| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st October 2024 |
| for |
| FOWLER UK (TRADING) LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st October 2024 |
| for |
| FOWLER UK (TRADING) LIMITED |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Contents of the Financial Statements |
| for the Year Ended 31st October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FOWLER UK (TRADING) LIMITED |
| Company Information |
| for the Year Ended 31st October 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 41 St Thomas's Road |
| Chorley |
| Lancashire |
| PR7 1JE |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Balance Sheet |
| 31st October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and 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 |
| Retained earnings |
| 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. |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Balance Sheet - continued |
| 31st October 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements |
| for the Year Ended 31st October 2024 |
| 1. | STATUTORY INFORMATION |
| Fowler UK (Trading) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered. Income is recognised when services have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Leased assets: the company as lessor |
| Where assets are leased to a third party giving rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital repayments over the ter, of the lease. |
| A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term. |
| Leased assets: the company as lessee |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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 Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| 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. |
| The company also makes payments to the director's own private pension plans. These contributions are also charged to the profit and loss account in the period to which they relate. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS 102 to all its financial instruments. |
| Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| Goodwill | software | Totals |
| £ | £ | £ |
| COST |
| At 1st November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st October 2024 |
| AMORTISATION |
| At 1st November 2023 |
| Amortisation for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1st November 2023 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 31st October 2024 |
| DEPRECIATION |
| At 1st November 2023 |
| Charge for year |
| Reclassification/transfer | ( |
) |
| At 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st November 2023 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 31st October 2024 |
| DEPRECIATION |
| At 1st November 2023 |
| Charge for year |
| Reclassification/transfer | ( |
) |
| At 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions |
| At 31st October 2024 |
| DEPRECIATION |
| Charge for year |
| At 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 303 | 46,443 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| Hire purchase | contracts |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| At 31 October 2024 the company had future minimum lease payments under non-cancellable operating leases as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year | - | 5,976 |
| Between one and five years | - | - |
| - | 5,976 |
| At 31 October 2024 the company was owed future minimum lease payments under non-cancellable operating leases relating to the rental of equipment as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year | 252,882 | 240,763 |
| Between one and five years | 676,380 | 687,931 |
| In more than five years | 56,199 | 101,381 |
| 985,461 | 1,030,075 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts | 215,597 | - |
| Hire purchase liabilities are secured against the assets to which they relate. |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| As at 31 October 2024, the company owed its directors £303 (2023: £46,443). No interest has been charged to the company in respect of this loan and it is repayable on demand. |
| FOWLER UK (TRADING) LIMITED (REGISTERED NUMBER: 05586655) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr D K Fowler. |
| The ultimate controlling party is |
| The registered office of Fowler (Holdings) Limited is Unit 9 Deanfield Drive, Link 59 Business Park, Clitheroe, BB7 1QJ. |