Ffabricate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Mercy Terrace, London, SE13 7UX.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
At the statement of financial position date, there were net current liabilities of £73,029 (2023: £127,650). Other companies in the group have agreed to provide financial support to the company as required. On the basis of the continued support from these group companies, the directors consider the company will be able to meet its liabilities as they fall due and that it is appropriate to prepare these financial statements on a going concern basis. There is currently sufficient level of client commitments to enable the business to continue trading at close to full capacity.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
During the year the company paid Mr Robertson, a director, £53,213 (2023: £nil). At the balance sheet date £nil (2023: £53,213) was owed to Mr Robertson and this amount was included in other creditors. The loan was interest free and was repayable by agreement between the company and Mr Robertson.
During the year the company paid Mr Fraher, a director £10,000 (2023: £nil). At the balance sheet date £nil (2023: £10,000) was owed to Mr Fraher, and this amount was included in other creditors. The loan was interest free and was repayable by agreement between the company and Mr Fraher.
The following transactions are with companies in which the directors have a directorship and or shareholding:
During the year Fraher & Findlay Construction Limited, a group undertaking repaid the company, £5,143 (2023: £216,046). At the balance sheet date £127,764 (2023: £132,907) was owed by the group undertaking. The loan is interest free and repayable on demand.
During the year the company charged £50,000 (2023: £260,000) to Fraher & Findlay Construction Limited, a group undertaking for goods supplied by the company to Fraher & Findlay Construction Limited. This was below market rate.
During the year the company was charged £50,000 (2023: £nil) for salary, premises and administration costs of the company by Fraher and Findlay Architects Limited, a group undertaking.
During the year Fraher & Findlay Architects Limited, a group undertaking, lent the company £50,000 (2023: borrowed £7,056 from). At the balance sheet date £50,000 (2023: £nil) was owed to the group undertaking. The loan is interest free and repayable on demand.
During the year a group undertaking, Fraher & Findlay Holdings Limited lent the company £1,408 (2023: £5,000). At the balance sheet date £6,408 (2023: £5,000) was owed by the company to the group undertaking. The loan is interest free and repayable on demand.
During the year, the company repaid £63,806 (2023: borrowed £9,203 from) to Fraher Holdings & Investments Limited, the company’s ultimate parent company. At the balance sheet date £28,483 (2023: £92,289) was owed to the ultimate parent company. The loan is interest free and repayable on demand.