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Company registration number: 05296723
F G TRAILERS LIMITED
Unaudited filleted financial statements
30 November 2024
F G TRAILERS LIMITED
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
F G TRAILERS LIMITED
Directors and other information
Director Mr P Nash
Secretary Mrs L Nash
Company number 05296723
Registered office Cheryl House, 18 Bedesway
Bede Industrial Estate
Jarrow
Tyne & Wear
Business address Cheryl House, 18 Bedesway
Bede Industrial Estate
Jarrow
Tyne & Wear
Bankers Lloyds Bank Plc
101 King Street
South Shields
Tyne & Wear
F G TRAILERS LIMITED
Statement of financial position
30th November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 366,735 382,240
_______ _______
366,735 382,240
Current assets
Stocks 284,200 331,200
Debtors 7 73,945 53,235
Cash at bank and in hand 232,719 196,095
_______ _______
590,864 580,530
Creditors: amounts falling due
within one year 8 ( 357,503) ( 330,363)
_______ _______
Net current assets 233,361 250,167
_______ _______
Total assets less current liabilities 600,096 632,407
Creditors: amounts falling due
after more than one year 9 ( 227,735) ( 260,638)
_______ _______
Net assets 372,361 371,769
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 372,261 371,669
_______ _______
Shareholder funds 372,361 371,769
_______ _______
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2025 , and are signed on behalf of the board by:
Mr P Nash
Director
Company registration number: 05296723
F G TRAILERS LIMITED
Notes to the financial statements
Year ended 30th November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is FG Trailers Limited, Cheryl House, 18 Bedesway, Bede Industrial Estate, Jarrow, Tyne & Wear.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
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 assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st December 2023 and 30th November 2024 45,000 45,000
_______ _______
Amortisation
At 1st December 2023 and 30th November 2024 45,000 45,000
_______ _______
Carrying amount
At 30th November 2024 - -
_______ _______
At 30th November 2023 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st December 2023 and 30th November 2024 432,857 32,853 18,195 37,464 521,369
_______ _______ _______ _______ _______
Depreciation
At 1st December 2023 88,825 23,771 11,410 15,123 139,129
Charge for the year 8,657 1,362 1,018 4,468 15,505
_______ _______ _______ _______ _______
At 30th November 2024 97,482 25,133 12,428 19,591 154,634
_______ _______ _______ _______ _______
Carrying amount
At 30th November 2024 335,375 7,720 5,767 17,873 366,735
_______ _______ _______ _______ _______
At 30th November 2023 344,032 9,082 6,785 22,341 382,240
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 36,437 39,772
Other debtors 37,508 13,463
_______ _______
73,945 53,235
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 66,183 60,425
Trade creditors 143,655 108,512
Corporation tax 15,501 25,909
Social security and other taxes 16,920 3,396
Other creditors 115,244 132,121
_______ _______
357,503 330,363
_______ _______
The bank loans of £66,183 (2023: £60,425) are secured by a Debenture over all the assets of the company and a charge over the leasehold properties.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 227,735 260,638
_______ _______
The bank loans of £227,735 (2023: £260,638) are secured by a Debenture over all the assets of the company and a charge over the leasehold properties.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr P Nash ( 5) 1,460 ( 1,460) ( 5)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr P Nash ( 5) 2,491 ( 2,491) ( 5)
_______ _______ _______ _______
The above loan is unsecured, interest free and repayable on demand.
11. Controlling party
The controlling party is Mr P Nash , the director.