2023-05-012024-04-302024-04-30false04129678THE FOIL SPECIALIST COMPANY 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THE FOIL SPECIALIST COMPANY LIMITED

Registered Number
04129678
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

THE FOIL SPECIALIST COMPANY LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

George Alexander Thompson
Keith John Thompson
Louise Thompson

Company Secretary

Keith John Thompson

Registered Address

A7 Hortonwood 10
Telford
TF1 7ES

Registered Number

04129678 (England and Wales)
THE FOIL SPECIALIST COMPANY LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets32,7252,725
Tangible assets4178,712155,281
Investments55050
181,487158,056
Current assets
Stocks6355,319485,541
Debtors101,269139,205
Cash at bank and on hand34,593175,723
491,181800,469
Creditors amounts falling due within one year7(407,714)(1,281,218)
Net current assets (liabilities)83,467(480,749)
Total assets less current liabilities264,954(322,693)
Creditors amounts falling due after one year8(134,122)(179,814)
Provisions for liabilities10(44,678)(25,000)
Net assets86,154(527,507)
Capital and reserves
Called up share capital100100
Profit and loss account86,054(527,607)
Shareholders' funds86,154(527,507)
The financial statements were approved and authorised for issue by the Board of Directors on 23 January 2025, and are signed on its behalf by:
Keith John Thompson
Director
Registered Company No. 04129678
THE FOIL SPECIALIST COMPANY LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-5
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year88
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 May 232,7252,725
At 30 April 242,7252,725
Net book value
At 30 April 242,7252,725
At 30 April 232,7252,725
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 May 2328,807274,604107,65828,760439,829
Additions14,10569,051-1,90785,063
Disposals-(4,000)--(4,000)
At 30 April 2442,912339,655107,65830,667520,892
Depreciation and impairment
At 01 May 235,761183,39379,64515,749284,548
Charge for year8,58239,3167,0043,73058,632
On disposals-(1,000)--(1,000)
At 30 April 2414,343221,70986,64919,479342,180
Net book value
At 30 April 2428,569117,94621,00911,188178,712
At 30 April 2323,04691,21128,01313,011155,281
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 May 235050
At 30 April 245050
Net book value
At 30 April 245050
At 30 April 235050

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Finished goods355,319485,541
Total355,319485,541
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables44,74056,312
Bank borrowings and overdrafts54,30948,567
Amounts owed to related parties150-
Taxation and social security22,84262,110
Finance lease and HP contracts26,57439,389
Other creditors2,8491,596
Accrued liabilities and deferred income256,2501,073,244
Total407,7141,281,218
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts114,522164,583
Other creditors19,60015,231
Total134,122179,814
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts19,60015,231
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)44,67825,000
Total44,67825,000