Registration number:
Fiba Tech Industries Limited
for the Year Ended 31 December 2024
Registration number:
Fiba Tech Industries Limited
for the Year Ended 31 December 2024
Fiba Tech Industries Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Fiba Tech Industries Limited
Company Information
|
Director |
Mr Neil Smallwood |
|
Company secretary |
Mrs Karen Smallwood |
|
Registered office |
|
|
Accountants |
|
Fiba Tech Industries Limited
(Registration number: 03088819)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
1,614,165 |
1,614,165 |
|
|
Share premium reserve |
999,226 |
999,226 |
|
|
Retained earnings |
(2,851,198) |
(3,380,538) |
|
|
Shareholders' deficit |
(237,807) |
(767,147) |
For the financial 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.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Fiba Tech Industries Limited
(Registration number: 03088819)
Balance Sheet as at 31 December 2024
|
......................................... |
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity;and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Long leasehold property |
15% reducing balance |
|
Plant and machinery |
15% to 20% reducing balance / 33% straight line (tools) |
|
Fixtures and fittings |
15% reducing balance |
|
Equipment |
15% reducing balance |
Development costs
Development costs are capitalised when they meet the recognition criteria under FRS 102 Section 18. These costs are amortised on a straight-line basis over their estimated useful economic lives, currently assessed as three to six years. Research costs are written off as incurred. Development costs are reviewed annually for indicators of impairment and written down where necessary.
In assessing whether development expenditure meets the criteria for capitalisation, management makes judgements on technical feasibility, commercial viability, and the availability of adequate resources. The estimated useful life of capitalised development costs is based on expected future sales and technological developments.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Development costs |
Over the useful economic life, which ranges from 3 to 6 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Internally generated development costs |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions internally developed |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Tangible assets |
|
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
|||
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
|
||
|
Additions |
|
- |
|
- |
||
|
At 31 December 2024 |
|
|
|
|
||
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
|
||
|
Charge for the year |
|
|
|
|
||
|
At 31 December 2024 |
|
|
|
|
||
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
||
|
At 31 December 2023 |
|
|
|
|
||
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Motor vehicles |
Total |
|||||
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
||||
|
Additions |
- |
|
||||
|
At 31 December 2024 |
|
|
||||
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
||||
|
Charge for the year |
|
|
||||
|
At 31 December 2024 |
|
|
||||
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
||||
|
At 31 December 2023 |
|
|
||||
Included within the net book value of land and buildings above is £25,576 (2023 - £19,715) in respect of long leasehold land and buildings.
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,614,165 |
|
1,614,165 |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Other borrowings |
|
|
|
|
|
|
Current loans and borrowings
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
Factoring debt |
|
|
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
|
Transactions with the director |
|
2024 |
At 1 January 2024 |
Advances to director |
At 31 December 2024 |
|
Mr Neil Smallwood |
|||
|
Directors Loan |
|
|
|
|
2023 |
At 1 January 2023 |
Advances to director |
At 31 December 2023 |
|
Mr Neil Smallwood |
|||
|
Directors Loan |
|
|
|
Director's remuneration
The director's remuneration for the year was as follows:
Fiba Tech Industries Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Remuneration |
|
- |
|
Contributions paid to money purchase schemes |
|
- |
|
54,350 |
- |