Registered number
07222274
Fire & Acoustic Seals Limited
Report and Accounts
30 April 2024
Fire & Acoustic Seals Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
Fire & Acoustic Seals Limited
Company Information
Directors
MT Finney - Resigned 12/06/2023
PJ McGuire - Resigned 20/8/2024
JJ Vann - Resigned 15/5/2024
MA Finney - Appointed 12/06/2023
DT Finney - Appointed 12/06/2023
TP McGuire - Appointed 20/8/2024
Secretary
JW Vann
Bankers
NatWest plc
High Street
West Bromwich
West Midlands
Registered number
07222274
Fire & Acoustic Seals Limited
Registered number: 07222274
Directors' Report
The directors present their report and accounts for the year ended 30 April 2024.
Principal activities
The company's principal activity during the year continued to be distributors of glass and glazing services to the contruction industry.
Directors
The following persons served as directors during the year:
MT Finney - Resigned 12/06/2023
PJ McGuire - Resigned 20/8/2024
JJ Vann - Resigned 15/5/2024
MA Finney - Appointed 12/06/2023
DT Finney - Appointed 12/06/2023
The following person has been appointed as directors since the year end
TP McGuire - Appointed 20/8/2024
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 29 January 2025 and signed on its behalf.
MA Finney
Director
Fire & Acoustic Seals Limited
Profit and Loss Account
for the year ended 30 April 2024
2024 2023
£ £
Turnover 4,231,713 4,166,419
Cost of sales (2,853,409) (2,707,522)
Gross profit 1,378,304 1,458,897
Distribution costs (175,421) (137,815)
Administrative expenses (1,100,482) (982,734)
Operating profit 102,401 338,348
Profit before taxation 102,401 338,348
Tax on profit (29,907) (62,402)
Profit for the financial year 72,494 275,946
Fire & Acoustic Seals Limited
Registered number: 07222274
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 104,406 129,288
Current assets
Stocks 547,282 300,384
Debtors 4 768,290 645,402
Cash at bank and in hand 487,455 627,605
1,803,027 1,573,391
Creditors: amounts falling due within one year 5 (1,382,185) (1,170,626)
Net current assets 420,842 402,765
Total assets less current liabilities 525,248 532,053
Provisions for liabilities (13,529) (7,828)
Net assets 511,719 524,225
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 501,719 514,225
Shareholders' funds 511,719 524,225
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
DT Finney
Director
Approved by the board on 29 January 2025
Fire & Acoustic Seals Limited
Statement of Changes in Equity
for the year ended 30 April 2024
Share Profit Total
capital and loss
account
£ £ £
At 1 May 2022 10,000 338,279 348,279
Profit for the financial year 275,946 275,946
Dividends (100,000) (100,000)
At 30 April 2023 10,000 514,225 524,225
At 1 May 2023 10,000 514,225 524,225
Profit for the financial year 72,494 72,494
Dividends (85,000) (85,000)
At 30 April 2024 10,000 501,719 511,719
Fire & Acoustic Seals Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 74,341 137,528 211,869
Additions 18,150 - 18,150
Disposals - (67,588) (67,588)
At 30 April 2024 92,491 69,940 162,431
Depreciation
At 1 May 2023 25,906 56,675 82,581
Charge for the year 14,107 21,960 36,067
On disposals - (60,623) (60,623)
At 30 April 2024 40,013 18,012 58,025
Net book value
At 30 April 2024 52,478 51,928 104,406
At 30 April 2023 48,435 80,853 129,288
4 Debtors 2024 2023
£ £
Trade debtors 665,347 554,217
Other debtors 102,943 91,185
768,290 645,402
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 732,888 673,721
Taxation and social security costs 153,744 139,512
Other creditors 495,553 357,393
1,382,185 1,170,626
6 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts - 18,150
7 Related party transactions
The following companies are controlled by the board of directors and are related parties:
Transaction for year to Sales of Purchases of Debtor Creditor
30 April 2023 product products
Midland Building Products Ltd 405,014 268,420 141,672 161,058
Manchester Doors & Cubicles Ltd 83,716 - 7,603 -
Specialist Joinery Products Ltd 59,295 - 14,117 -
Southern Doors & Cubicles Ltd 161,946 1,840 17,503 2,208
Joinery Specialists Ltd 36,593 - 3,205 -
Leeds Doors & Cubicles Ltd 22,244 - 4,619 -
ZMR Ltd 15 1,048 - -
UK Doorsets Ltd 203,376 9,755 14,575 -
Door-Kit Solutions Ltd 39,559 - 1,213 -
IBS Building Products Ltd 2,007 - 540 -
MBP Ironmongery Ltd 493 591
Transaction for year to Sales of Purchases of Debtor Creditor
30 April 2022 product products
£ £ £ £
Midland Building Products Ltd 655,260 230,754 125,641 66,511
Manchester Doors & Cubicles Ltd 58,698 - 846 -
Specialist Joinery Products Ltd 39,449 - 19,751 -
Southern Doors & Cubicles Ltd 202,867 - 23,587 -
Joinery Specialists Ltd 45,583 - 3,121 -
Leeds Doors & Cubicles Ltd 18,583 - 1,886 -
ZMR Ltd 290 3,724 18 -
UK Doorsets Ltd 297,928 5,486 22,674 -
Door-Kit Solutions Ltd 21,930 - 2,008 -
IBS Building Products Ltd 454 - 206 -
8 Controlling party
The company is controlled by the board of directors by vrtue of their own shareholdings or those of immediate family members.
9 Other information
Fire & Acoustic Seals Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 6-11 Spartan Industrial Centre
Brickhouse Lane
Great Bridge
West Midlands
B70 0DH
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