Fab Shop Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07101189

Fab Shop Limited

Filleted Unaudited Financial Statements

31 December 2024

Fab Shop Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		21,144	39,658

Current assets

Stocks		11,600	5,500
Debtors	6	533,970	514,046
Cash at bank and in hand		–	460
		---------	---------
		545,570	520,006

Creditors: amounts falling due within one year	7	483,673		455,871
		---------		---------
Net current assets			61,897	64,135
			--------	---------
Total assets less current liabilities			83,041	103,793

Creditors: amounts falling due after more than one year	8	39,684	62,141
		--------	---------
Net assets		43,357	41,652
		--------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	43,356	41,651
	--------	--------
Shareholder funds	43,357	41,652
	--------	--------

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.

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 member has 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 .

Fab Shop Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 16 September 2025 , and are signed on behalf of the board by:

Mr A Fisher

Director

Company registration number: 07101189

Fab Shop 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 and Wales. The address of the registered office is 13 Hurworth Road, Aycliffe Business Park, Newton Aycliffe, Co Durham, DL5 6UD.

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, 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.

Revenue recognition

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 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Plant & Equipment	-	15% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	25% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost 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 13 (2023: 13 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	45,927	2,634	96,873	145,434
	--------	-------	--------	---------
Depreciation
At 1 January 2024	44,132	2,634	59,010	105,776
Charge for the year	1,537	–	16,977	18,514
	--------	-------	--------	---------
At 31 December 2024	45,669	2,634	75,987	124,290
	--------	-------	--------	---------
Carrying amount
At 31 December 2024	258	–	20,886	21,144
	--------	-------	--------	---------
At 31 December 2023	1,795	–	37,863	39,658
	--------	-------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	316,201	346,903
Other debtors	217,769	167,143
	---------	---------
	533,970	514,046
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	397,062	257,229
Trade creditors	74,834	71,602
Corporation tax	157	9,515
Social security and other taxes	23,846	91,260
Other creditors - desc in a/cs	( 18,665)	19,131
Other creditors	6,439	7,134
	---------	---------
	483,673	455,871
	---------	---------

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

	2024	2023
	£	£
Bank loans and overdrafts	16,241	25,000
Other creditors	23,443	37,141
	--------	--------
	39,684	62,141
	--------	--------

9. Directors' advances, credits and guarantees

10. Related party transactions

The company was under the control of Mr Fisher throughout the current and previous year. Mr Fisher is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.