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Registration number: 08690332

Fabcon Food Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Fabcon Food Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Fabcon Food Systems Limited

Company Information

Directors

T Howard

A W Peek

Registered office

1-3 Delta Close
Norwich
Norfolk
NR6 6BG

Accountants

Pacific Limited
Chartered Accountants
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk,
NR2 4AB

 

Fabcon Food Systems Limited

(Registration number: 08690332)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

257,489

182,835

Current assets

 

Stocks

287,756

761,553

Debtors

5

769,572

1,202,667

Cash at bank and in hand

 

642,291

560,093

 

1,699,619

2,524,313

Creditors: Amounts falling due within one year

6

(1,808,951)

(2,167,440)

Net current (liabilities)/assets

 

(109,332)

356,873

Total assets less current liabilities

 

148,157

539,708

Creditors: Amounts falling due after more than one year

6

(6,500)

-

Provisions for liabilities

(9,636)

(43,318)

Net assets

 

132,021

496,390

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

131,921

496,290

Shareholders' funds

 

132,021

496,390

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

T Howard
Director

A W Peek
Director

 
     
 

Fabcon Food Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-3 Delta Close
Norwich
Norfolk
NR6 6BG

2

Accounting policies

Basis of Preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern
The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

In respect of long term contracts turnover represents the value of work done in the year, including estimates of amounts not invoiced. When the outcome of a contract can be estimated reliably, the company will recognise the revenue by reference to the stage of completion at the date of the financial statements. The stage of completion is determined by the proportion of costs incurred to date in comparison to the total estimated final costs for the contract.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax and is recognised in the profit and loss account.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fabcon Food Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% straight line

Motor vehicles

20% straight line


Cash
Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Research and Development
Expenditure on research and development is written off against the profits in the year in which it is incurred.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Fabcon Food Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year was 28 (2023 - 26).

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 August 2023

433,064

103,315

536,379

Additions

131,719

2,651

134,370

Disposals

-

(25,005)

(25,005)

At 31 July 2024

564,783

80,961

645,744

Depreciation

At 1 August 2023

266,048

87,496

353,544

Charge for the year

54,755

4,960

59,715

Eliminated on disposal

-

(25,004)

(25,004)

At 31 July 2024

320,803

67,452

388,255

Net book value

At 31 July 2024

243,980

13,509

257,489

At 31 July 2023

167,016

15,819

182,835

5

Debtors

2024
£

2023
£

Trade debtors

748,059

1,079,623

Other debtors

75

97,366

Prepayments

21,438

25,678

769,572

1,202,667

 

Fabcon Food Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

HP and finance lease liabilities

9,750

-

Trade creditors

584,522

623,744

Taxation and social security

69,652

73,567

Other creditors

1,021,722

1,184,726

Other loans

117,800

117,456

Accruals

5,505

167,947

1,808,951

2,167,440


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £9,750 (2023 - £Nil). Obligations under hire purchase and finance lease contracts are secured upon the assets acquired under those agreements.

Creditors: amounts falling due after more than one year

2024
£

2023
£

HP and finance lease liabilities

6,500

-

6,500

-



Creditors include net obligations under finance lease and hire purchase contracts which are secured of £6,500 (2023 - £Nil).Obligations under hire purchase and finance lease contracts are secured upon the assets acquired under those agreements.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

 

100

100

100

100

 

Fabcon Food Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £971,413 (2023 - £1,056,675).

9

Related party transactions

Directors’ advances

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £22,000 (2023 - £Nil) was advanced and £22,000 (2023 - £Nil) was repaid.

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £12,000 (2023 - £Nil) was advanced and £12,000 (2023 - £Nil) was repaid.


Advances were unsecured and no interest has been charged.