Fan Systems Group Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00479576

FAN SYSTEMS GROUP LIMITED

FILLETED FINANCIAL STATEMENTS

31 December 2024

FAN SYSTEMS GROUP LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

FAN SYSTEMS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5		29,929		42,314

CURRENT ASSETS

Stocks		919,176	1,124,343
Debtors	6	3,138,589	2,963,326
Cash at bank and in hand		17,949	24,544
		-------------	-------------
		4,075,714	4,112,213

CREDITORS: amounts falling due within one year	7	3,353,184		3,398,085
		-------------		-------------
NET CURRENT ASSETS			722,530		714,128
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			752,459		756,442
			----------		----------
NET ASSETS			752,459		756,442
			----------		----------

CAPITAL AND RESERVES

Called up share capital	8	57,926	57,926
Share premium account		71,514	71,514
Capital redemption reserve		49,074	49,074
Profit and loss account		573,945	577,928
		----------	----------
SHAREHOLDER FUNDS		752,459	756,442
		----------	----------

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

FAN SYSTEMS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 24 June 2025 , and are signed on behalf of the board by:

T Barnes

Director

Company registration number: 00479576

FAN SYSTEMS GROUP 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 Witt House, 3 Shelf Mills, Wade House Road, Shelf, Halifax, HX3 7BJ, West Yorkshire.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.

Research and development

Research and development expenditure is written off in the period in which it is incurred.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements 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. There are not considered to be any judgements, accounting estimates or assumptions that have a significant impact on the accounts.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss. 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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	-	20% 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.

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 stock to its present location and condition.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 77 (2023: 71 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	61,922
	---------
Amortisation
At 1 January 2024	19,608
Charge for the year	12,385
	---------
At 31 December 2024	31,993
	---------
Carrying amount
At 31 December 2024	29,929
	---------
At 31 December 2023	42,314
	---------

6. DEBTORS

	2024	2023
	£	£
Trade debtors	1,296,414	1,563,138
Amounts owed by group undertakings	282,847	356,097
Prepayments and accrued income	1,559,328	1,004,957
Corporation tax repayable	–	37,321
Other debtors	–	1,813
	-------------	-------------
	3,138,589	2,963,326
	-------------	-------------

7. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	203,719	179,379
Trade creditors	1,262,179	1,225,357
Accruals and deferred income	1,632,975	1,899,158
Corporation tax	68,576	–
Social security and other taxes	150,885	74,109
Other creditors	34,850	20,082
	-------------	-------------
	3,353,184	3,398,085
	-------------	-------------

8. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	57,926	57,926	57,926	57,926
	---------	---------	---------	---------

9. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	85,347	99,172
Later than 1 year and not later than 5 years	29,544	114,231
	----------	----------
	114,891	213,403
	----------	----------

10. CONTINGENCIES

Under a group registration scheme, the company has guaranteed the outstanding VAT liabilities of all group companies. At 31 December 2024, the total liability across the UK group companies was £256,454 (2023: £145,933). All group companies have an unlimited unilateral guarantee for all group bank borrowings. At 31 December 2024 the maximum liability was £220,238 (2023: £364,280).

11. SUMMARY AUDIT OPINION

The auditor's report dated 26 September 2025 was unqualified .

The senior statutory auditor was Sally Shacklock BA FCA , for and on behalf of Streets Spenser Wilson (Yorkshire) Limited .

12. RELATED PARTY TRANSACTIONS

The company is a member of a medium group, the holding company of which, Witt & Son UK Holdings Limited, prepares publicly available consolidated financial statements. Having taken advantage of the exemptions in Financial Reporting Standard 102 in respect of the disclosure of related party transactions.

13. ULTIMATE PARENT COMPANY

The company's immediate and ultimate holding company is Witt & Son UK Holdings Limited, a company incorporated in England. This is the largest and smallest group for which accounts are drawn up and of which the company is a member, consolidated accounts are available from Companies House. The holding company's registered office is at Witt House, 3 Shelf Mills, Wade House Road, Shelf, Halifax, West Yorkshire, HX3 7BJ.