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Registration number: 03385579

The Finishing Components Company Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 December 2024

 

The Finishing Components Company Limited

Contents

Director's Report

1

Statement of Income and Retained Earnings

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

iXBRL Detailed Income Statement

11 to 12

 

The Finishing Components Company Limited

Director's Report
for the year ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

S Reading-Brown

Principal activity

The principal activity of the company is the supply of finishing components to the manufacturing industry.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 13 May 2025
 

.........................................
S Reading-Brown
Director

 

The Finishing Components Company Limited

Statement of Income and Retained Earnings
for the year ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

253,707

296,969

Cost of sales

 

(175,010)

(209,065)

Gross profit

 

78,697

87,904

Distribution costs

 

(26,162)

(26,186)

Administrative expenses

 

(35,107)

(41,244)

Operating profit

 

17,428

20,474

Other interest receivable and similar income

 

91

37

 

91

37

Profit before tax

4

17,519

20,511

Taxation

 

(3,311)

(4,005)

Profit for the financial year

 

14,208

16,506

Retained earnings brought forward

 

28,196

35,690

Dividends paid

 

(24,000)

(24,000)

Retained earnings carried forward

 

18,404

28,196

 

The Finishing Components Company Limited

(Registration number: 03385579)
Statement of Financial Position
31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

752

607

Current assets

 

Stocks

6

4,890

2,000

Debtors

7

27,668

31,330

Cash at bank and in hand

 

3,831

16,109

 

36,389

49,439

Creditors: Amounts falling due within one year

8

(18,544)

(21,635)

Net current assets

 

17,845

27,804

Total assets less current liabilities

 

18,597

28,411

Provisions for liabilities

(93)

(115)

Net assets

 

18,504

28,296

Capital and reserves

 

Called up share capital

100

100

Retained earnings

18,404

28,196

Shareholders' funds

 

18,504

28,296

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

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 13 May 2025
 

 

The Finishing Components Company Limited

(Registration number: 03385579)
Statement of Financial Position
31 December 2024

.........................................
S Reading-Brown
Director

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 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:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

These financial statements were authorised for issue by the director on 13 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/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.

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

over 4 years

Office equipment

over 5 years

Computer equipment

over 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2024

2

Accounting policies (continued)

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2024

2

Accounting policies (continued)

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.

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

119

136

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

13,456

30,750

-

44,206

Additions

-

-

265

265

At 31 December 2024

13,456

30,750

265

44,471

Depreciation

At 1 January 2024

12,850

30,749

-

43,599

Charge for the year

120

-

-

120

At 31 December 2024

12,970

30,749

-

43,719

Carrying amount

At 31 December 2024

486

1

265

752

At 31 December 2023

606

1

-

607

6

Stocks

2024
£

2023
£

Other inventories

4,890

2,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

27,668

28,781

Prepayments

-

2,549

 

27,668

31,330

 

The Finishing Components Company Limited

Notes to the Unaudited Financial Statements
for the year ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,960

12,214

Taxation and social security

8,584

9,421

18,544

21,635

 

The Finishing Components Company Limited

iXBRL Detailed Income Statement
for the year ended 31 December 2024

2024
£

2023
£

Turnover/revenue

253,707

296,969

Cost of sales

Opening raw materials

(2,000)

(2,000)

Purchase of raw materials and consumables

(176,590)

(206,422)

Closing raw materials

4,890

2,000

Freight and haulage costs

(1,310)

(2,643)

Gross profit

78,697

87,904

Distribution costs

Wages and salaries excluding directors

(20,000)

(20,000)

Pension costs defined contribution schemes excluding directors

(5,400)

(5,400)

Staff costs excluding directors

(25,400)

(25,400)

Social security costs, directors

(762)

(786)

Administrative expenses

Audit and accountancy other services

(1,192)

(1,448)

Advertising, promotions and marketing costs

(759)

(604)

Client entertaining costs

(168)

(567)

Rent, rates and services costs

(6,319)

(6,838)

Utilities costs

(918)

(925)

Other repairs and maintenance costs

(497)

(245)

Cleaning costs

-

(6)

Depreciation of fixed assets

(119)

(136)

Vehicle costs

(4,713)

(5,904)

Other staff costs

(608)

(225)

Salaries and fees, directors

(8,500)

(8,500)

Company contributions to money purchase plans, directors

(6,000)

(6,000)

Staff costs, directors

(14,500)

(14,500)

 

The Finishing Components Company Limited

iXBRL Detailed Income Statement
for the year ended 31 December 2024

2024
£

2023
£

Travel and subsistence

(118)

(400)

Legal and professional costs

(453)

(433)

Bad debts and impairment losses

521

432

Bank charges

(690)

(709)

Insurance costs

(415)

(1,380)

IT and computing

(366)

(1,539)

Telecommunications

(1,744)

(1,630)

Printing, postage and stationery

(1,536)

(663)

Charitable donations

-

(3,110)

Other costs

(513)

(414)

Other operating income

Other items

Profit on ordinary activities before finance charges and interest

17,428

20,474

Bank interest and similar income receivable

91

37

Profit on ordinary activities before taxation

17,519

20,511

Tax on profit or loss on ordinary activities

(3,311)

(4,005)

Profit for the financial year

14,208

16,506