IRIS Accounts Production v24.3.2.46 03640854 Board of Directors 1.1.24 31.12.24 31.12.24 4/3/2025 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036408542023-12-31036408542024-12-31036408542024-01-012024-12-31036408542022-12-31036408542023-01-012023-12-31036408542023-12-3103640854ns15:EnglandWales2024-01-012024-12-3103640854ns14:PoundSterling2024-01-012024-12-3103640854ns10:Director12024-01-012024-12-3103640854ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103640854ns10:SmallEntities2024-01-012024-12-3103640854ns10:Audited2024-01-012024-12-3103640854ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3103640854ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103640854ns10:FullAccounts2024-01-012024-12-3103640854ns10:Director22024-01-012024-12-3103640854ns10:CompanySecretary12024-01-012024-12-3103640854ns10:RegisteredOffice2024-01-012024-12-3103640854ns5:CurrentFinancialInstruments2024-12-3103640854ns5:CurrentFinancialInstruments2023-12-3103640854ns5:Non-currentFinancialInstruments2024-12-3103640854ns5:Non-currentFinancialInstruments2023-12-3103640854ns5:ShareCapital2024-12-3103640854ns5:ShareCapital2023-12-3103640854ns5:RetainedEarningsAccumulatedLosses2024-12-3103640854ns5:RetainedEarningsAccumulatedLosses2023-12-3103640854ns5:PlantMachinery2024-01-012024-12-3103640854ns5:FurnitureFittings2024-01-012024-12-3103640854ns5:MotorVehicles2024-01-012024-12-3103640854ns5:PlantMachinery2023-12-3103640854ns5:FurnitureFittings2023-12-3103640854ns5:MotorVehicles2023-12-3103640854ns5:PlantMachinery2024-12-3103640854ns5:FurnitureFittings2024-12-3103640854ns5:MotorVehicles2024-12-3103640854ns5:PlantMachinery2023-12-3103640854ns5:FurnitureFittings2023-12-3103640854ns5:MotorVehicles2023-12-3103640854ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103640854ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103640854ns5:Non-currentFinancialInstruments2024-01-012024-12-31
REGISTERED NUMBER: 03640854 (England and Wales)










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: Mr T R Barr
Ms J Shepherd





Secretary: Mr T R Barr





Registered office: Unit 7 Merlin Park
Halesfield 19
Telford
TF7 4QT





Registered number: 03640854 (England and Wales)





Auditors: Hughes & Co.
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 23,682 21,154

Current assets
Stocks 5 3,110 -
Debtors 6 794,055 563,192
Cash at bank and in hand 723,566 551,761
1,520,731 1,114,953
Creditors
Amounts falling due within one year 7 1,457,240 1,275,601
Net current assets/(liabilities) 63,491 (160,648 )
Total assets less current liabilities 87,173 (139,494 )

Creditors
Amounts falling due after more than one
year

8

-

59,148
Net assets/(liabilities) 87,173 (198,642 )

Capital and reserves
Called up share capital 196,250 196,250
Retained earnings (109,077 ) (394,892 )
Shareholders' funds 87,173 (198,642 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2025 and were signed on its behalf by:





Ms J Shepherd - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 9 (2023 - 11 ) .

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 86,926 6,962 700 94,588
Additions 4,485 - 9,275 13,760
Disposals - - (700 ) (700 )
At 31 December 2024 91,411 6,962 9,275 107,648
Depreciation
At 1 January 2024 67,890 5,369 175 73,434
Charge for year 9,395 1,119 193 10,707
Eliminated on disposal - - (175 ) (175 )
At 31 December 2024 77,285 6,488 193 83,966
Net book value
At 31 December 2024 14,126 474 9,082 23,682
At 31 December 2023 19,036 1,593 525 21,154

5. STOCKS
2024 2023
£ £
Stocks 3,110 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 243,404 154,101
Amounts owed by group undertakings 6,778 47,357
Other debtors 543,873 361,734
794,055 563,192

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts - 35,490
Trade creditors 226,657 83,968
Amounts owed to group undertakings 360,946 387,828
Taxation and social security 213,908 92,643
Other creditors 655,729 675,672
1,457,240 1,275,601

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 - 59,148

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.

David Hughes (Senior Statutory Auditor)
for and on behalf of Hughes & Co.

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.