Fairgrieve Composites Limited 31/12/2024 iXBRL

Company registration number: 07368863

Fairgrieve Composites Limited

Unaudited filleted financial statements

31 December 2024

Fairgrieve Composites Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Fairgrieve Composites Limited

Directors and other information


	Directors	D W Beaumont
		B Davidson


	Company number	07368863


	Registered office	15 Sedling Road
		Wear Industrial Estate
		Washington
		Tyne and Wear
		NE38 9BZ


	Accountants	Turner and Brown Limited
		105 Garstang Road
		Preston
		Lancs
		PR1 1LD

Fairgrieve Composites Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Fairgrieve Composites Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fairgrieve Composites Limited for the year ended 31 December 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Fairgrieve Composites Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fairgrieve Composites Limited and state those matters that we have agreed to state to the board of directors of Fairgrieve Composites Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fairgrieve Composites Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Fairgrieve Composites Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fairgrieve Composites Limited. You consider that Fairgrieve Composites Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fairgrieve Composites Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Turner and Brown Limited

Chartered Accountants

105 Garstang Road

Preston

Lancs

PR1 1LD

Fairgrieve Composites Limited

Statement of financial position

31 December 2024

		31/12/24		31/12/23
	Note	£	£	£	£

Fixed assets
Tangible assets	5	87,290		108,148
		_______		_______
			87,290		108,148

Current assets
Stocks		12,909		42,098
Debtors	6	179,229		408,582
Cash at bank and in hand		74,416		63,444
		_______		_______
		266,554		514,124
Creditors: amounts falling due
within one year	7	( 67,513)		( 175,908)
		_______		_______
Net current assets			199,041		338,216
			_______		_______
Total assets less current liabilities			286,331		446,364

Creditors: amounts falling due
after more than one year	8		( 12,862)		( 19,818)

Provisions for liabilities			-		( 14,553)

			_______		_______
Net assets			273,469		411,993
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			272,469		410,993
			_______		_______
Shareholders funds			273,469		411,993
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge 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 25 September 2025 , and are signed on behalf of the board by:

D W Beaumont

Director

Company registration number: 07368863

Fairgrieve Composites Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 15 Sedling Road, Wear Industrial Estate, Washington, Tyne and Wear, NE38 9BZ.

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 is recognised at the point of dispatch of goods from the factory. This is when the company becomes legally entitled to receive the income. 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.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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.

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:


Freehold property	-	2% Straight line
Plant and machinery	-	10% Straight line
Fittings fixtures and equipment	-	10% Straight line (33.33% SL on computer equipment)

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.

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 in finance costs in profit or loss in the period it arises.

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.

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 9 (2023: 12 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2024	246,641	46,480	293,121
Additions	5,196	-	5,196
	_______	_______	_______
At 31 December 2024	251,837	46,480	298,317
	_______	_______	_______
Depreciation
At 1 January 2024	158,961	26,012	184,973
Charge for the year	18,620	7,434	26,054
	_______	_______	_______
At 31 December 2024	177,581	33,446	211,027
	_______	_______	_______
Carrying amount
At 31 December 2024	74,256	13,034	87,290
	_______	_______	_______
At 31 December 2023	87,680	20,468	108,148
	_______	_______	_______

6. Debtors

	31/12/24	31/12/23
	£	£
Trade debtors	78,080	360,919
Amounts owed by group undertakings	60,000	-
Other debtors	41,149	47,663
	_______	_______
	179,229	408,582
	_______	_______

7. Creditors: amounts falling due within one year

	31/12/24	31/12/23
	£	£
Trade creditors	35,022	117,734
Amounts owed to group undertakings	13	13
Social security and other taxes	2,290	21,489
Other creditors	30,188	36,672
	_______	_______
	67,513	175,908
	_______	_______

8. Creditors: amounts falling due after more than one year

	31/12/24	31/12/23
	£	£
Other creditors	12,862	19,818
	_______	_______

9. Related party transactions

At commencement of the period the company had a credit intercompany balance with its ultimate group parent of £13. There was no movement in the year and as a result there remained a £13 credit balance at the reporting date. This intercompany loan was interest free and repayable on demand. The company had also advanced an interest free loan to a fellow group company of £60,000 in the period and this amount remained outstanding at the reporting date. This balance was repayable on demand.