Company registration number 08753018 (England and Wales)
CABIN FITTERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CABIN FITTERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CABIN FITTERS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,750
9,001
Current assets
Debtors
4
41,377
72,120
Cash at bank and in hand
371,194
644,634
412,571
716,754
Creditors: amounts falling due within one year
5
(494,368)
(792,254)
Net current liabilities
(81,797)
(75,500)
Net liabilities
(78,047)
(66,499)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(79,047)
(67,499)
Total equity
(78,047)
(66,499)
For the financial Period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr G C Parkinson
Director
Company registration number 08753018 (England and Wales)
CABIN FITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Cabin Fitters Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, United Kingdom, NG13 8AQ.
1.1
Reporting period
The 2024 results have been prepared for the period 1 November 2024 to 31 December 2024. Subsequent periods will end on the same day and month in future years.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the Period ended 31 December 2024 are the first financial statements of Cabin Fitters Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight line
Motor vehicles
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CABIN FITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
These financial statements are the first financial statements prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102). The financial statements for the year ended 31 October 2023 were in accordance with FRS 105.
No transitional adjustments as a result of the change,
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
28
20
CABIN FITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 and 31 December 2024
36,860
Depreciation and impairment
At 1 November 2023
27,859
Depreciation charged in the Period
5,251
At 31 December 2024
33,110
Carrying amount
At 31 December 2024
3,750
At 31 October 2023
9,001
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,105
60,101
Other debtors
15,272
12,019
41,377
72,120
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
(582)
2,235
Corporation tax
3,764
Other taxation and social security
108,258
117,351
Other creditors
386,692
668,904
494,368
792,254
6
Employee Ownership Trust
The company's Employee Ownership Trust (EOT) has acquired shares in the company and holds then on trust for the employees.
In the 2024 financial year £81,707 (2023: £13,618) was gifted to the EOT by the company.
CABIN FITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
7
Directors' transactions
Loans to directors are interest free and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr G C Parkinson -
-
9,614
3,989
13,603
9,614
3,989
13,603
The advance to the directors is interest free and repayable on demand.