A&B Fire Equipment Ltd iXBRL

Company Registration Number: NI609470

A&B Fire Equipment Ltd

Unaudited Financial Statements

for the financial year ended 31 December 2024

A&B Fire Equipment Ltd

Company Registration Number: NI609470

BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Fixed Assets

Intangible assets

78,750

90,000

Tangible assets

248,338

251,301

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Fixed Assets

327,088

341,301

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Current Assets

Stocks

14,039

13,526

Debtors

60,954

78,811

Cash and cash equivalents

83,723

50,210

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158,716

142,547

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Creditors: amounts falling due within one year

(280,662)

(289,355)

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Net Current Liabilities

(121,946)

(146,808)

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Total Assets less Current Liabilities

205,142

194,493

Creditors:

amounts falling due after more than one year

(110,855)

(115,888)

Provisions for liabilities

(2,866)

(2,770)

Government grants

(51,445)

(51,445)

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Net Assets

39,976

24,390

═════════

Capital and Reserves

Called up share capital

22,800

22,800

Retained earnings

17,176

1,590

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Equity attributable to owners of the company

39,976

24,390

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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 16 October 2025 and signed on its behalf by



________________________________			________________________________
Darryl Burns			Mark Burns
Director			Director


________________________________
Keith Burns
Director

A&B Fire Equipment Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

A&B Fire Equipment Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 12 Campsie Road, Omagh, Co Tyrone, BT79 0AG which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Long leasehold property

Not depreciated

Plant and machinery

20% Reducing Balance

Fixtures, fittings and equipment

20% Reducing Balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average monthly number of employees, including directors, during the financial year was:

2024

2023

Number

Number

Employees

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4.	Intangible assets

		Goodwill	Total
		£	£
	Cost
	At 1 January 2024	225,000	225,000
		─────────	─────────

	At 31 December 2024	225,000	225,000
		─────────	─────────
	Amortisation
	At 1 January 2024	135,000	135,000
	Charge for financial year	11,250	11,250
		─────────	─────────
	At 31 December 2024	146,250	146,250
		─────────	─────────
	Net book value
	At 31 December 2024	78,750	78,750
		═════════	═════════
	At 31 December 2023	90,000	90,000
		═════════	═════════


5.	Tangible assets
		Long	Plant and	Fixtures,	Total
		leasehold	machinery	fittings and
		property		equipment
		£	£	£	£
	Cost
	At 1 January 2024	236,481	61,503	12,337	310,321
		─────────	─────────	─────────	─────────

	At 31 December 2024	236,481	61,503	12,337	310,321
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2024	-	49,973	9,047	59,020
	Charge for the financial year	-	2,306	657	2,963
		─────────	─────────	─────────	─────────
	At 31 December 2024	-	52,279	9,704	61,983
		─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2024	236,481	9,224	2,633	248,338
		═════════	═════════	═════════	═════════
	At 31 December 2023	236,481	11,530	3,290	251,301
		═════════	═════════	═════════	═════════


6.	Stocks	2024	2023
		£	£

	Finished goods and goods for resale	14,039	13,526
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


7.	Debtors	2024	2023
		£	£

	Trade debtors	60,954	78,811
		═════════	═════════


8.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Bank loan	2,682	4,273
	Payments received on account	2,100	730
	Trade creditors	56,310	68,674
	Taxation (Note 10)	37,098	27,936
	Directors' current accounts	153,257	158,080
	Accruals	29,215	29,662
		─────────	─────────
		280,662	289,355
		═════════	═════════


9.	Creditors	2024	2023
	Amounts falling due after more than one year	£	£

	Bank loan	8,684	10,502
	Directors' loan accounts	102,171	105,386
		─────────	─────────
		110,855	115,888
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 8)	2,682	4,273
	Repayable between two and five years	8,684	10,502
		─────────	─────────
		11,366	14,775
		═════════	═════════


10.	Taxation	2024	2023
		£	£

	Creditors:
	VAT	10,636	10,450
	Corporation tax	26,462	17,486
		─────────	─────────
		37,098	27,936
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2024

2023

At financial year start

2,770

2,770

3,464

Charged to profit and loss

(694)

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At financial year end

2,866

2,770

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12.	Government Grants Deferred	2024	2023
		£	£

	Capital grants received and receivable
	At 1 January 2024	51,445	51,445
		═════════	═════════

13.

Related party transactions

At the start of the year, the directors were owed £263,466 from the company. During the year A & B Fire Equipment Ltd borrowed £78,980 and repaid £87,018 to the directors. At the year end the directors are owed £255,428 (2023: £263,466) from A & B Fire Equipment Ltd and this is included in the creditors section of the balance sheet.

During the year, A&B Fire Equipment Ltd was charged £13,000 for the rental of commercial premises owned by Keith Burns, Mark Burns and Darryl Burns. The rental charges have been deemed to be lower than market value for these premises.