Registered number
00870115
Fleming Brothers Limited
Filleted Accounts
31 December 2024
Fleming Brothers Limited
Registered number: 00870115
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 99,843 79,332
Investments 4 175,000 175,000
274,843 254,332
Current assets
Stocks 518,816 488,386
Debtors 6 78,149 134,770
Cash at bank and in hand 25,564 53,996
622,529 677,152
Creditors: amounts falling due within one year 7 (302,167) (347,583)
Net current assets 320,362 329,569
Total assets less current liabilities 595,205 583,901
Provisions for liabilities (25,000) (19,800)
Net assets 570,205 564,101
Capital and reserves
Called up share capital 200 200
Non distributable reserve 8 56,107 56,107
Profit and loss account 513,898 507,794
Shareholders' funds 570,205 564,101
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.
J P Fleming
Director
Approved by the board on 1 April 2025
Fleming Brothers Limited
Notes to the Accounts
for the year ended 31 December 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% on reducing balance
Plant and machinery 25% on reducing balance
Fixtures, fittings, tools and equipment 25% on reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 16
The number of directors to whom retirement benefits were accruing was as follows:
Money purchase schemes 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 161,840 20,545 182,385
Additions 37,480 - 37,480
Disposals (7,933) - (7,933)
At 31 December 2024 191,387 20,545 211,932
Depreciation
At 1 January 2024 85,480 17,573 103,053
Charge for the year 16,026 743 16,769
On disposals (7,733) - (7,733)
At 31 December 2024 93,773 18,316 112,089
Net book value
At 31 December 2024 97,614 2,229 99,843
At 31 December 2023 76,360 2,972 79,332
4 Investments
Other
investments
£
Cost
At 1 January 2024 175,000
At 31 December 2024 175,000
Historical cost
At 1 January 2024 116,810
At 31 December 2024 116,810
Investment property was professionally valued on an open market basis on 9 March 2017.

The directors have reviewed the carrying value and consider that this represents the fair value of the property at the Balance Sheet date.
5 Stocks 2024 2023
£ £
Vehicles 347,858 412,967
Parts 35,109 24,567
382,967 437,534
The company holds stock of new motor vehicles on consignment from the manufacturer. These remain the property of the manufacturer until sold, appropriated by this company or the expiry of 360 days in stock. No amounts for the stock or the liability to the manufacturer are entered in the financial statements until the stocks are acquired by this company.

The amount of consignment stock held at the year end was £609,638 (2023 - £266,661).
6 Debtors 2024 2023
£ £
Trade debtors 42,969 65,178
Other debtors 35,180 69,592
78,149 134,770
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 144,612 220,918
Taxation and social security costs 119,918 107,144
Other creditors 37,637 19,521
302,167 347,583
8 Non distributable reserve 2024 2023
£ £
At 1 January 2024 56,107 56,107
At 31 December 2024 56,107 56,107
9 Related party disclosures
The company is controlled by the directors who, as brothers, own 100% of the issued share capital.

During the year the company paid Fleming Brothers Action Plan Pension Scheme, a Self Administered Scheme for the benefit of the directors, rent of £34,270 (2023 - £34,270).
10 Other information
Fleming Brothers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Southend Road
Hunstanton
Norfolk
PE36 5AP
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