Company registration number 02965550 (England and Wales)
FIRECO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FIRECO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FIRECO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,398
374,269
Investments
4
1
1
325,399
374,270
Current assets
Stocks
753,574
948,445
Debtors
5
1,201,498
1,274,779
Cash at bank and in hand
1,286,683
1,684,314
3,241,755
3,907,538
Creditors: amounts falling due within one year
6
(1,009,287)
(1,667,537)
Net current assets
2,232,468
2,240,001
Total assets less current liabilities
2,557,867
2,614,271
Provisions for liabilities
(66,900)
(76,600)
Net assets
2,490,967
2,537,671
Capital and reserves
Called up share capital
7
1,295
1,295
Profit and loss reserves
2,489,672
2,536,376
Total equity
2,490,967
2,537,671
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr K Salter
Director
Company registration number 02965550 (England and Wales)
FIRECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Fireco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Grange Road, Southwick, Brighton, East Sussex, BN42 4DQ.
1.1
Reporting period
In the comparative period the company aligned its reporting period with the group, extending the period to 15 months ended 31 March 2024. The comparative amounts presented in the financial statements and related notes are therefore not entirely comparable.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
FIRECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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:
Leasehold land and buildings
Over the term of the lease
Plant and machinery
Straight line over five years
Office equipment
Sum of year digits over five years (with a 10% residual value)
Computer equipment
Sum of year digits over five years (with a 10% residual value)
Solar panels
Straight line over 25 years
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. The directors believe that there is no material difference in the carrying value of fixed assets where the sum of digits method has been used as opposed to a straight line method.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
FIRECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 58 (2024 - 56).
FIRECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Office equipment
Computer equipment
Solar panels
Total
£
£
£
£
£
£
Cost
At 1 April 2024
315,129
311,546
266,304
453,018
49,113
1,395,110
Additions
6,802
9,703
19,401
35,906
At 31 March 2025
321,931
321,249
266,304
472,419
49,113
1,431,016
Depreciation and impairment
At 1 April 2024
129,375
239,865
243,441
405,868
2,292
1,020,841
Depreciation charged in the year
34,676
21,217
8,239
18,680
1,965
84,777
At 31 March 2025
164,051
261,082
251,680
424,548
4,257
1,105,618
Carrying amount
At 31 March 2025
157,880
60,167
14,624
47,871
44,856
325,398
At 31 March 2024
185,754
71,681
22,863
47,150
46,821
374,269
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 & 31 March 2025
1
Carrying amount
At 31 March 2025
1
At 31 March 2024
1
FIRECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,086,040
1,157,022
Other debtors
115,458
117,757
1,201,498
1,274,779
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
232,013
477,632
Taxation and social security
261,936
457,141
Other creditors
515,338
732,764
1,009,287
1,667,537
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
129,460
129,460
1,295
1,295
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Alex Chidwick FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
17 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
FIRECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
805,910
706,298
11
Parent company
The immediate parent undertaking is Lagercrantz UK Limited, a company incorporated and registered in London.
The ultimate parent undertaking is Lagercrantz Group AB, a company incorporated and registered in Sweden. Their main office is situated at Vasagatan 11, SE-111 20 Stockholm, Sweden.