Company registration number 12191232 (England and Wales)
FDS CONTRACTING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
FDS CONTRACTING LIMITED
COMPANY INFORMATION
Directors
Mr A G Riley
Mr G J Sheridan
Mr D B Foster
Company number
12191232
Registered office
152-154 London Road
Greenhithe
Dartford
Kent
United Kingdom
DA9 9JW
Auditor
Xeinadin Audit Limited
46-48 East Street
Epsom
Surrey
United Kingdom
KT17 1HQ
FDS CONTRACTING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
FDS CONTRACTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

FDS Contracting Limited continues to navigate the challenges of an uncertain market. External factors such as inflation, interest rates, Gateway Two regulations, and legislative changes have impacted the pace of project progression. While the residential market has been tough, we are beginning to see signs of recovery, with supply chain stability and cost stabilization. Despite these challenges, our turnover remains strong. Although profits have naturally declined due to external pressures, we have still posted a healthy profit, positioning us well for the anticipated stabilization of the financial year ahead.

We have invested in board-level advisors to guide our next phase of growth. As part of this strategy, we have undertaken a reorganization, including the implementation of a new Senior Leadership Team (SLT). To ensure long-term stability and scalability, we are conducting a strategic review of workforce levels across all departments. With a strong Work in Hand (WIH) position, it is critical to maintain the right workforce to fulfil contractual commitments efficiently. Encouragingly, we continue to secure a strong pipeline of projects with margins that support an improved profit outlook.

We recognize that many competitors in the construction sector have faced significant financial struggles during this period. To safeguard our position, we remain focused on robust credit control measures and maintaining our credit insurance coverage.

Looking ahead, we are exploring opportunities to expand our market presence in the commercial construction sector and diversify our service offerings. With a well-prepared strategy, we are confident in our ability to withstand ongoing market fluctuations and consolidate our position. We anticipate increased demand in the latter half of the year and are positioning ourselves to capitalize on emerging opportunities. We are forecasting an unwind of the gateway two delayed projects which will inevitably bring an increased volume of work in the High-rise residential market. 

We have recently implemented cash generation processes along with stronger banking facilities to be ready for the next phase of growth. 

On behalf of the board

.............................................
Mr A G Riley
Director
Date: .............................................
FDS CONTRACTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of supply and installation of fire prevention systems.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A G Riley
Mr G J Sheridan
Mr N M Waterfield
(Resigned 10 June 2025)
Mr D B Foster
Mrs R Archer
(Resigned 12 May 2025)
Auditor

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

FDS CONTRACTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr A G Riley
Director
26 June 2025
FDS CONTRACTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FDS CONTRACTING LIMITED
- 4 -
Opinion

We have audited the financial statements of FDS Contracting Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FDS CONTRACTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FDS CONTRACTING LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.

 

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

FDS CONTRACTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FDS CONTRACTING LIMITED (CONTINUED)
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Donald Nelson FCA
Senior Statutory Auditor
For and on behalf of Xeinadin Audit Limited
26 June 2025
Chartered Accountants
Statutory Auditor
46-48 East Street
Epsom
Surrey
United Kingdom
KT17 1HQ
FDS CONTRACTING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
10,505,206
10,408,734
Cost of sales
(7,483,594)
(7,012,526)
Gross profit
3,021,612
3,396,208
Administrative expenses
(2,323,319)
(1,911,050)
Other operating income
56,385
-
0
Operating profit
4
754,678
1,485,158
Interest receivable and similar income
7
354
-
0
Profit before taxation
755,032
1,485,158
Tax on profit
8
(159,789)
(268,914)
Profit for the financial year
595,243
1,216,244

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FDS CONTRACTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
595,243
1,216,244
Other comprehensive income
-
-
Total comprehensive income for the year
595,243
1,216,244
FDS CONTRACTING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
22,316
5,781
Current assets
Debtors
10
7,590,498
6,900,320
Cash at bank and in hand
704,138
403,181
8,294,636
7,303,501
Creditors: amounts falling due within one year
11
(5,554,335)
(5,141,908)
Net current assets
2,740,301
2,161,593
Net assets
2,762,617
2,167,374
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
15
2,762,517
2,167,274
Total equity
2,762,617
2,167,374

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr A G Riley
Director
Company registration number 12191232 (England and Wales)
FDS CONTRACTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
100
951,030
951,130
Year ended 30 September 2023:
Profit and total comprehensive income
-
1,216,244
1,216,244
Balance at 30 September 2023
100
2,167,274
2,167,374
Year ended 30 September 2024:
Profit and total comprehensive income
-
595,243
595,243
Balance at 30 September 2024
100
2,762,517
2,762,617
FDS CONTRACTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
1,440,153
(460,335)
Income taxes paid
(292,875)
(118,014)
Net cash inflow/(outflow) from operating activities
1,147,278
(578,349)
Investing activities
Purchase of tangible fixed assets
(19,440)
(6,423)
Interest received
354
-
0
Net cash used in investing activities
(19,086)
(6,423)
Financing activities
Proceeds from borrowings
-
0
670,132
Repayment of borrowings
(827,234)
-
0
Net cash (used in)/generated from financing activities
(827,234)
670,132
Net increase in cash and cash equivalents
300,958
85,360
Cash and cash equivalents at beginning of year
403,181
317,821
Cash and cash equivalents at end of year
704,138
403,181
FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
1
Accounting policies
Company information

FDS Contracting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 152-154 London Road, Greenhithe, Dartford, Kent, United Kingdom, DA9 9JW.

1.1
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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
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:

Computers
20% on cost

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 asset's residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prespectively

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

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.

FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
354
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,400
4,503
Depreciation of owned tangible fixed assets
2,905
642
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
45
46

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,871,735
1,665,807
Social security costs
223,891
200,864
Pension costs
37,552
34,448
2,133,178
1,901,119
FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
210,063
210,206
Company pension contributions to defined contribution schemes
2,642
2,642
212,705
212,848
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
128,063
126,738
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
354
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
354
-
0
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
159,789
268,914
FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
755,032
1,485,158
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
188,758
371,290
Tax effect of expenses that are not deductible in determining taxable profit
2,236
1,466
Effect of change in corporation tax rate
-
0
(36,556)
Group relief
(27,071)
(65,841)
Permanent capital allowances in excess of depreciation
(4,860)
(1,606)
Depreciation on assets not qualifying for tax allowances
726
161
Taxation charge for the year
159,789
268,914
9
Tangible fixed assets
Computers
£
Cost
At 1 October 2023
6,423
Additions
19,440
At 30 September 2024
25,863
Depreciation and impairment
At 1 October 2023
642
Depreciation charged in the year
2,905
At 30 September 2024
3,547
Carrying amount
At 30 September 2024
22,316
At 30 September 2023
5,781
FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,373,135
1,060,362
Gross amounts owed by contract customers
3,154,157
3,563,371
Amounts owed by group undertakings
2,451,038
1,775,759
Other debtors
339,127
254,737
Prepayments and accrued income
273,041
246,091
7,590,498
6,900,320
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
1,728,176
1,327,825
Amounts owed to group undertakings
3,244,936
3,396,891
Corporation tax
135,828
268,914
Other taxation and social security
83,478
45,279
Deferred income
12
169,942
102,999
Other creditors
191,975
-
0
5,554,335
5,141,908
12
Deferred income
2024
2023
£
£
Other deferred income
169,942
102,999
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,552
34,448

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £37,551 (2023: £34,448).

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
15
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,167,274
951,030
Profit for the year
595,243
1,216,244
At the end of the year
2,762,517
2,167,274
16
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases (none in 2023), which fall due as follows:

2024
2023
£
£
Within one year
8,704
-
0
Between two and five years
31,133
-
0
39,837
-
0
17
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
Be Safe Direct Limited
Other Group Subsidary
FDS Building Services Consultancy Limited
Other Group Subsidary
Fire Design Solutions Limited
Other Group Subsidary
Ventex Limited
Entity under common control
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
Be Safe Direct Limited
Intercompany trading
-
0
-
0
24,878
-
0
FDS Building Services Consultancy Limited
Intercompany trading
-
0
-
0
413,374
453,379
Fire Design Solutions Limited
Intercompany trading
-
0
-
0
509,245
479,674
Ventex Limited
Intercompany trading
-
0
-
0
212,203
-
0
Balances with related parties
FDS CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Related party transactions
(Continued)
- 21 -
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Be Safe Direct Limited
43,898
104,379
-
0
-
0
FDS Building Services Consultancy Limited
-
0
-
0
220,722
259,312
FDS Consult Limited
135,974
138,140
-
0
-
0
FDS Maintenance Limited
-
0
-
0
129,392
9,716
FDSConsult(UK) Limited
100,185
87,718
-
0
-
0
Fire Design Solutions Limited
2,170,981
1,445,522
-
0
-
0
GSAR Group Holdings Limtied
-
0
-
0
2,894,821
-
0
GSAR Limited
375
375
-
0
-
0
Inbuild Limited
35,445
-
0
-
0
-
0
Ventex Limited
-
0
-
0
191,382
-
0
Other information

All loans are interest free and repayable on demand.

18
Ultimate controlling party

The ultimate parent company is GSAR Group Holdings Limited. Copies of the consolidated accounts can be obtained from 152-154 London Road, Greenhithe, United Kingdom, DA9 9JW.

19
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
595,243
1,216,244
Adjustments for:
Taxation charged
159,790
268,914
Investment income
(354)
-
0
Depreciation and impairment of tangible fixed assets
2,905
642
Movements in working capital:
Increase in debtors
(14,899)
(2,120,986)
Increase in creditors
630,525
377,511
Increase/(decrease) in deferred income
66,943
(202,660)
Cash generated from/(absorbed by) operations
1,440,153
(460,335)
20
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
403,181
300,957
704,138
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