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Registration number: 12615800

Fitzfabs Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Fitzfabs Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

 

Fitzfabs Ltd

Company Information

Director

Mr Mark Fitzpatrick

Registered office

112 - 114 Witton Street
Northwich
Cheshire
CW9 5NW

Accountants

Burton Beavan Limited
Chartered Certified Accountants112-114 C/o Burton Beavan
Witton Street
Northwich
Cheshire
CW9 5NW

 

Fitzfabs Ltd

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director of the company

The director who held office during the year was as follows:

Mr Mark Fitzpatrick

Principal activity

The principal activity of the company is Fabricator

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 4 March 2025
 

.........................................
Mr Mark Fitzpatrick
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fitzfabs Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fitzfabs Ltd for the year ended 30 June 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Fitzfabs Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fitzfabs Ltd and state those matters that we have agreed to state to the Board of Directors of Fitzfabs Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fitzfabs Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fitzfabs Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Fitzfabs Ltd. You consider that Fitzfabs Ltd 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 accounts of Fitzfabs Ltd. 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 accounts.

......................................

Burton Beavan Limited
Chartered Certified Accountants
112-114 C/o Burton Beavan
Witton Street
Northwich
Cheshire
CW9 5NW

4 March 2025

 

Fitzfabs Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

29,854

40,036

Cost of sales

 

(24,756)

(22,020)

Gross profit

 

5,098

18,016

Administrative expenses

 

(17,323)

(16,775)

Operating (loss)/profit

 

(12,225)

1,241

Interest payable and similar expenses

 

(456)

(316)

(Loss)/profit before tax

(12,681)

925

Tax on (loss)/profit

 

-

(198)

(Loss)/profit for the financial year

 

(12,681)

727

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Fitzfabs Ltd

(Registration number: 12615800)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

3

2,650

1,000

Debtors

4

3,309

4,255

Cash at bank and in hand

 

1,549

-

 

7,508

5,255

Creditors: Amounts falling due within one year

5

(20,176)

(5,243)

Net (liabilities)/assets

 

(12,668)

12

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

(12,669)

11

Shareholders' (deficit)/funds

 

(12,668)

12

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 4 March 2025
 

.........................................
Mr Mark Fitzpatrick
Director

 

Fitzfabs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fitzfabs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fitzfabs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Stocks

2024
£

2023
£

Other inventories

2,650

1,000

4

Debtors

Current

2024
£

2023
£

Prepayments

-

615

Other debtors

3,309

3,640

 

3,309

4,255

 

Fitzfabs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

1,190

Taxation and social security

 

-

4,053

Other creditors

 

20,176

-

 

20,176

5,243

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

1,190

8

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £750.00) per ordinary share

-

750

 

 

9

Related party transactions

 

Fitzfabs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,523

9,964

 

Fitzfabs Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

Turnover/revenue

29,854

40,036

Cost of sales

Opening raw materials

(1,000)

-

Purchase of raw materials and consumables

(26,406)

(23,020)

Closing raw materials

2,650

1,000

Gross profit

5,098

18,016

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,440)

(1,440)

Advertising, promotions and marketing costs

(691)

(441)

Rent, rates and services costs

(500)

(850)

Other repairs and maintenance costs

(303)

(759)

Vehicle costs

(1,440)

(2,649)

Salaries and fees, directors

(11,523)

(9,964)

Social security costs, directors

(478)

-

Staff costs, directors

(12,001)

(9,964)

Bank charges

(69)

(134)

Insurance costs

(654)

(123)

Other costs

(225)

(415)

Other operating income

Other items

(Loss)/profit on ordinary activities before finance charges and interest

(12,225)

1,241

Interest expense on bank overdraft, bank loans and similar borrowings

(468)

(206)

Non-bank interest and similar charges

12

(110)

(Loss)/profit on ordinary activities before taxation

(12,681)

925

Tax on profit or loss on ordinary activities

-

(198)

(Loss)/profit for the financial year

(12,681)

727