| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Audited Financial Statements for the Year Ended 31 December 2024 |
| for |
| East Coast Fittings Limited |
| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Audited Financial Statements for the Year Ended 31 December 2024 |
| for |
| East Coast Fittings Limited |
| East Coast Fittings Limited (Registered number: 01548834) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Directors' Report | 5 |
| Report of the Independent Auditors | 8 |
| Statement of Income and Retained Earnings | 12 |
| Balance Sheet | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 17 |
| East Coast Fittings Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| 2 The Crescent |
| Wisbech |
| Cambridgeshire |
| PE13 1EH |
| East Coast Fittings Limited (Registered number: 01548834) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| Principal activity |
| The principal activity of the company during the year remained to be the manufacture and distribution of components, cabinetry and furniture for use primarily in the fitted furniture industry. |
| Review of business |
| After the sluggish and disappointing year in 2023 it seemed reasonable to expect that 2024 would show some level of recover as inflationary pressures in the economy eased. This optimism was soon extinguished however as the extent and depth of the 'cost of living crisis' became apparent and remained headline news as 2024 commenced. This negativity was then compounded by political turmoil in the UK, resulting in a general election and change of government. |
| The downbeat assessment of the new government as to the 'state of the nation' only served to further depress the marketplace and appetite for customers to spend on discretionary 'big ticket' items such as kitchens, bathrooms and bedrooms. It became apparent by late summer that there was no significant recovery coming and subsequently staff numbers were reduced by approximately 15%. Whilst this disappointing adjustment was necessary, it would not subsequently show benefit until early 2025. |
| The ECF Far East supply chain remained robust despite the best efforts of some Middle East regimes to deter container ships from passing safely through he Suez Canal. This in turn did cause logistical issues and invoke the dreaded surcharges on container shipping as the supply. Whilst the level of charges remained well below those during the 'covid era' they remained irritation to our profitability. There charges did thankfully subside as 2024 came to a close. We remain grateful for the support given by our long term Far Eastern partners. |
| Despite some short term pressures from worldwide conflicts, careful hedging has enabled ECF to maintain a steady and realistic currency rate for USD/GBP throughout the year. |
| Taken overall the fiscal year 2024 has posed a significant challenge and has seen a significant negative growth in the region of 12%. |
| Key performance indicators |
| The company uses a range of performance measures to monitor and manage the business effectively, including both financial and non-financial measures. The key financial performance indicators and their comparatives are as follows: |
| Year to 31-Dec-24 | Year to 31-Dec-23 | Year to 31-Dec-22 |
| Turnover | £17,300,703 | £19,607,365 | £21,542,221 |
| Current assets | £6,911,192 | £6,709,563 | £7,022,139 |
| Current liabilities | £3,347,153 | £2,779,638 | £3,521,855 |
| Gross profit | £3,706,495 | £4,701,155 | £4,903,129 |
| Gross profit margin | 21.42% | 23.89% | 22.76% |
| Net operating margin | (3.42%) | 1.76% | 2.94% |
| Current ratio | 2.06 | 2.41 | 1.99 |
| Gearing ratio | 0.76 | 0.58 | 0.77 |
| East Coast Fittings Limited (Registered number: 01548834) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| Customer satisfaction is considered to be another key performance indicator of the business and is carefully monitored internally. The ECF business model continues to focus on the supply of high quality, well designed product ranges that meet customer expectations, as well as maintaining a strong trusted relationship with our supply base. These aspects have enabled ECF to maintain a strong position within a competitive market. |
| The company Balance Sheet remains strong at the year end which shows net current assets of £3,564,039 (2023 - £3,929,925 and shareholders' funds of £4,422,362 (2023 - £4,874,986). The full results of the company are set out in the Statement of Income and Retained Earnings on page 12. |
| Principal risks and uncertainties |
| In common with other businesses in this sector, the directors consider the most significant risks and uncertainties that face the company include market risks, customer and staff retention, and the availability, price and quality of raw materials. |
| Market risk |
| All businesses across the UK face market uncertainty heading into 2025 as the economy continues to be unstable as a result of the persisting cost of living crisis and interest hikes that is a consequence of the global levels of high inflation. Processes are already in place to mitigate the effects of this risk, and although relatively unaffected at this time, we are proactively looking to implement any further procedures we feel necessary to mitigate any negative effects these factors have on our business. |
| Customer retention |
| The business operates in a competitive industry, with demand for products sold being sensitive to not only the price and quality of supply but also the customers experience with the service provided. ECF have focused much effort on the retention of existing customers by building strong and sustainable relationships; whilst ensuring strong service levels are achieved. ECF are strengthening the sales team with a new sales director and providing substantial support via internal sales and customer service teams. There is also further planned investment in software which will help to improve customers experience of dealing with ECF. |
| Personnel retention |
| At ECF, we place a high value on our staff and look to recruit and retain high quality individuals who can contribute to the continued success of the company. Extra facilities are being put in place to strengthen our internal HR facility to ensure increased levels of internal communications, support and welfare facilities are in place for staff. This will not only aid staff retention but also give customers the confidence they are dealing with a stable and secure business. |
| Availability, price and quality of raw materials |
| High importance is placed on ensuring that our product ranges are manufactured on time, and meet our customers needs and expectations in terms of price and quality. We actively monitor the availability, quality and prices of raw materials from our suppliers to ensure this can be achieved. High levels of inflation in our direct costs have increased the pressure on our prices but we are confident that the situation will improve. Thankfully, it looks to be the end of the loathsome burden of container surcharges on goods imported from the Far East which were a repercussion from the Covid period, but with it may come availability issues given the increased tensions with China and Taiwan. Alternatives will continue to be under consideration to reduce these risks. |
| Management of risk |
| With the continued staunch financial support from our bankers, the business remains in a strong position to cope with any foreseeable risks. The company continues to monitor and manage all risks according to their severity and potential impacts on the business and it's operations. The Company's financial risk management objectives and policies are detailed in the Directors' Report. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| Future developments |
| Despite the disappointment of sales in 2024 the sales team has been streamlined under new leadership and will go into 2025 armed with significant new product ranges to offer. |
| We will be endeavouring to break into new markets to augment the business that our long term clients have supported over the years. |
| There will be significant investment in new machinery and software. |
| This will not only improve the quality of the products manufactured but will also speed the throughput of orders internally saving time and improving accuracy. |
| Taken as a whole, this will improve our ability to maintain exceptional lead times and competitive prices on manufactured products. |
| Further in house and supplier product training will ensure that sales staff, both internal and external will provide the quality of technical service that is expected of ECF and its highly respected position in the market. |
| On behalf of the board: |
| East Coast Fittings Limited (Registered number: 01548834) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| Dividends |
| No dividends will be distributed for the year ended 31 December 2024. |
| Results |
| The (loss)/profit for the year, after taxation, amounted to (£452,624) (2023 - £253,990). |
| Future developments |
| The directors currently have no intention of materially altering the operations of the company and will continue to develop its current market share within the industry. As the directors look to the future, there is optimism ahead for 2025 given the enhanced product offerings in place and the established sales team which has been strengthened over recent years. The company remains resilient and well-positioned to navigate through uncertainties and capitalise on any further opportunities for growth. |
| Levels of service to customers remains at the forefront of the business model, and the directors are confident that the continued investment in software developments will further enhance e-commerce opportunities and the availability of the company's products and services to customers, improving the speed, reliability and efficiency in which products can be ordered and delivered. |
| The directors will seek to capitalise on emerging customer trends, overcome challenges that arise, and focus on maintaining the company's market position as a supplier of choice through implementing strategies of expanding reach and delivering excellence and value to customers. |
| Directors |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| Financial instruments and financial risk management objectives and policies |
| The company uses various financial instruments, including overdrafts and cash, and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company's operations. |
| The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below. The main risks arising from the company's financial instruments are currency risk and credit risk. The directors review and agree policies for managing the financial risks and they are summarised below. The policies have remained unchanged from previous years. |
| Foreign currency risk |
| The company is exposed to translation and transaction foreign currency risk on transactions with overseas suppliers; in particular with the wide range of product imports from the Far East in US Dollars ($) and consequently is at risk from unfavourable changes in exchange rates. From experience, the company tries to obviate this risk as much as possible by working closely with the company's bankers to forward-buy and therefore manage currency rates at an appropriate level for the business. The Company continues to look to other developing markets in which to source its product range so as to lower the risk in purchasing from one geographic area. |
| Credit risk |
| The company is exposed to credit risk on both its investments and debtors. Investments of cash surpluses are made through banks which must fulfill credit rating criteria approved by the directors. The principal credit risk relates to the recovery of amounts owed by trade debtors. All customers who wish to trade on credit terms are subject to strict credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts where necessary. The company has no significant concentrations of credit risk. Amounts shown in the Balance Sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments. Historically, this has been managed well, and the company helps reduce credit risk through it's credit facility in place with the company bankers. |
| Liquidity risk |
| The company manages its liquidity and cash flow risk through a mixture of short and long term borrowing facilities in order to minimise interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business, and fund any capital expenditure arising. Cash and borrowing requirements are managed in order to minimise interest expenses but not necessarily to maximise interest income. |
| Interest rate risk |
| The company is exposed to cash flow interest rate risk on bank overdrafts and loans, hire purchase and finance leases. The directors keep this risk under regular review and shield from changes in the market interest rate by securing fixed rates where available, which is usually the case with hire purchase contracts and finance leases. The risk of interest rate changes to positive cash balances remains minimal. |
| Going concern |
| The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis. In order to make this assessment the directors have prepared trading forecasts, including reviewing reasonably possible potential negative scenarios, and assessed the liquidity of the business under these scenarios. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
| Qualifying indemnity provision |
| A qualifying third party indemnity provision was in force for all directors during the year. |
| Political donations and expenditure |
| The company made no political donations during the year (2023 - £Nil). |
| East Coast Fittings Limited (Registered number: 01548834) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| Disclosure in the strategic report |
| In accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the review of the development and performance of the business, including key performance indicators, is contained in the Strategic Report on page 2. Further details of future developments can also be found within the Strategic Report. |
| Statement of directors' responsibilities |
| The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| 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 as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Auditors |
| The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| East Coast Fittings Limited |
| Opinion |
| We have audited the financial statements of East Coast Fittings Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Report of the Independent Auditors to the Members of |
| East Coast Fittings Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
| 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 where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 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. |
| Auditors' 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 a Report of the Auditors 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of possible irregularities, including fraud. Our procedures and the extent to which they are capable of detecting irregularities, including fraud is detailed below: |
| As part of the audit process, we identify and assess the risks of material misstatement to the financial statements as a result of susceptibility to irregularities, including fraud, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Report of the Independent Auditors to the Members of |
| East Coast Fittings Limited |
| To establish the risks in which to base our procedures on, some of the things we do are: |
| - | Understand the company and its environment to identify events or conditions that may have a significant effect on the risks of material misstatement, such as the nature of the company, external, industry and regulatory factors (see further below), and the company's objectives and strategies; |
| - | Review of the company's measurements of financial performance, including the key drivers for director's remuneration; |
| - | Review of the company's own assessment of the risks that irregularities may occur either as a result of fraud or error, including the likelihood and significance of potential misstatements resulting from those risks; |
| - | Obtain an understanding of internal controls over the company's financial reporting, which includes performing walkthroughs to test controls; |
| - | Review matters we identified having assessed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of non-compliance; |
| - | Perform analytical procedures throughout the audit; |
| - | Have internal discussions with the audit engagement team members regarding risks of material misstatement; |
| - | Understand the selection and application of accounting policies and related disclosures in the financial statements; in particular to areas involving significant management estimates and assumptions. |
| As above, we obtain an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included: |
| - | Those laws and regulations considered to have a direct effect on the financial statements include the UK Financial Reporting Standards, Company Law (Companies Act 2006), Taxation and Pension legislation and Distributable Profits legislation. |
| - | Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include but are not limited to; health and safety legislation; construction, design and management regulations; and employment regulation. |
| In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent journal entries, designed to manipulate the financial performance and/or the position of the company, and management bias in accounting estimates. |
| Audit procedures undertaken in response to the potential risks relating to irregularities and fraud within the financial statements comprised of, but not limited to: |
| - | All material accounting estimates tested to supporting documentation to assess compliance with provisions of relevant laws and regulations; |
| - | Use of analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - | Inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; and whether there is any known or suspected instances of non-compliance, claims and litigation, or fraud; |
| - | Understanding of management's controls designed to prevent and detect irregularities; |
| - | Review of board and management minutes; |
| - | Identifying and testing journal entries to assess whether any of the journals appeared unusual and evaluating the business rationale of any one-off significant transactions outside the normal course of business; |
| - | Challenging management on assumptions and judgements made in their significant accounting estimates. |
| We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
| Report of the Independent Auditors to the Members of |
| East Coast Fittings Limited |
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than those irregularities that result from error; as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. As explained above, there is an unavoidable risk that material misstatements might not be detected, even though the audit has been planned and performed in accordance with the ISAs (UK). |
| As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. |
| We also 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 events 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 auditor's report to the related disclosures 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. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| 2 The Crescent |
| Wisbech |
| Cambridgeshire |
| PE13 1EH |
| East Coast Fittings Limited (Registered number: 01548834) |
| Statement of Income and Retained Earnings |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Turnover | 3 |
| Cost of sales | ( |
) | ( |
) |
| Gross profit |
| Administrative expenses | ( |
) | ( |
) |
| Operating (loss)/profit | 5 | ( |
) |
| Interest receivable and similar income | 7 |
| (583,592 | ) | 345,953 |
| Interest payable and similar expenses | 8 | ( |
) | ( |
) |
| (Loss)/profit before taxation | ( |
) |
| Tax on (loss)/profit | 9 | ( |
) |
| (Loss)/profit for the financial year | ( |
) |
| Retained earnings at beginning of year |
| Retained earnings at end of year |
| East Coast Fittings Limited (Registered number: 01548834) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Current assets |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| Provisions for liabilities | 18 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 19 |
| Retained earnings | 20 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| East Coast Fittings Limited (Registered number: 01548834) |
| Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 14,620 | 269,041 |
| Amount withdrawn by directors | - | (283,661 | ) |
| Net cash from financing activities | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
138,628 |
| Cash and cash equivalents at end of year | 2 | 588,605 | 159,313 |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | Reconciliation of (loss)/profit for the financial year to cash generated from operations |
| 31.12.24 | 31.12.23 |
| £ | £ |
| (Loss)/profit for the financial year | ( |
) |
| Depreciation charges |
| Finance costs | 8,374 | 9,002 |
| Finance income | - | (36 | ) |
| Taxation | ( |
) |
| (360,119 | ) | 603,840 |
| (Increase)/decrease in stocks | ( |
) |
| Decrease in trade and other debtors |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | Cash and cash equivalents |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 588,605 | 159,313 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 159,313 | 138,628 |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 3. | Analysis of changes in net funds |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 159,313 | 429,292 | 588,605 |
| 159,313 | 588,605 |
| Debt |
| Finance leases | (40,194 | ) | 13,246 | (26,948 | ) |
| (40,194 | ) | 13,246 | (26,948 | ) |
| Total | 119,119 | 442,538 | 561,657 |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | Statement of compliance |
| The company's financial statements have been prepared in compliance with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006 and the FRC abstract. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services |
| The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted. |
| Going concern |
| The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis. In order to make this assessment the directors have prepared trading forecasts, including reviewing reasonably possible potential negative scenarios, and assessed the liquidity of the business under these scenarios. The directors have concluded that the company has sufficient liquidity and resources to continue for the going concern review period. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements in conformity with Companies Act 2006 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| (i) Useful economic lives of property, plant and equipment |
| The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of property, plant and equipment and note 3 for the useful economic lives for each class of assets. |
| (ii)Taxation |
| The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with the previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Turnover |
| Turnover is recognised for sale transactions to the extent that economic benefits will flow to the company and the amount can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is stated net of discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover from a sale can be recognised: |
| Turnover from the sale of components, cabinetry and furniture is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods), the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Office equipment | - |
| 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. |
| Impairment of fixed assets |
| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Stocks |
| Stocks are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value is calculated at the lower of cost or selling price less cost to complete. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Debt instruments are subsequently measured at amortised cost. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| 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. |
| 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. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Hire purchase and finance leases |
| The determination of whether a contract is, or contains, a lease is based on the substance of the arrangement at the inception date: whether it conveys the right to control the use of an identified asset, or assets, over a period of time in exchange for consideration. Control requires the right to direct an assets use and obtain substantially all of the economic benefits. |
| Company as a lessee |
| Assets obtained under hire purchase contracts are capitalised on the balance sheet at the cost of the asset, since at the end of the hire purchase period, ownership of the asset will transfer to the Company. Those assets held under hire purchase contracts are depreciated over their estimated useful lives, in accordance with the Company's depreciation policy. A liability to the lessor is presented on the balance sheet, amounting to the amount borrowed under the agreement. Hire purchase payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit or loss over the term of the agreement at a constant rate of interest, and the capital part of the payment reduces the outstanding liability. |
| Finance leases are those which transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. Assets obtained under finance leases are capitalised at the commencement of the lease at the lower of fair value or the present value of the minimum lease payments payable over the term of the lease. Assets held under finance leases are depreciated over their estimated useful lives, or if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, then depreciated over the lease term if shorter. The corresponding leasing payments are shown as a liability to the lessor, net of finance charges. Lease payments are apportioned between finance charges and reduction of the lease liability, so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in the profit or loss. The capital part of the payments reduces the amount payable to the lessor. |
| Operating leases |
| All other leases are treated as operating leases, whereby the risks and rewards of ownership of the underlying asset are retained by the lessor. Operating lease payments are recognised as an expense in the profit or loss on a straight line basis over the period of the lease term. The aggregate benefit of any lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis. |
| 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. |
| Provisions |
| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | Accounting policies - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets. Cash is represented by cash in hand, and deposits held with financial institutions repayable without penalty or notice of not more than 24 hours, net of bank overdrafts which are shown within borrowings in current liabilities. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| 3. | Turnover |
| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| United Kingdom |
| Europe |
| 4. | Employees and directors |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | Employees and directors - continued |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Production staff | 28 | 30 |
| Distribution staff | 33 | 34 |
| Administrative staff | 40 | 42 |
| Sales and management staff | 18 | 15 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| There is not considered to be any key management personnel other than the directors. |
| 5. | Operating (loss)/profit |
| The operating loss (2023 - operating profit) is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Vehicle hire and leases |
| Leases of property |
| Within depreciation is £8,277 (2023 - £9,707) relating to assets held under hire purchase and finance leases. Depreciation charged on fixed assets is recognised in the Statement of Income and Retained Earnings within administrative expenses. |
| The amortisation charge on intangible fixed assets is recognised in the Statement of Income and Retained Earnings within administrative expenses. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | Auditors' remuneration |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
19,500 |
18,000 |
| 7. | Interest receivable and similar income |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other interest receivable |
| 8. | Interest payable and similar expenses |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other loan interest |
| Hire purchase interest |
| Interest payable is derived from financial liabilities measured at amortised cost. |
| 9. | Taxation |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on (loss)/profit | ( |
) |
| UK corporation tax was charged at 23.52%) in 2023. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | Taxation - continued |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Effects of changes in tax rates | 4,920 | (1,782 | ) |
| assets |
| Total tax (credit)/charge | (139,342 | ) | 82,961 |
| 10. | Intangible fixed assets |
| Development |
| costs |
| £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Amortisation |
| At 1 January 2024 |
| and 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | Tangible fixed assets |
| Fixtures |
| Short | Plant and | and | Office |
| leasehold | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| Short leasehold encompasses improvements made to the property which the company rents. |
| Finance leases and hire purchase contracts |
| Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: |
| Plant and machinery |
| £ |
| At 31 December 2024 | 46,813 |
| At 31 December 2023 | 55,180 |
| 12. | Stocks |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Stocks |
| Stocks are stated after provisions for impairment of £Nil (2023 - £Nil). |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | Debtors: amounts falling due within one year |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Corporation tax | 106,122 | - |
| Directors' current accounts | - | 14,620 |
| Prepayments |
| 14. | Creditors: amounts falling due within one year |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Corporation tax |
| Other taxation and social |
| security costs |
| VAT | 322,047 | 290,934 |
| Other creditors |
| Accrued expenses |
| 15. | Creditors: amounts falling due after more than one year |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 16. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 17. | Secured debts |
| The following secured debts are included within creditors: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts | 26,948 | 40,194 |
| The hire purchase debt is secured over the asset in which the debt was used to purchase. |
| Security has also been provided in respect of the bank overdraft and other credit facilities the company has with its bankers, by way of a fixed and floating charge, covering all the assets of the company; however incurred, whether now or in the future. |
| 18. | Provisions for liabilities |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred tax |
| £ |
| Balance at 1 January 2024 |
| Utilised during year | ( |
) |
| Balance at 31 December 2024 |
| The deferred tax account consists of the tax effect of timing differences in respect of accelerated capital allowances. This has been calculated at 25% (2023 - 25%), the future rate of taxation substantively enacted at the balance sheet date. |
| 19. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| Share capital - The called up share capital represents the nominal value of the shares issued. |
| There is a single class of ordinary shares which have full voting rights attached. There are no restrictions on the distributions of dividends and the repayment of capital. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 20. | Reserves |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Deficit for the year | ( |
) |
| At 31 December 2024 |
| Retained earnings - This reserve records distributable retained earnings and accumulated losses. |
| 21. | Pension commitments |
| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension expense recognised in the profit or loss represents contributions payable by the company to the fund, amounting to £135,246 (2023 - £134,370). |
| At the balance sheet date there were outstanding contributions payable to the fund of £18,223 (2023 - £21,432). |
| 22. | Directors' advances, credits and guarantees |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| All advances and credits as at 31 December 2023 were repaid in full within 9 months of the accounting period end. The loans were unsecured, interest free and repayable on demand. |
| East Coast Fittings Limited (Registered number: 01548834) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 23. | Related party transactions |
| During the year, close family of individuals with a significant interest in the company were employed by the company with total remuneration of £309,610 (2023 - £324,132). |
| No further transactions took place which require disclosure under FRS 102. |
| 24. | Ultimate controlling party |
| The controlling party is Mr D J Goodman. |