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Registration number: 05482513

Fitfield Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Fitfield Limited

Contents

Statement of Financial Position

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Fitfield Limited

(Registration number: 05482513)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,318,486

1,676,326

Current assets

 

Debtors

5

1,661,939

2,128,143

Cash at bank and in hand

 

703,182

1,035,910

 

2,365,121

3,164,053

Creditors: Amounts falling due within one year

6

(819,569)

(1,195,614)

Net current assets

 

1,545,552

1,968,439

Total assets less current liabilities

 

2,864,038

3,644,765

Creditors: Amounts falling due after more than one year

6

(99,027)

(238,179)

Provisions for liabilities

(284,357)

(415,697)

Net assets

 

2,480,654

2,990,889

Capital and reserves

 

Called up share capital

50

50

Retained earnings

2,480,604

2,990,839

Shareholders' funds

 

2,480,654

2,990,889

 

Fitfield Limited

(Registration number: 05482513)
Statement of Financial Position as at 31 August 2024

For the financial year ending 31 August 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 and 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 Income Statement.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 


Mr J P Maxwell
Director

 

Fitfield Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 September 2023

50

2,990,839

2,990,889

Loss for the year

-

(510,235)

(510,235)

Total comprehensive income

-

(510,235)

(510,235)

At 31 August 2024

50

2,480,604

2,480,654

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

50

3,692,300

3,692,350

Profit for the year

-

566,751

566,751

Gifts to Fitfield Employee Ownership Trust

-

(1,268,212)

(1,268,212)

Total comprehensive income

-

(701,461)

(701,461)

At 31 August 2023

50

2,990,839

2,990,889

 

Fitfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Unit 21, Trencher Close
Chanters Industrial Estate
Atherton
Manchester
M46 9BE

These financial statements were authorised for issue by the Board on 28 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in sterling (£).

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.

 

Fitfield Limited

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

Contract revenue recognition

Long term contracts have been assessed on a contract by contract basis and reflected in the profit & loss account by recording turnover and related costs as contract activity progress ie the percentage completion method.

Where it is considered that the outcome of a long term contract can be assessed with reasonable certainty before it's conclusion, the calculated attributable profit less foreseeable losses have been recognised in the profit and loss account as the difference between the reported turnover and related costs for the contract.

The amount of long term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover, is included in work in progress and stock as long term contract balances. The amount by which recorded turnover is in excess of payments on account is included in debtors as amounts recoverable on long term contracts. Payments in excess of recorded turnover and long term contract balances are included in creditors as payments received on account on long term contracts. The amount by which provisions or accruals for foreseeable losses exceed costs incurred, after transfers to cost of sales, is included within either provisions for liabilities or creditors as appropriate.

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.

 

Fitfield Limited

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

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

Long leasehold

2% Straight Line

Fixtures and fittings

15% Straight Line

Motor vehicles

25% Straight Line

Plant and machinery

15% Straight Line

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Fitfield Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2023 - 53).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

287,237

2,975,917

520,483

3,783,637

Additions

-

37,093

-

37,093

Disposals

-

(320,041)

-

(320,041)

At 31 August 2024

287,237

2,692,969

520,483

3,500,689

Depreciation

At 1 September 2023

91,765

1,589,221

426,325

2,107,311

Charge for the year

6,549

335,289

53,093

394,931

Eliminated on disposal

-

(320,039)

-

(320,039)

At 31 August 2024

98,314

1,604,471

479,418

2,182,203

Carrying amount

At 31 August 2024

188,923

1,088,498

41,065

1,318,486

At 31 August 2023

195,472

1,386,696

94,158

1,676,326

Included within the net book value of land and buildings above is £188,923 (2023 - £195,472) in respect of long leasehold land and buildings.
 

 

Fitfield Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

461,793

636,412

Prepayments

32,022

30,766

Other debtors

1,168,124

1,460,965

 

1,661,939

2,128,143

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

226,360

268,836

Trade creditors

 

354,663

498,625

Taxation and social security

 

60,586

157,121

Accruals and deferred income

 

176,250

248,084

Other creditors

 

1,710

22,948

 

819,569

1,195,614

Within loans and borrowings are hire purchase agreements. These hire purchase agreements are secured against the assets to which they relate 2024: £157,447 (2023: £268,836).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

99,027

238,179

Loans and borrwings relate to hire purchase agreements. These hire purchase agreeemnts are secured against the assets to which they relate 2024: £99,027 (2023: £238,179).

 

Fitfield Limited

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

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

648

648

Later than one year and not later than five years

1,134

1,782

1,782

2,430

The amount of non-cancellable operating lease payments recognised as an expense during the year was £36,132 (2023 - £23,855).

8

Controlling Party

The company is controlled by the Fitfield Limited Employee Ownership Trust, which in turn is controlled by its sole trustee Fitfield (EOT) Limited.