Registered number
09178862
Formby Door Co Ltd
Filleted Accounts
31 August 2024
Formby Door Co Ltd
Registered number: 09178862
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,287 4,787
Current assets
Stocks 11,500 6,500
Debtors 4 22,725 23,925
Cash at bank and in hand 115,407 160,537
149,632 190,962
Creditors: amounts falling due within one year 5 (56,228) (63,005)
Net current assets 93,404 127,957
Total assets less current liabilities 95,691 132,744
Creditors: amounts falling due after more than one year 6 (19,809) (29,784)
Net assets 75,882 102,960
Capital and reserves
Called up share capital 100 100
Profit and loss account 75,782 102,860
Shareholders' funds 75,882 102,960
The director is 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 director acknowledges his 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.
Mr Iain Howard Purcell
Director
Approved by the board on 20 January 2025
Formby Door Co Ltd
Notes to the Accounts
for the year ended 31 August 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 5 years
Motor vehicles over 5 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 (usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 8,739 13,163 21,902
At 31 August 2024 8,739 13,163 21,902
Depreciation
At 1 September 2023 6,032 11,083 17,115
Charge for the year 1,000 1,500 2,500
At 31 August 2024 7,032 12,583 19,615
Net book value
At 31 August 2024 1,707 580 2,287
At 31 August 2023 2,707 2,080 4,787
4 Debtors 2024 2023
£ £
Trade debtors 22,725 23,925
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 35,810 37,010
Taxation and social security costs 15,221 24,171
Other creditors 5,197 1,824
56,228 63,005
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,809 29,784
7 Related party transactions
The Directors maintained a loan account during the period. A salary of £12,000 (£12,000:2023) and a dividend of £51,000(£68,000:2023) was paid during the year.
8 Controlling party
The Directors control the company by way of their shareholding.
9 Other information
Formby Door Co Ltd is a private company limited by shares and incorporated in England. Its registered office is:
173 College Road
Crosby
Merseyside
L23 3AT
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