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REGISTERED NUMBER: 09092173 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

FUNDAMENTAL SUPPLIES LTD

FUNDAMENTAL SUPPLIES LTD (REGISTERED NUMBER: 09092173)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


FUNDAMENTAL SUPPLIES LTD

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: P Simmons
Miss A Moore





REGISTERED OFFICE: 262 Orrell Road
Orrell
Wigan
Lancashire
WN5 8QZ





REGISTERED NUMBER: 09092173 (England and Wales)





ACCOUNTANTS: Fairhurst Accountants Ltd
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

FUNDAMENTAL SUPPLIES LTD (REGISTERED NUMBER: 09092173)

STATEMENT OF FINANCIAL POSITION
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 191 239

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 12,598 251
Cash at bank 2,437 2,193
16,035 3,444
CREDITORS
Amounts falling due within one year 6 39,434 34,214
NET CURRENT LIABILITIES (23,399 ) (30,770 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(23,208

)

(30,531

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (23,210 ) (30,533 )
SHAREHOLDERS' FUNDS (23,208 ) (30,531 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





P Simmons - Director


FUNDAMENTAL SUPPLIES LTD (REGISTERED NUMBER: 09092173)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Fundamental Supplies 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 accounts have been prepared on the assumption that the company is a going concern, which is dependent upon the continued financial support of the directors. The directors have indicated that the loan in the accounts which would normally be repayable on demand, will not be withdrawn until such time as the profitability of the company permits.

The disclosure requirements of section 1a of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover represents the net sales of goods to customers in the period.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer, which is usually at the point when the customer receives the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan accounts, trade creditors, accruals and bank loans.

Financial instruments that are payable or receivable within one year, typically trade debtors, Directors' loan accounts, trade creditors and accruals, are measured initially and subsequently at the discounted amount of the cash or other consideration that is expected to be paid or received.

Financial instruments repayable in more than one year such as bank loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

FUNDAMENTAL SUPPLIES LTD (REGISTERED NUMBER: 09092173)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023
and 30 June 2024 4,564
DEPRECIATION
At 1 July 2023 4,325
Charge for year 48
At 30 June 2024 4,373
NET BOOK VALUE
At 30 June 2024 191
At 30 June 2023 239

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 44 251
Other debtors 12,554 -
12,598 251

FUNDAMENTAL SUPPLIES LTD (REGISTERED NUMBER: 09092173)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 890
Trade creditors 1,308 1,089
Other creditors 38,126 32,235
39,434 34,214

7. RELATED PARTY DISCLOSURES

Included in Other creditors is £36,887 (2023: £29,684) due to the directors.