FULTON ASSET FINANCE LIMITED - Filleted accounts

Registered number

04852722

FULTON ASSET FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PAGES FOR FILING WITH REGISTRAR

FULTON ASSET FINANCE LIMITED

CONTENTS



Page

Balance sheet	1

Notes to the financial statements	2 - 6

FULTON ASSET FINANCE LIMITED

Balance Sheet

as at 31 December 2024
Company Registration No.	04852722


						Restated
Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		1,167,460			1,311,546
Investments	4		272,541			272,541
			1,440,001			1,584,087

Current assets
Debtors	5	398,873			267,971
Cash at bank and in hand		89,872			111,901
		488,745			379,872

Creditors: amounts falling due within one year	6	(457,572)			(428,543)

Net current assets/(liabilities)			31,173			(48,671)

Total assets less current liabilities			1,471,174			1,535,416

Provisions for liabilities			(295,741)			(206,106)

Net assets			1,175,433			1,329,310

Capital and reserves
Called up share capital			300			300
Profit and loss account			1,175,133			1,329,010

Shareholders' funds			1,175,433			1,329,310

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.


…………………………………..
Mr Gary Swallow
Director

Approved by the board on 2 October 2025

FULTON ASSET FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024



1	Accounting policies

	Basis of preparation
	These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.

	Going concern
	The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	10% straight line
	Motor vehicle	25% reducing balance

	Financial instruments
	The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Basic financial assets
	Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.

	Derecognition of financial assets
	Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

	Basic financial liabilities
	Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.

	Derecognition of financial liabilities
	Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

	Cash and cash equivalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

	Taxation
	The tax expense represents the sum of the tax currently payable and deferred tax.

	Current tax
	The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

	Deferred tax
	Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.

	Retirement benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		2		2


3	Tangible fixed assets
					Plant and machinery
£
	Cost
	At 1 January 2024				2,008,456
	Additions				32,000
	At 31 December 2024				2,040,456

	Depreciation
	At 1 January 2024				696,910
	Charge for the year				176,086
	At 31 December 2024				872,996

	Net book value
	At 31 December 2024				1,167,460
	At 31 December 2023				1,311,546


4	Investments

Other
investments
£
	Cost
	At 1 January 2024				272,541

	At 31 December 2024				272,541


5	Debtors		2024		2023
£				£

	Trade debtors		164,373		67,722
	Amounts owed by group undertakings and undertakings in which the company has a participating interest		150,000		200,000
	Other debtors		84,500		249
			398,873		267,971


6	Creditors: amounts falling due within one year		2024		2023
£				£

	Obligations under finance lease and hire purchase contracts		-		157,120
	Trade creditors		120,000		-
	Directors' current account		47		547
	Other taxes and social security costs		25,988		65,495
	Other creditors		259,449		174,067
	Corporation tax		52,088		31,314
			457,572		428,543


7	Provision for deferred tax		2024		2023
£				£

	Origination and reversal of timing difference		295,741		206,106


8	Prior Period Error - Depreciation of Plant and Machinery

	During the year, the directors identified an error in the depreciation rate applied to plant and machinery since 2021. These assets were depreciated at 20% straight-line method, implying a useful economic life of 5 years.
	Although the directors concluded that these assets would be used in the business for 15-year, however the correct rate should have been 10% per annum, reflecting a 10-year useful life. The error resulted in excess depreciation of £416,338 over the three prior years.
	In accordance with FRS 102, Section 10.15, the company has restated the prior year figures to correct this error. The impact of the restatement is as follows: Increase in net book value of plant and machinery: £416,338 Increase in retained earnings as at 1 January 2023: £416,338 Decrease in depreciation expense for prior period: £416,338


9	Other information

	Fulton Asset Finance Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF.