Company Registration No. 10684742 (England and Wales)
FIXINGS AND TOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
FIXINGS AND TOOLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FIXINGS AND TOOLS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
Notes
£
£
Fixed assets
Intangible assets
3
12,127
Tangible assets
4
70,107
82,234
Current assets
Stocks
87,134
Debtors
5
218,885
Cash at bank and in hand
17,381
323,400
Creditors: amounts falling due within one year
6
(661,774)
Net current liabilities
(338,374)
Total assets less current liabilities
(256,140)
Creditors: amounts falling due after more than one year
7
(5,658)
Net liabilities
(261,798)
Capital and reserves
Called up share capital
8
10,000
Profit and loss reserves
(271,798)
Total equity
(261,798)
FIXINGS AND TOOLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2018 and are signed on its behalf by:
A J Fisher
Director
Company Registration No. 10684742
FIXINGS AND TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Fixings and Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is 298 Langley Road South, Salford, Manchester, M6 6ST.
1.1
Accounting convention
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 companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 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 cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant on the continued financial support of its directors.
The directors have confirmed that they will continue to provide financial support at the current levels.
As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods sold to third parties, excluding VAT, and is attributable to the principal activity of the company and arose entirely in the UK.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
Other intangibles
No amortisation
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% and 20% straight line
Motor vehicles
20% and 17% straight line
FIXINGS AND TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
FIXINGS AND TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 10.
3
Intangible fixed assets
Software
Other intangibles
Total
£
£
£
Cost
At 22 March 2017
-
-
-
Additions
12,123
4
12,127
At 31 March 2018
12,123
4
12,127
Amortisation and impairment
At 22 March 2017 and 31 March 2018
-
-
-
Carrying amount
At 31 March 2018
12,123
4
12,127
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 22 March 2017
-
Additions
81,801
At 31 March 2018
81,801
Depreciation and impairment
At 22 March 2017
-
Depreciation charged in the period
11,694
At 31 March 2018
11,694
Carrying amount
At 31 March 2018
70,107
FIXINGS AND TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
4
Tangible fixed assets
(Continued)
- 6 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
£
Motor vehicles
10,238
10,238
Depreciation charge for the period in respect of leased assets
1,138
5
Debtors
2018
Amounts falling due within one year:
£
Trade debtors
206,008
Other debtors
12,877
218,885
6
Creditors: amounts falling due within one year
2018
£
Bank loans and overdrafts
143,377
Trade creditors
117,374
Other taxation and social security
8,460
Other creditors
392,563
661,774
Bank loans and overdrafts is an invoice discounting facility which is secured by way of a debenture over all the assets of the company.
Included within other creditors are amounts due under finance leases of £2,363.
Other creditors also includes interest free amounts granted to the company by the directors in the period amounting to £318,361.
7
Creditors: amounts falling due after more than one year
2018
£
Other creditors
5,658
FIXINGS AND TOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Other creditors are amounts due under finance leases.
Assets held under finance leases are secured against the tangible fixed assets to which they relate.
8
Called up share capital
2018
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
£
1,051,679
The above amount represents the total amount payable over the lease terms, including a 20 year term on the property occupied in Salford. This lease has break clauses after 5, 7 and 10 years.
The total amount due within the next twelve months is £60,724.
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