FVF Ltd - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements for the Year Ended 31 March 2021

for

FVF Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M S Holmes

REGISTERED OFFICE:

Unit 5b

Bandeath Industrial Estate

Throsk

Stirlingshire

FK7 7NP

REGISTERED NUMBER:

SC379742 (Scotland)

ACCOUNTANTS:

Ian Macfarlane & Co.

Chartered Accountants

2 Melville Street

Falkirk

FK1 1HZ

FIXED ASSETS

Tangible assets

4

110,101

82,456

CURRENT ASSETS

Stocks

36,000

20,000

Debtors

5

178,452

130,679

Cash at bank

13,150

-

227,602

150,679

CREDITORS

Amounts falling due within one year

6

170,491

117,643

NET CURRENT ASSETS

57,111

33,036

TOTAL ASSETS LESS CURRENT LIABILITIES

167,212

115,492

CREDITORS

Amounts falling due after more than one year

7

(135,269

)

(64,384

)

PROVISIONS FOR LIABILITIES

(19,161

)

(15,666

)

NET ASSETS

12,782

35,442

CAPITAL AND RESERVES

Called up share capital

9

3

3

Retained earnings

12,779

35,439

SHAREHOLDERS' FUNDS

12,782

35,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2021 and were signed by:

Mr M S Holmes - Director

1.	STATUTORY INFORMATION

FVF Ltd is a private company, limited by shares , registered in Scotland. 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 15% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

202,345

Additions

78,932

Disposals

(22,000

)

At 31 March 2021

259,277

DEPRECIATION

At 1 April 2020

119,889

Charge for year

40,287

Eliminated on disposal

(11,000

)

At 31 March 2021

149,176

NET BOOK VALUE

At 31 March 2021

110,101

At 31 March 2020

82,456

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2020

112,476

Additions

78,932

Disposals

(22,000

)

At 31 March 2021

169,408

DEPRECIATION

At 1 April 2020

42,780

Charge for year

37,552

Eliminated on disposal

(11,000

)

At 31 March 2021

69,332

NET BOOK VALUE

At 31 March 2021

100,076

At 31 March 2020

69,696

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Amounts recoverable on contract

122,971

68,766

Other debtors

55,481

61,913

178,452

130,679

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

7,639

11,199

Hire purchase contracts

37,214

27,608

Trade creditors

76,636

58,774

Taxation and social security

27,297

4,362

Other creditors

21,705

15,700

170,491

117,643

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

42,361

-

Hire purchase contracts

92,908

64,384

135,269

64,384

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Hire purchase contracts

130,122

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

3

"A" Ordinary

£1

3

3

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

Mr M S Holmes

Balance outstanding at start of year

-

(6,023

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-