REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Ferco Seating Systems Ltd |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Ferco Seating Systems Ltd |
Ferco Seating Systems Ltd (Registered number: 03640854) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Ferco Seating Systems Ltd |
Company Information |
for the Year Ended 31 December 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
The Stables |
Broseley Hall |
Church Street |
Broseley |
Shropshire |
TF12 5DG |
Ferco Seating Systems Ltd (Registered number: 03640854) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities | ( |
) |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ferco Seating Systems Ltd (Registered number: 03640854) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Ferco Seating Systems Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from projects is recognised on the completion date of a project, deemed to be the date in which the final works on a project are completed. |
Any revenue invoiced for projects that have not completed at the year end is included within the deferred income and any income not yet invoiced at the year end relating to projects completed in the year is included within the accrued income. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost based on the cost of purchase on a first in, first out basis. Work in progress includes all costs incurred to date on projects not yet completed. At each reporting date, stocks are assessed for impairment. If stock is 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Ferco Seating Systems Ltd (Registered number: 03640854) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on a going concern basis notwithstanding the deficit in retained earnings of £99,077 (2023 - £394,892). The Directors have received assurance from fellow group companies that they will not withdraw their loan balances, providing the company with adequate resource to continue in operational existence for the foreseeable future. They have considered a period of 12 months from the date of the approval of these financial statements. Therefore the Directors have continued to adopt a going concern basis. |
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities respectively. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Ferco Seating Systems Ltd (Registered number: 03640854) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
Depreciation |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
Net book value |
At 31 December 2024 |
At 31 December 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Ferco Seating Systems Ltd (Registered number: 03640854) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
HSBC Bank PLC hold a fixed and floating charge over the trade and assets of the company. At the period end £Nil (2023 - £94,637) was outstanding to HSBC Bank PLC and is included within Bank loans. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent undertaking is Ferco Seating Systems (M) Sdn Bhd, a company registered in Malaysia. The registered office is 7 Jalan Sungai Besar 26/7, Section 26, 40400 Shah Alam, Selangor, Malaysia. |
Ferco Seating Systems (M) Sdn Bhd is the smallest group in which the results are consolidated. |
The ultimate parent company is FF Space Co. Limited, a company registered in Japan. |