724 ) (11,850 )
NET ASSETS 1,386,837 1,517,516

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,385,837 1,516,516
1,386,837 1,517,516

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

BALANCE SHEET - continued
30 JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





C Prickett - Director


FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

FSL Aerospace 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 principal activity of the company is the wholesale of industrial fasteners.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 28 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 72,628 71,122 170,933 132,254 446,937
Additions - - 4,966 - 4,966
At 30 June 2024 72,628 71,122 175,899 132,254 451,903
DEPRECIATION
At 1 July 2023 72,628 71,122 155,240 40,189 339,179
Charge for year - - 5,793 30,688 36,481
At 30 June 2024 72,628 71,122 161,033 70,877 375,660
NET BOOK VALUE
At 30 June 2024 - - 14,866 61,377 76,243
At 30 June 2023 - - 15,693 92,065 107,758

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. STOCKS
2024 2023
£    £   
Stocks 816,776 732,810

An adjustment in the provision for slow-moving and obsolete stock in the year, has resulted in an impairment gain of £38,628 (2023 - £28,595). This has been recognised in cost of sales against stock.

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,456,055 1,294,246
Other debtors 44,494 42,318
Tax 20 53,230
VAT - 80,253
Prepayments and accrued income 120,454 48,750
1,621,023 1,518,797

Amounts falling due after more than one year:
Other debtors 24,371 24,371

Aggregate amounts 1,645,394 1,543,168

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 9)
21,635

21,635
Trade creditors 1,134,221 573,152
Social security and other taxes 32,393 38,070
VAT 79,937 -
Other creditors 26,141 30,401
Directors' loan accounts 12,302 89,212
Accruals and deferred income 34,987 44,289
1,391,616 846,759

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 70,889 120,431
Hire purchase contracts (see note 9)
5,409

27,044
76,298 147,475

The bank loan is secured by a fixed and floating charge over all of the companys assets.

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 21,635 21,635
Between one and five years 5,409 27,044
27,044 48,679

Non-cancellable operating leases
2024 2023
£    £   
Within one year 156,010 162,591
Between one and five years 490,686 608,815
In more than five years - 25,355
646,696 796,761

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 6,928 14,037
Other timing differences (2,204 ) (2,187 )
4,724 11,850

FSL AEROSPACE LIMITED (REGISTERED NUMBER: 01889558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 11,850
Credit to Statement of Income and Retained Earnings during
year

(7,126

)
Balance at 30 June 2024 4,724

11. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £105,121 (2023 - £90,483).

Contributions totalling £11,154 (2023 - £10,904) were payable to the fund at the balance sheet date and are included in creditors.

12. RELATED PARTY TRANSACTIONS

Included within creditors falling due within one year is an amount of £12,302 (£2022 - £89,212) due to a director. This amount is interest free and repayable within one year.