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Registration number: 5687769

Firesafe Fire Rated Ductwork Limited
Annual Report and
Unaudited Financial Statements

30 April 2024

 

Firesafe Fire Rated Ductwork Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Firesafe Fire Rated Ductwork Limited

Balance Sheet
30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

245,289

408,275

Cash at bank and in hand

 

379,399

128,742

 

624,688

537,017

Creditors: Amounts falling due within one year

6

(469,937)

(326,665)

Net assets

 

154,751

210,352

Capital and reserves

 

Called up share capital

110

110

Retained earnings

154,641

210,242

Shareholders' funds

 

154,751

210,352

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 22 January 2025 and signed on its behalf by:
 

.........................................
Mrs C Branagan
Director

 

Firesafe Fire Rated Ductwork Limited

Balance Sheet
30 April 2024

Company Registration Number: 5687769

 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
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:
Knowsley Road Industrial Estate
Knowsley Road
Haslingden
Rossendale
BB4 4RR

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.

 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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

Intellectual property rights

10% 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.

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.

 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

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.

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.

3

Staff numbers

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

 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 May 2023

2,290

2,290

At 30 April 2024

2,290

2,290

Amortisation

At 1 May 2023

2,290

2,290

At 30 April 2024

2,290

2,290

Carrying amount

At 30 April 2024

-

-

5

Debtors

Current

2024
£

2023
£

Trade debtors

239,007

402,214

Prepayments

6,278

6,057

Other debtors

4

4

 

245,289

408,275

 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

78,326

45,636

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

8

280,000

200,000

Taxation and social security

 

89,311

68,393

Accruals and deferred income

 

2,300

12,636

Other creditors

 

20,000

-

 

469,937

326,665

7

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £2,727.27 (2023 - £909.09) per each Ordinary share

300,000

100,000

 

 
 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

8

Related party transactions

Summary of transactions with parent

C Caswell Holdings Limited
 Interest at 7% is applied on outstanding balances.
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

200,000

200,000

Advanced

80,000

80,000

At end of period

280,000

280,000

2023

Parent
£

Total
£

At start of period

200,000

200,000

At end of period

200,000

200,000

Summary of transactions with other related parties

C Caswell Engineering Services Limited
(Another group company)

 The company purchases goods and services from C Caswell Engineering Services Limited at normal market rates and terms.
 

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

281,875

Rendering of services

232,547

514,422

Amounts payable to related party

67,237

 

Firesafe Fire Rated Ductwork Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

2023

Other related parties
£

Purchase of goods

300,702

Rendering of services

268,750

569,452

Amounts payable to related party

66,984

9

Parent and ultimate parent undertaking

The ultimate controlling party is C Caswell Holdings Limited.