REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
F. S. DISTRIBUTION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
F. S. DISTRIBUTION LIMITED |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Statement of Financial Position | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 10 |
F. S. DISTRIBUTION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor North |
40 Oxford Road |
High Wycombe |
Buckinghamshire |
HP11 2EE |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
F. S. DISTRIBUTION LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F. S. Distribution Limited for the year ended 31 October 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of F. S. Distribution Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of F. S. Distribution Limited and state those matters that we have agreed to state to the Board of Directors of F. S. Distribution Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F. S. Distribution Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that F. S. Distribution Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F. S. Distribution Limited. You consider that F. S. Distribution Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of F. S. Distribution Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
First Floor North |
40 Oxford Road |
High Wycombe |
Buckinghamshire |
HP11 2EE |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
1. | STATUTORY INFORMATION |
F S Distribution Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is Dormer Road, Thame Industrial Estate, Thame, Oxfordshire, OX9 3FS. The registered number is 01669577. |
The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The directors have assessed expected future cashflows, giving due consideration to all relevant factors affecting the company. The directors have considered the potential impact on the company as well as its capital resources and believe that the company has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. |
Although at the statement of financial position date the company had net current liabilities of £248,715, the directors believe it is appropriate for the financial statements to be prepared on the going concern basis as the company is able to rely on the support of its shareholders. |
Turnover |
Turnover represents the total value of services supplied during the year, excluding value added tax. Turnover from the sale of services is recognised when they have been delivered. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
Improvements to property - 5 years |
Plant and machinery - reducing balance - 20% and reducing balance - 15% |
Fixtures and fittings - straight line - 33% and reducing balance - 15% |
Motor vehicles - reducing balance - 25% and reducing balance - 15% |
Stands - straight line - 33% |
Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Stocks |
Stocks is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the 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. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company contributes to defined contribution pension arrangements for its employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the statement of comprehensive income. |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the statement of comprehensive income on a straight line basis. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Motor |
vehicles | Stands | Totals |
£ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 540,219 | 538,180 |
Bank loans are secured under the terms of the Government's coronavirus business interruption loan scheme ("CBILS"). |
The obligations under hire purchase contracts are secured on the assets concerned. |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 120,100 | 120,100 |
11. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies not included in the statement of financial position amount to £480,000 (2023 - £621,187). The operating lease payments falling due for payment within one year total £144,000 (2023 - £141,167) and falling due in over one year total £336,000 (2023 - £480,000). |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred taxation |
Accelerated capital allowances | 219,354 | 185,021 |
Tax losses carried forward | (180,801 | ) | (151,861 | ) |
38,553 | 33,160 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
F. S. DISTRIBUTION LIMITED (REGISTERED NUMBER: 01669577) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
This loan is interest free and repayable on demand. |