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COMPANY REGISTRATION NUMBER: 01242877
Foursome Vehicle Heaters Limited
Filleted Unaudited Financial Statements
31 May 2024
Foursome Vehicle Heaters Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Foursome Vehicle Heaters Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,771
4,438
Current assets
Stocks
154,714
132,843
Debtors
6
22,990
52,042
Cash at bank and in hand
97,467
106,070
---------
---------
275,171
290,955
Creditors: amounts falling due within one year
7
103,746
127,346
---------
---------
Net current assets
171,425
163,609
---------
---------
Total assets less current liabilities
175,196
168,047
Provisions
Taxation including deferred tax
716
843
---------
---------
Net assets
174,480
167,204
---------
---------
Foursome Vehicle Heaters Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
8
79
79
Share premium account
27,489
27,489
Capital redemption reserve
32
32
Profit and loss account
146,880
139,604
---------
---------
Shareholders funds
174,480
167,204
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
M J Hemming
Director
Company registration number: 01242877
Foursome Vehicle Heaters Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 6D & 6E, Brockhill Works, Windsor Road, Redditch, Worcs, B97 6DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer. Tax Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 15% reducing balance
Motor Vehicles - 25% reducing balance
Equipment - 15% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
210,817
33,629
244,446
---------
--------
---------
Depreciation
At 1 June 2023
207,755
32,253
240,008
Charge for the year
460
207
667
---------
--------
---------
At 31 May 2024
208,215
32,460
240,675
---------
--------
---------
Carrying amount
At 31 May 2024
2,602
1,169
3,771
---------
--------
---------
At 31 May 2023
3,062
1,376
4,438
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
19,602
42,875
Other debtors
3,388
9,167
--------
--------
22,990
52,042
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,854
66,687
Social security and other taxes
12,555
12,093
Other creditors
50,337
48,566
---------
---------
103,746
127,346
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
79
79
79
79
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----
----
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