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FOLGLADE (PIPES AND FITTINGS) LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2024






FOLGLADE (PIPES AND FITTINGS) LIMITED (REGISTERED NUMBER: 01481388)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOLGLADE (PIPES AND FITTINGS) LIMITED

Company Information
for the year ended 31st March 2024







DIRECTOR: Mr E Chisnall





SECRETARY: Mrs E Chisnall





REGISTERED OFFICE: Unit 9
Westside Industrial Estate
Jackson Street
St Helens
Merseyside
WA9 3AT





REGISTERED NUMBER: 01481388





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

FOLGLADE (PIPES AND FITTINGS) LIMITED (REGISTERED NUMBER: 01481388)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 72,553 87,476

CURRENT ASSETS
Stocks 21,668 31,989
Debtors 5 1,662,098 1,980,883
Cash at bank 743,144 465,870
2,426,910 2,478,742
CREDITORS
Amounts falling due within one year 6 476,378 699,671
NET CURRENT ASSETS 1,950,532 1,779,071
TOTAL ASSETS LESS CURRENT LIABILITIES 2,023,085 1,866,547

PROVISIONS FOR LIABILITIES 13,267 10,705
NET ASSETS 2,009,818 1,855,842

CAPITAL AND RESERVES
Called up share capital 206 206
Retained earnings 2,009,612 1,855,636
SHAREHOLDERS' FUNDS 2,009,818 1,855,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

FOLGLADE (PIPES AND FITTINGS) LIMITED (REGISTERED NUMBER: 01481388)

Balance Sheet - continued
31st March 2024


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 director and authorised for issue on 23rd December 2024 and were signed by:





Mr E Chisnall - Director


FOLGLADE (PIPES AND FITTINGS) LIMITED (REGISTERED NUMBER: 01481388)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Folglade (Pipes and Fittings) Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% 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.

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.

FOLGLADE (PIPES AND FITTINGS) LIMITED (REGISTERED NUMBER: 01481388)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued

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 17 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 20,000 236,019 256,019
DEPRECIATION
At 1st April 2023 - 168,543 168,543
Charge for year - 14,923 14,923
At 31st March 2024 - 183,466 183,466
NET BOOK VALUE
At 31st March 2024 20,000 52,553 72,553
At 31st March 2023 20,000 67,476 87,476

Included in cost of land and buildings is freehold land of £ 20,000 (2023 - £ 20,000 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 136,408 829,495
Other debtors 1,525,690 1,151,388
1,662,098 1,980,883

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 230,202 577,052
Taxation and social security 109,174 102,462
Other creditors 137,002 20,157
476,378 699,671

FOLGLADE (PIPES AND FITTINGS) LIMITED (REGISTERED NUMBER: 01481388)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
Mr E Chisnall
Balance outstanding at start of year - -
Amounts advanced 25,950 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,950 -

8. RELATED PARTY DISCLOSURES

Mr Chisnall has received dividends of £29,265 (2023: £30,627).

Mrs J Speakman a shareholder of the company received dividends of £30,565 (2023: £7,887).

Mrs E Chisnall a shareholder of the company received dividends of £22,405 (2023: £24,252).

Mr R Little a shareholder of the company received dividends of £Nil (2023: £Nil).

Mr L Jones a shareholder of the company received dividends of £1,000 (2023: £2,000).

Mrs G Jones a shareholder of the company received dividends of £Nil (2023: £Nil).

Mrs E Jones a shareholder of the company received dividends of £1,000 (2022: £2,000).

During the year ended 31 March 2024, payments were made to the Folglade Pension Scheme totalling £Nil (2023: £Nil).

9. ULTIMATE CONTROLLING PARTY

Mr E. Chisnall, together with members of his close family, own sufficient shares to control the company.