REGISTERED NUMBER: |
FALCON FLUES LTD |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
REGISTERED NUMBER: |
FALCON FLUES LTD |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Contents of the Financial Statements |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FALCON FLUES LTD |
Company Information |
for the year ended 30 September 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
Shareholders' funds |
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. |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Notes to the Financial Statements |
for the year ended 30 September 2024 |
1. | Statutory information |
Falcon Flues Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provision of Section 102 1A "Small Entities of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis, under the historical cost convention. |
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts receivable for goods and services provided in the year relating to chimney and exhaust design and installation services throughout the UK and is stated net of VAT. |
Goodwill |
Goodwill is the difference between amounts paid on the acquisition of the business and the fair value of the identifiable assets and liabilities. It is amortised to the income statement over its estimated economic life of 10 years. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
2. | Accounting policies - continued |
Key sources of estimation uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Amortisation |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
5. | Tangible fixed assets |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
Depreciation |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
Cost |
At 1 October 2023 |
Disposals | ( |
) |
At 30 September 2024 |
Depreciation |
At 1 October 2023 |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | Called up share capital |
Allotted, issued and fully paid: |
Nominal | 2024 | 2023 |
Number: | Class: | value: | £ | £ |
80 | Ordinary C | £1 | 80 | 60 |
40 | Redeemable A Ordinary | £1 | 40 | 40 |
10 | Ordinary E | £1 | 10 | 10 |
130 | 130 |
Ordinary C and Ordinary E shares are entitled to full voting and capital distribution rights.Redeemable A Ordinary shares are not entitled to voting and capital distributions or any surplus rights. |
FALCON FLUES LTD (REGISTERED NUMBER: 09726506) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
11. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2023 | 1,325,635 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 30 September 2024 | 422,606 |
12. | Related party disclosures |
Dividends of £137,000 (2023: £117,000) were paid to the director in the year. During the year, dividends of £750,000 (2023: £750,000) were declared to a connected company, by virtue of common control. |
13. | Ultimate controlling party |
M T Dearie is regarded as the ultimate controlling party by virtue of his shareholding in the company. |