Fibre Extrusion Technology Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03504192 (England and Wales)

Financial Statements for the Year Ended 31 March 2022

for

Fibre Extrusion Technology Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Slack

R W Slack

J P Archibald

SECRETARY:

R W Slack

REGISTERED OFFICE:

Units F & G

Treefield Industrial Estate

Gelderd Road

Leeds

LS27 7JU

REGISTERED NUMBER:

03504192 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

FIXED ASSETS

Tangible assets

4

299,307

157,595

CURRENT ASSETS

Stocks

1,109,913

918,807

Debtors

5

2,426,930

1,880,562

Cash at bank and in hand

1,638,145

3,107,324

5,174,988

5,906,693

CREDITORS

Amounts falling due within one year

6

2,416,101

3,588,438

NET CURRENT ASSETS

2,758,887

2,318,255

TOTAL ASSETS LESS CURRENT LIABILITIES

3,058,194

2,475,850

PROVISIONS FOR LIABILITIES

5,284

11,254

NET ASSETS

3,052,910

2,464,596

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,051,910

2,463,596

SHAREHOLDERS' FUNDS

3,052,910

2,464,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 7 December 2022 and were signed on its behalf by:

R W Slack - Director

1.	STATUTORY INFORMATION

Fibre Extrusion Technology 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 comprises the value of sales (excluding VAT) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched or at the point at which risks and rewards of ownership are passed to the buyer.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Inventories

Inventories and work in progress are valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress, the cost includes a relevant proportion of overheads according to the stage of manufacture/ completion.

Financial instruments

Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Revenue expenditure on research and development is written off in the year in which it is incurred. Any research and development expenditure of a capital nature is capitalised and depreciation charged thereon.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2021

180,315

273,398

30,589

Additions

256,197

-

-

Disposals

-

(4,500

)

-

At 31 March 2022

436,512

268,898

30,589

DEPRECIATION

At 1 April 2021

93,013

221,630

24,097

Charge for year

80,053

25,883

1,922

Eliminated on disposal

-

(4,500

)

-

At 31 March 2022

173,066

243,013

26,019

NET BOOK VALUE

At 31 March 2022

263,446

25,885

4,570

At 31 March 2021

87,302

51,768

6,492

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

28,095

36,617

549,014

Additions

-

-

256,197

Disposals

-

-

(4,500

)

At 31 March 2022

28,095

36,617

800,711

DEPRECIATION

At 1 April 2021

25,970

26,709

391,419

Charge for year

2,125

4,502

114,485

Eliminated on disposal

-

-

(4,500

)

At 31 March 2022

28,095

31,211

501,404

NET BOOK VALUE

At 31 March 2022

-

5,406

299,307

At 31 March 2021

2,125

9,908

157,595

5.

DEBTORS

31.3.22

31.3.21

£

£

Amounts falling due within one year:

Trade debtors

939,115

1,312,402

Other debtors

1,374,035

456,713

2,313,150

1,769,115

Amounts falling due after more than one year:

Other debtors

113,780

111,447

Aggregate amounts

2,426,930

1,880,562

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Payments on account

1,434,437

2,820,726

Trade creditors

599,058

397,765

Taxation and social security

23,999

62,688

Other creditors

358,607

307,259

2,416,101

3,588,438

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.22

31.3.21

£

£

Within one year

46,118

71,500

Between one and five years

19,872

35,750

65,990

107,250

8.	SECURED DEBTS

HSBC Bank Plc has a fixed and floating charge and a general pledge over the assets of the company as a normal procedure of providing the banking service.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

**UNKNOWN DIRECTOR 1**

Balance outstanding at start of year

150,255

105,273

Amounts advanced

3,325

45,251

Amounts repaid

-

(269

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

153,580

150,255

**UNKNOWN DIRECTOR 2**

Balance outstanding at start of year

140,638

137,544

Amounts advanced

2,813

3,094

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

143,451

140,638

**UNKNOWN DIRECTOR 3**

Balance outstanding at start of year

52,023

50,879

Amounts advanced

1,041

1,144

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

53,064

52,023

Interest is charged on the overdrawn directors loan at the official rate.