REGISTERED NUMBER: 00660087 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FINISHING AIDS AND TOOLS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C L Howcroft

R B Howcroft

Ms E B Howcroft

N J Leach

REGISTERED OFFICE:

Little End Road Industrial Estate

Eaton Socon

St Neots

Cambridgeshire

PE19 8GF

REGISTERED NUMBER:

00660087 (England and Wales)

ACCOUNTANTS:

Lovetts Accountants Limited

Bridge House

25 Fiddlebridge Lane

Hatfield

Hertfordshire

AL10 0SP

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

431,988

425,189

Investments

6

3,302

3,302

435,290

428,491

CURRENT ASSETS

Inventories

520,255

462,086

Debtors

7

873,527

477,388

Cash at bank and in hand

604

13,282

1,394,386

952,756

CREDITORS

Amounts falling due within one year

8

1,406,172

866,449

NET CURRENT (LIABILITIES)/ASSETS

(11,786

)

86,307

TOTAL ASSETS LESS CURRENT LIABILITIES

423,504

514,798

CREDITORS

Amounts falling due after more than one year

9

(181,927

)

(191,917

)

PROVISIONS FOR LIABILITIES

11

(29,892

)

(31,745

)

NET ASSETS

211,685

291,136

CAPITAL AND RESERVES

Called up share capital

36,000

36,000

Retained earnings

175,685

255,136

SHAREHOLDERS' FUNDS

211,685

291,136

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 directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

R B Howcroft - Director

1.	STATUTORY INFORMATION

Finishing Aids and Tools 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.

Turnover

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

Goodwill

Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Short leasehold

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories have been valued at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

90,000

AMORTISATION

At 1 January 2024

and 31 December 2024

90,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2024

140,244

218,617

434,726

Additions

-

-

-

Disposals

-

-

-

At 31 December 2024

140,244

218,617

434,726

DEPRECIATION

At 1 January 2024

89,616

71,663

331,389

Charge for year

2,601

4,372

14,627

Eliminated on disposal

-

-

-

At 31 December 2024

92,217

76,035

346,016

NET BOOK VALUE

At 31 December 2024

48,027

142,582

88,710

At 31 December 2023

50,628

146,954

103,337

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

262,276

37,690

1,093,553

Additions

87,979

-

87,979

Disposals

(61,020

)

-

(61,020

)

At 31 December 2024

289,235

37,690

1,120,512

DEPRECIATION

At 1 January 2024

138,006

37,690

668,364

Charge for year

41,677

-

63,277

Eliminated on disposal

(43,117

)

-

(43,117

)

At 31 December 2024

136,566

37,690

688,524

NET BOOK VALUE

At 31 December 2024

152,669

-

431,988

At 31 December 2023

124,270

-

425,189

Included in cost of land and buildings is freehold land of £ 10,172 (2023 - £ 10,172 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

241,965

Additions

87,979

Disposals

(61,020

)

Transfer to ownership

(62,194

)

At 31 December 2024

206,730

DEPRECIATION

At 1 January 2024

120,698

Charge for year

40,993

Eliminated on disposal

(43,117

)

Transfer to ownership

(37,485

)

At 31 December 2024

81,089

NET BOOK VALUE

At 31 December 2024

125,641

At 31 December 2023

121,267

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

3,302

NET BOOK VALUE

At 31 December 2024

3,302

At 31 December 2023

3,302

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

852,723

451,915

Other debtors

20,804

25,473

873,527

477,388

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

176,082

138,535

Hire purchase contracts

35,244

38,033

Trade creditors

414,435

296,517

Amounts owed to group undertakings

3,302

3,302

Taxation and social security

125,339

159,131

Other creditors

651,770

230,931

1,406,172

866,449

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

162,076

179,119

Hire purchase contracts

19,851

12,798

181,927

191,917

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

96,153

103,196

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank overdrafts

151,268

102,393

Bank loans

186,890

215,261

338,158

317,654

The secured debts are secured by a debenture and a legal charge of the company's land and buildings.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

29,892

31,745

Deferred

tax

£

Balance at 1 January 2024

31,745

Provided during year

(1,853

)

Balance at 31 December 2024

29,892