Fenwood Bowen Limited - Period Ending 2022-10-31
Fenwood Bowen Limited - Period Ending 2022-10-31
Registration number:
Fenwood Bowen Limited
for the Year Ended 31 October 2022
Fenwood Bowen Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fenwood Bowen Limited
Company Information
Directors |
Mr S D Bowen Mrs A L Bowen Mr S P Webb |
Company secretary |
Mrs A L Bowen |
Registered office |
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Accountants |
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Fenwood Bowen Limited
(Registration number: 00475453)
Balance Sheet as at 31 October 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
795 |
795 |
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Capital redemption reserve |
205 |
205 |
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Retained earnings |
412,907 |
357,692 |
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Shareholders' funds |
413,907 |
358,692 |
Fenwood Bowen Limited
(Registration number: 00475453)
Balance Sheet as at 31 October 2022
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants under the Coronavirus Job Retention Scheme have been recognised on a straight line basis over the period of furlough.
Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Tax
The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold improvements |
10% on cost |
Plant and machinery |
10% on cost |
Loose tools |
10% on cost |
Motor vehicles |
20% on cost |
Intangible assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Due to the coronavirus pandemic the level of rent was reduced for six months and the accounts show the reduced consideration in this accounting period.
Defined contribution pension obligation
The company operates defined contribution schemes for the benefit of its employees.
Contributions to defined contribution plans are recognised as employee benefit expense in the profit and loss account when they are due.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2021 |
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At 31 October 2022 |
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Amortisation |
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At 1 November 2021 |
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
- |
- |
Tangible assets |
Long leasehold land and buildings |
Loose Tools |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2021 |
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Additions |
- |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 31 October 2022 |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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- |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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- |
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- |
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At 31 October 2021 |
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- |
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- |
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Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Stocks |
2022 |
2021 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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trade creditors |
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Amounts owed to parent company |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Creditors include bank loans repayable by instalments of £nil (2019 - £19,394) due after more than five years.
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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Bank borrowings
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Fenwood Bowen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2022 |
2021 |
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Remuneration |
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Contributions paid to money purchase schemes |
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237,447 |
253,334 |
Parent and ultimate parent undertaking |
The company's immediate parent is