During the year the company made an unsecured advance to PD Fassam and VJ Fassam of £1,330, and charged interest of £638. The directors made combined repayments of £34,333 during the year against their brought forward balances of £34,333, with the remaining £1,968 being outstanding at the year-end which is included within current assets.
During the year the company made an unsecured advance to PJ Fassam of £70. The director made a repayment of £2,010 during the year against their brought forward balance of £2,010, with a remaining balance of £70 being outstanding at the year-end which is included within current assets.
Loans made to directors are repayable on demand with interest charged at the HMRC approved rate.
The financial statements have been prepared on a going concern basis notwithstanding that at 31 July 2024 the company had net current liabilities of £97,556 (2023: £39,333) and net liabilities of £58,329 (2023: £22,797).
The director has a reasonable expectation that the company will continue from 12 months after signing the balance sheet. The company relies on the ongoing support of the director and shareholder to continue as a going concern.
A fixed and floating charge over all assets in the form of a debenture exists on all liabilities due to HSBC.
Also included within other creditors are liabilities under a finance lease totalling £nil (2023 - £1,184) which was secured over motor vehicles held in fixed assets.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £15,367 (2023: £33,929). Included within total commitments are amounts in respect of leasehold property of £nil (2023 - £8,964).
The average number of persons, including directors, employed by the company during the year was as follows:
On transition to FRS 105 the following items were restated:-
Deferred tax
Deferred tax has been derecognised.
The effect of the above was a decrease in reserves at 31 July 2023 of £22,339
Paul Fassam Geomatics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Salt Quay House, North East Quay, Sutton Harbour, Plymouth, Devon, United Kingdom, PL4 0BN.