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Registration number: 05518227

F.E.S. (EX) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

F.E.S. (EX) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

F.E.S. (EX) Limited

(Registration number: 05518227)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

56,497

62,309

Current assets

 

Stocks

7

133,605

187,362

Debtors

8

978,522

1,118,525

Cash at bank and in hand

 

388,971

369,372

 

1,501,098

1,675,259

Creditors: Amounts falling due within one year

9

(417,861)

(645,670)

Net current assets

 

1,083,237

1,029,589

Total assets less current liabilities

 

1,139,734

1,091,898

Provisions for liabilities

(14,124)

(15,577)

Net assets

 

1,125,610

1,076,321

Capital and reserves

 

Called up share capital

61

61

Capital redemption reserve

39

39

Retained earnings

1,125,510

1,076,221

Shareholders' funds

 

1,125,610

1,076,321

For the financial year ending 31 July 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 6 December 2024 and signed on its behalf by:
 

.........................................
G Fulcher
Director

 

F.E.S. (EX) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20 Wilton Road
Humberston
Grimsby
DN36 4AW

These financial statements were authorised for issue by the Board on 6 December 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements cover the individual entity, F.E.S. (Ex) Limited.

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.

The financial statements are presented in sterling and are rounded to the nearest pound.

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.

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 and deferred 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.

 

F.E.S. (EX) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% straight line

Motor Vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5 years on a straight line basis

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.

 

F.E.S. (EX) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 23 (2023 - 21).

 

F.E.S. (EX) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

20,691

10,223

Operating lease expense

71,239

47,257

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Amortisation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Carrying amount

At 31 July 2024

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

109,672

10,350

120,022

Additions

14,878

-

14,878

Disposals

(24,068)

-

(24,068)

At 31 July 2024

100,482

10,350

110,832

Depreciation

At 1 August 2023

47,363

10,350

57,713

Charge for the year

20,691

-

20,691

Eliminated on disposal

(24,069)

-

(24,069)

At 31 July 2024

43,985

10,350

54,335

Carrying amount

At 31 July 2024

56,497

-

56,497

At 31 July 2023

62,309

-

62,309

7

Stocks

2024
£

2023
£

Work in progress

133,605

187,362

 

F.E.S. (EX) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

574,851

725,199

Prepayments

71,262

71,730

Other debtors

332,409

321,596

 

978,522

1,118,525

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,211

1,239

Trade creditors

 

127,038

220,307

Social security and other taxes

 

131,218

202,534

Other payables

 

11,077

7,837

Accruals

 

24,089

39,895

Income tax liability

121,228

173,858

 

417,861

645,670

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

3,211

1,239

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

47,373

7,157

Later than one year and not later than five years

99,742

-

147,115

7,157

The amount of non-cancellable operating lease payments recognised as an expense during the year was £38,404 (2023 - £14,388).

 

F.E.S. (EX) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

12

Related party transactions

Transactions with Directors

2024

At 1 August 2023
£

Advances to Director
£

Repayments by Director
£

At 31 July 2024
£

G Fulcher

Mr G Fulcher

306,597

161,592

(175,500)

292,689

2023

At 1 August 2022
£

Advances to Director
£

Repayments by Director
£

At 31 July 2023
£

G Fulcher

Mr G Fulcher

(49,921)

704,018

347,500

306,597