ACCOUNTS - Final Accounts preparation

FIXINGS AND FITTINGS LTD - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31truefalse2021-04-01falseNo description of principal activity3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07917943 2021-03-31 07917943 2021-04-01 2022-03-31 07917943 2020-04-01 2021-03-31 07917943 2022-03-31 07917943 c:Director2 2021-04-01 2022-03-31 07917943 d:PlantMachinery 2021-04-01 2022-03-31 07917943 d:PlantMachinery 2022-03-31 07917943 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 07917943 d:FurnitureFittings 2021-04-01 2022-03-31 07917943 d:FurnitureFittings 2022-03-31 07917943 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 07917943 d:ComputerEquipment 2021-04-01 2022-03-31 07917943 d:ComputerEquipment 2022-03-31 07917943 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 07917943 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 07917943 d:CurrentFinancialInstruments 2022-03-31 07917943 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07917943 d:ShareCapital 2022-03-31 07917943 d:RetainedEarningsAccumulatedLosses 2022-03-31 07917943 c:OrdinaryShareClass1 2021-04-01 2022-03-31 07917943 c:OrdinaryShareClass1 2022-03-31 07917943 c:FRS102 2021-04-01 2022-03-31 07917943 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 07917943 c:FullAccounts 2021-04-01 2022-03-31 07917943 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07917943

FIXINGS AND FITTINGS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022


FIXINGS AND FITTINGS LTD REGISTERED NUMBER:07917943

BALANCE SHEET

AS AT 31 MARCH 2022

		2022
Note		£

Fixed assets
Tangible assets	4		1,812
			1,812
Current assets
Stocks		22,405
Debtors: amounts falling due within one year	5	7,585
		29,990
Creditors: amounts falling due within one year	6	(40,429)
Net current (liabilities)/assets			(10,439)
Total assets less current liabilities			(8,627)

Net (liabilities)/assets			(8,627)

Capital and reserves
Called up share capital	7	90
Profit and loss account		(8,717)
		(8,627)

Page 1


FIXINGS AND FITTINGS LTD REGISTERED NUMBER:07917943

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 December 2022.

P Champion

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2


FIXINGS AND FITTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Fixings and Fittings LTD is a private company, limited by shares, domiciled in England and Wales. The registered office is 165 High Street, Honiton, Devon, EX14 1LQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered the financial position of the company and note that the company has
made a loss during the year. The balance sheet shows a net liability position of £8,627. The company has the continued support of the directors so the going concern basis is considered appropriate.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.5

Borrowing costs

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

Page 3


FIXINGS AND FITTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis. .

Depreciation is provided on the following basis:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Computer equipment	-	33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4


FIXINGS AND FITTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

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 evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 3.

Page 5


FIXINGS AND FITTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
Additions	1,109	1,165	1,428	3,702
At 31 March 2022	1,109	1,165	1,428	3,702
Depreciation
Charge for the year on owned assets	535	233	1,122	1,890
At 31 March 2022	535	233	1,122	1,890
Net book value
At 31 March 2022	574	932	306	1,812

Debtors

					2022
					£


	Trade debtors	7,585
		7,585

6.	Creditors: Amounts falling due within one year
		2022
		£

	Bank overdrafts	5,938
	Trade creditors	14,413
	Other taxation and social security	4,506
	Other creditors	15,572
		40,429

Page 6


FIXINGS AND FITTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

7.	Share capital
		2022
		£

		Allotted, called up and fully paid

		90 Ordinary shares of £1.00 each	90

On the date of incorporation, 20 January 2012, 1 Ordinary share was issued with a value of £1.00. In addition, on the 20 April 2021 a futher 89 Ordinary shares were issued with a value of £1.00 each.

8.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,881. Contributions totalling £367 were payable to the fund at the balance sheet date and are included in other creditors.

Page 7