35 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 02817559 2023-06-01 2024-05-31 02817559 2024-05-31 02817559 2023-05-31 02817559 2022-06-01 2023-05-31 02817559 2023-05-31 02817559 2022-05-31 02817559 core:PlantMachinery 2023-06-01 2024-05-31 02817559 core:FurnitureFittings 2023-06-01 2024-05-31 02817559 core:MotorVehicles 2023-06-01 2024-05-31 02817559 bus:RegisteredOffice 2023-06-01 2024-05-31 02817559 bus:LeadAgentIfApplicable 2023-06-01 2024-05-31 02817559 bus:Director1 2023-06-01 2024-05-31 02817559 bus:Director3 2023-06-01 2024-05-31 02817559 bus:CompanySecretary1 2023-06-01 2024-05-31 02817559 core:LandBuildings 2023-05-31 02817559 core:PlantMachinery 2023-05-31 02817559 core:FurnitureFittings 2023-05-31 02817559 core:MotorVehicles 2023-05-31 02817559 core:LandBuildings 2024-05-31 02817559 core:PlantMachinery 2024-05-31 02817559 core:FurnitureFittings 2024-05-31 02817559 core:MotorVehicles 2024-05-31 02817559 core:LandBuildings 2023-06-01 2024-05-31 02817559 core:WithinOneYear 2024-05-31 02817559 core:WithinOneYear 2023-05-31 02817559 core:AfterOneYear 2024-05-31 02817559 core:AfterOneYear 2023-05-31 02817559 core:ShareCapital 2024-05-31 02817559 core:ShareCapital 2023-05-31 02817559 core:RetainedEarningsAccumulatedLosses 2024-05-31 02817559 core:RetainedEarningsAccumulatedLosses 2023-05-31 02817559 core:BetweenOneFiveYears 2024-05-31 02817559 core:BetweenOneFiveYears 2023-05-31 02817559 core:MoreThanFiveYears 2024-05-31 02817559 core:MoreThanFiveYears 2023-05-31 02817559 core:LandBuildings 2023-05-31 02817559 core:PlantMachinery 2023-05-31 02817559 core:FurnitureFittings 2023-05-31 02817559 core:MotorVehicles 2023-05-31 02817559 bus:Director2 2023-06-01 2024-05-31 02817559 bus:SmallEntities 2023-06-01 2024-05-31 02817559 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02817559 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02817559 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02817559 bus:FullAccounts 2023-06-01 2024-05-31 02817559 core:LandBuildings core:ShortLeaseholdAssets 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 02817559
FBFX LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
FBFX LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
FBFX LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
A C Dow
G Pearmain
Company secretary
G Pearmain
Registered office
10-12 High Street
Barnes
London
SW13 9LW
Accountants
Wilkins Southworth
Chartered Certified Accountants
10-12 High Street
Barnes
London
SW13 9LW
FBFX LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
4
400,836
493,672
CURRENT ASSETS
Debtors
5
603,718
1,180,406
Cash at bank and in hand
166,751
1,244,488
-----------
--------------
770,469
2,424,894
CREDITORS: amounts falling due within one year
6
( 442,684)
( 740,093)
-----------
--------------
NET CURRENT ASSETS
327,785
1,684,801
-----------
--------------
TOTAL ASSETS LESS CURRENT LIABILITIES
728,621
2,178,473
CREDITORS: amounts falling due after more than one year
7
( 55,114)
( 109,798)
PROVISIONS
Other provisions
( 1,318,313)
( 1,318,313)
--------------
--------------
NET (LIABILITIES)/ASSETS
( 644,806)
750,362
--------------
--------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 644,808)
750,360
-----------
-----------
SHAREHOLDERS (DEFICIT)/FUNDS
( 644,806)
750,362
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
FBFX LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 May 2025 , and are signed on behalf of the board by:
A C Dow
G Pearmain
Director
Director
Company registration number: 02817559
FBFX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10-12 High Street, Barnes, London, SW13 9LW.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements are prepared on a going concern basis, which assumes that the company will continue to receive financial support from certain creditors and the directors. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for any further liabilities that may arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the period of the lease
Tools and equipment
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 20 ).
4. Tangible assets
Land and buildings
Tools and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
42,786
1,087,453
70,207
107,684
1,308,130
Additions
3,396
3,958
7,354
---------
--------------
---------
-----------
--------------
At 31 May 2024
42,786
1,090,849
74,165
107,684
1,315,484
---------
--------------
---------
-----------
--------------
Depreciation
At 1 June 2023
23,901
647,503
51,615
91,439
814,458
Charge for the year
3,761
88,670
4,510
3,249
100,190
---------
--------------
---------
-----------
--------------
At 31 May 2024
27,662
736,173
56,125
94,688
914,648
---------
--------------
---------
-----------
--------------
Carrying amount
At 31 May 2024
15,124
354,676
18,040
12,996
400,836
---------
--------------
---------
-----------
--------------
At 31 May 2023
18,885
439,950
18,592
16,245
493,672
---------
--------------
---------
-----------
--------------
5. Debtors
2024
2023
£
£
Trade debtors
266,738
223,711
Other debtors
336,980
956,695
-----------
--------------
603,718
1,180,406
-----------
--------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
51,205
51,205
Trade creditors
155,369
277,433
Social security and other taxes
81,972
87,930
Other creditors
154,138
323,525
-----------
-----------
442,684
740,093
-----------
-----------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
53,005
103,022
Other creditors
2,109
6,776
---------
-----------
55,114
109,798
---------
-----------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 1 year and not later than 5 years
1,269
9,987
Later than 5 years
175,540
175,540
-----------
-----------
176,809
185,527
-----------
-----------
9. Directors' advances, credits and guarantees
The following is a summary of the directors' transactions with the company during the year.
2024
Balance b/fwd as at 1 June 2023
Amount advanced 59,097
Interest charged 1,330
---------
Balance due to the company as at 31 May 2024 60,427
---------
The above loan was repaid in full on 6 December 2024.