REGISTERED NUMBER: 11798543 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2025

for

Fitz Asset Finance Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

R J Fitzpatrick

Registered office:

114-120 Northgate Street

Chester

CH1 2HT

Registered number:

11798543 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

86,734

51,805

Current assets

Debtors

5

24,316

15,238

Cash at bank

2,080

3,195

26,396

18,433

Creditors

Amounts falling due within one year

6

15,310

14,660

Net current assets

11,086

3,773

Total assets less current liabilities

97,820

55,578

Creditors

Amounts falling due after more than one year

7

(76,665

)

(42,239

)

Provisions for liabilities

9

(21,684

)

(12,951

)

Net (liabilities)/assets

(529

)

388

Capital and reserves

Called up share capital

10

10

Retained earnings

(539

)

378

(529

)

388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2025 and were signed by:

R J Fitzpatrick - Director

1.	Statutory information

Fitz Asset Finance 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.

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

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

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern

The financial statements have been prepared on the going concern basis on the assumption that the director will provide financial support to enable the company to meet its current liabilities, which exceeded its current assets at 28 February 2025.

3.	Employees and directors

The average number of employees during the year was 1 (2024 - 1 ) .

4.	Tangible fixed assets

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 March 2024

52,735

1,743

54,478

Additions

48,281

-

48,281

At 28 February 2025

101,016

1,743

102,759

Depreciation

At 1 March 2024

1,099

1,574

2,673

Charge for year

13,183

169

13,352

At 28 February 2025

14,282

1,743

16,025

Net book value

At 28 February 2025

86,734

-

86,734

At 29 February 2024

51,636

169

51,805

5.

Debtors: amounts falling due within one year

28/2/25

29/2/24

£

£

Other debtors

24,316

15,238

6.

Creditors: amounts falling due within one year

28/2/25

29/2/24

£

£

Hire purchase contracts

12,974

7,523

Taxation and social security

777

5,728

Other creditors

1,559

1,409

15,310

14,660

7.

Creditors: amounts falling due after more than one year

28/2/25

29/2/24

£

£

Hire purchase contracts

76,665

42,239

8.	Secured debts

The following secured debts are included within creditors:

28/2/25

29/2/24

£

£

Hire purchase contracts

89,639

49,762

Hire purchase contracts are secured on the underlying assets.

9.	Provisions for liabilities

28/2/25

29/2/24

£

£

Deferred tax

21,684

12,951

Deferred

tax

£

Balance at 1 March 2024

12,951

Charge to Statement of Income and Retained Earnings during year

8,733

Balance at 28 February 2025

21,684

10.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the year ended 28 February 2025 and the period ended 29 February 2024:

28/2/25

29/2/24

£

£

R J Fitzpatrick

Balance outstanding at start of year

15,238

5,613

Amounts advanced

44,805

58,944

Amounts repaid

(35,727

)

(49,319

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,316

15,238

The maximum balance outstanding during the year was £28,664. Advances during the year included £5,000 on 12 December 2024. Repayments during the year included £15,250 on 23 July 2024 and £6,368 on 15 November 2024. Loans to directors are unsecured, interest free and repayable on demand.