Registered number
02271814
FULWELL CEILING CONTRACTS LTD
Filleted Accounts
31 December 2024
FULWELL CEILING CONTRACTS LTD
Report to the directors on the preparation of the unaudited statutory accounts of FULWELL CEILING CONTRACTS LTD for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FULWELL CEILING CONTRACTS LTD for the year ended 31 December 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
1st Cloud Accountants
1st Cloud Accountants
Chartered Certified Accountants
Analysis House
117 - 119 Sea Road
Fulwell
Sunderland
SR5 1PS
15 May 2025
FULWELL CEILING CONTRACTS LTD
Registered number: 02271814
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 17,004 25,524
Investments 5 27,410 22,912
44,414 48,436
Current assets
Stocks 6,610 3,855
Debtors 6 86,823 85,529
Cash at bank and in hand 237,866 240,528
331,299 329,912
Creditors: amounts falling due within one year 7 (49,934) (79,770)
Net current assets 281,365 250,142
Total assets less current liabilities 325,779 298,578
Provisions for liabilities (3,824) (6,118)
Net assets 321,955 292,460
Capital and reserves
Called up share capital 100 100
Profit and loss account 321,855 292,360
Shareholders' funds 321,955 292,460
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Wake
Director
Approved by the board on 15 May 2025
FULWELL CEILING CONTRACTS LTD
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% straight line
Plant and machinery 15% reducing balance / 50% straight line
Fixtures, fittings and equipment 15% reducing balance / 50% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 60,000
At 31 December 2024 60,000
Amortisation
At 1 January 2024 60,000
At 31 December 2024 60,000
Net book value
At 31 December 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 21,927 15,378 48,358 85,663
Additions - 1,204 - 1,204
At 31 December 2024 21,927 16,582 48,358 86,867
Depreciation
At 1 January 2024 19,127 12,948 28,064 60,139
Charge for the year 486 2,129 7,109 9,724
At 31 December 2024 19,613 15,077 35,173 69,863
Net book value
At 31 December 2024 2,314 1,505 13,185 17,004
At 31 December 2023 2,800 2,430 20,294 25,524
5 Investments
Other
investments
£
Cost
At 1 January 2024 22,912
Revaluation 4,498
At 31 December 2024 27,410
6 Debtors 2024 2023
£ £
Trade debtors 73,936 72,634
Other debtors 12,887 12,895
86,823 85,529
7 Creditors: amounts falling due within one year 2024 2023
£ £
Directors loan account 5,584 9,631
Trade creditors 23,357 39,761
Taxation and social security costs 16,745 30,026
Accruals 178 -
Other creditors 4,070 352
49,934 79,770
8 Other information
FULWELL CEILING CONTRACTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
178 Fulwell Road
Fulwell
Sunderland
Tyne and Wear
SR6 9QT
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