Registered number
06184258
Fair Wear and Tear Limited
Filleted Accounts
28 March 2024
Fair Wear and Tear Limited
Registered number: 06184258
Balance Sheet
as at 28 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 4 11,654 8,381
Cash at bank and in hand 15,728 18,892
27,382 27,273
Creditors: amounts falling due within one year 5 (27,409) (19,100)
Net current (liabilities)/assets (27) 8,173
Total assets less current liabilities (27) 8,173
Creditors: amounts falling due after more than one year 6 (5,210) (6,138)
Net (liabilities)/assets (5,237) 2,035
Capital and reserves
Called up share capital 2 2
Profit and loss account (5,239) 2,033
Shareholders' funds (5,237) 2,035
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…...........................
T Wakelin
Director
Approved by the board on 22 March 2025
Fair Wear and Tear Limited
Notes to the Accounts
for the period from 30 March 2023 to 28 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 30 March 2023 108,009
At 28 March 2024 108,009
Amortisation
At 30 March 2023 108,009
At 28 March 2024 108,009
Net book value
At 28 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Debtors 2024 2023
£ £
Trade debtors 3,968 2,425
Other debtors 7,686 5,956
11,654 8,381
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 927 904
Trade creditors 9,043 43
Taxation and social security costs 13,099 15,214
Other creditors 4,340 2,939
27,409 19,100
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,210 6,138
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
K Wakelin
Interest bearing loan - 3,843 - 3,843
T Wakelin
Interest bearing loan - 3,843 - 3,843
- 7,686 - 7,686
The loan was repaid in full after the period end
8 Controlling party
The company was under the control of the directors by virtue of their 100% holding in the ordinary share capital of the company.
9 Other information
Fair Wear and Tear Limited is a private company limited by shares and incorporated in England. Its registered office is:
One St Peters Road
Maidenhead
Berkshire
SL6 7QU
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