Company registration number 07352828 (England and Wales)
Mr Fitzpatrick's Limited
Unaudited financial statements
For the year ended 30 November 2024
Mr Fitzpatrick's Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Mr Fitzpatrick's Limited
Statement of financial position
As at 30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
11,241
13,478
Current assets
Inventories
73,407
85,085
Trade and other receivables
5
719,767
669,472
Cash and cash equivalents
151,700
91,765
944,874
846,322
Current liabilities
6
(80,225)
(114,510)
Net current assets
864,649
731,812
Total assets less current liabilities
875,890
745,290
Provisions for liabilities
(2,810)
(3,370)
Net assets
873,080
741,920
Equity
Called up share capital
75
75
Retained earnings
873,005
741,845
Total equity
873,080
741,920
Mr Fitzpatrick's Limited
Statement of financial position (continued)
As at 30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Ms A Fenn
Director
Company registration number 07352828 (England and Wales)
Mr Fitzpatrick's Limited
Notes to the financial statements
For the year ended 30 November 2024
- 3 -
1
Accounting policies
Company information

Mr Fitzpatrick's Limited is a private company limited by shares incorporated in England and Wales. The registered office is Myrtle Grove Mill, Lench Road, Rawtenstall, Rossendale, BB4 7JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts. Revenue is recognised as follows:-

 

Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered and installed products to the customer and collectability of the related receivables is fairly stated.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

1.4
Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is estimated selling price less costs to complete and sell.

 

Cost includes any expenditure incurred in bringing the inventory to its present location and condition.

The cost comprises of actual purchase price.

Mr Fitzpatrick's Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

 

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at statement of financial position 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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.9
Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Mr Fitzpatrick's Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements.

 

3
Employees

The average monthly number of persons employed by the company during the year was: 4

2024
2023
Number
Number
Total
4
4
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 December 2023
82,512
Additions
1,195
At 30 November 2024
83,707
Depreciation and impairment
At 1 December 2023
69,034
Depreciation charged in the year
3,432
At 30 November 2024
72,466
Carrying amount
At 30 November 2024
11,241
At 30 November 2023
13,478
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
62,343
91,776
Amounts owed by group undertakings
655,000
557,000
Other receivables
2,424
20,696
719,767
669,472
Mr Fitzpatrick's Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 6 -
6
Current liabilities
2024
2023
£
£
Trade payables
36,936
36,692
Taxation and social security
39,222
73,397
Other payables
4,067
4,421
80,225
114,510
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