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REGISTERED NUMBER: 02136247 (England and Wales)















Financial Statements for the Year Ended 30th September 2024

for

Fairline Distribution Limited

Fairline Distribution Limited (Registered number: 02136247)

Contents of the Financial Statements
for the Year Ended 30th September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fairline Distribution Limited

Company Information
for the Year Ended 30th September 2024







DIRECTORS: G J Sharpe
L M Sharpe





SECRETARY: L M Sharpe





REGISTERED OFFICE: 3 Manor Road
Chatham
Kent
ME4 6AE





REGISTERED NUMBER: 02136247 (England and Wales)





ACCOUNTANTS: Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE

Fairline Distribution Limited (Registered number: 02136247)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 83,437 69,719

CURRENT ASSETS
Stocks 458,339 587,784
Debtors 6 251,176 232,095
Cash at bank and in hand 133,742 104,216
843,257 924,095
CREDITORS
Amounts falling due within one year 7 164,301 225,306
NET CURRENT ASSETS 678,956 698,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

762,393

768,508

CREDITORS
Amounts falling due after more than one
year

8

(16,064

)

-

PROVISIONS FOR LIABILITIES (8,850 ) (10,047 )
NET ASSETS 737,479 758,461

CAPITAL AND RESERVES
Called up share capital 72 72
Capital redemption reserve 10 96 96
Retained earnings 10 737,311 758,293
SHAREHOLDERS' FUNDS 737,479 758,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Fairline Distribution Limited (Registered number: 02136247)

Balance Sheet - continued
30th September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th June 2025 and were signed on its behalf by:





G J Sharpe - Director


Fairline Distribution Limited (Registered number: 02136247)

Notes to the Financial Statements
for the Year Ended 30th September 2024


1. STATUTORY INFORMATION

Fairline Distribution Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount derived from ordinary activities, and stated after trade discounts, and other sales taxes and net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to leasehold property - Straight line over the term of the lease
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Fairline Distribution Limited (Registered number: 02136247)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


3. ACCOUNTING POLICIES - continued

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 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

5. TANGIBLE FIXED ASSETS
Improvements
to
leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st October 2023 51,865 116,664 48,000 216,529
Additions - 13,207 35,358 48,565
Disposals - - (32,000 ) (32,000 )
At 30th September 2024 51,865 129,871 51,358 233,094
DEPRECIATION
At 1st October 2023 46,679 77,767 22,364 146,810
Charge for year 2,593 8,220 6,409 17,222
Eliminated on disposal - - (14,375 ) (14,375 )
At 30th September 2024 49,272 85,987 14,398 149,657
NET BOOK VALUE
At 30th September 2024 2,593 43,884 36,960 83,437
At 30th September 2023 5,186 38,897 25,636 69,719

Fairline Distribution Limited (Registered number: 02136247)

Notes to the Financial Statements - continued
for the Year Ended 30th September 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 35,358
At 30th September 2024 35,358
NET BOOK VALUE
At 30th September 2024 35,358

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 217,834 200,102
Other debtors and prepayments 33,342 31,993
251,176 232,095

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 4,536 -
Trade creditors 57,814 106,912
Corporation tax 5,265 24,014
Social security and other taxes 42,118 27,219
Other creditors and accruals 54,568 67,161
164,301 225,306

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 16,064 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 20,600 -

Hire Purchase contracts are secured on the assets concerned.

Fairline Distribution Limited (Registered number: 02136247)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st October 2023 758,293 96 758,389
Profit for the year 19,018 - 19,018
Dividends (40,000 ) - (40,000 )
At 30th September 2024 737,311 96 737,407

11. RELATED PARTY DISCLOSURES

FRS102 requires the disclosure of the details of material transactions between the Company and any related parties. Accordingly, the disclosure requirements are set out below:

The Company leases warehousing facilities from Keyword Publications Limited at normal commercial rates. Mr G J Sharpe and Mrs L M Sharpe are the only shareholders in both companies.

Charges raised £19,577

The Company leases warehousing facilities from Mr G J Sharpe and Mrs L M Sharpe at normal commercial rates.

Charges raised £39,154

12. ULTIMATE CONTROLLING PARTY

The controlling parties are G J and LM Sharpe who own the entire share capital of the company.