REGISTERED NUMBER: 12058642 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

F1T LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Y A Bux

REGISTERED OFFICE:

Barton Hall

Garstang Road

Broughton

Preston

Lancashire

PR3 5BT

REGISTERED NUMBER:

12058642 (England and Wales)

ACCOUNTANTS:

James Todd & Co

Greenbank House

141 Adelphi Street

Preston

Lancashire

PR1 7BH

FIXED ASSETS

Tangible assets

4

1,255,920

1,439,187

CURRENT ASSETS

Debtors

5

29,467

12,199

Cash at bank and in hand

21,423

22,528

50,890

34,727

CREDITORS

Amounts falling due within one year

6

2,322,771

2,277,503

NET CURRENT LIABILITIES

(2,271,881

)

(2,242,776

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,015,961

)

(803,589

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(1,015,962

)

(803,590

)

SHAREHOLDERS' FUNDS

(1,015,961

)

(803,589

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

Y A Bux - Director

1.	STATUTORY INFORMATION

F1T Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, bank balances and cash, are initially measured at transaction price and are subsequently carried at cost. Basic financial liabilities, which include creditors, loans and borrowings, are initially recognised at transaction price and are subsequently carried at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 46 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2024

1,190,156

587,874

1,778,030

Disposals

(6,830

)

-

(6,830

)

At 31 December 2024

1,183,326

587,874

1,771,200

DEPRECIATION

At 1 January 2024

222,688

116,155

338,843

Charge for year

118,333

58,787

177,120

Eliminated on disposal

(683

)

-

(683

)

At 31 December 2024

340,338

174,942

515,280

NET BOOK VALUE

At 31 December 2024

842,988

412,932

1,255,920

At 31 December 2023

967,468

471,719

1,439,187

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

880

1,549

Other debtors

-

10,650

Prepayments and accrued income

28,587

-

29,467

12,199

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

53,030

91,552

Amounts owed to group undertakings

2,233,450

2,059,051

Social security and other taxes

15,391

-

Other creditors

20,900

126,900

2,322,771

2,277,503

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Bux & Co Limited.

The ultimate controlling party is the director, Mr Y A Bux, together with his wife.

8.	GOING CONCERN

The company was insolvent at the year end. However, the accounts have been prepared on a going concern basis, due to the ongoing support of the company's bankers, and the shareholders of the company, who are its principal creditors.