Fabuline Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01658427 (England and Wales)

FABULINE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

18,314

20,647

Current assets

Stocks

952,350

973,250

Debtors

5

1,565,278

1,474,713

Cash at bank and in hand

83,057

187,569

2,600,685

2,635,532

Creditors

Amounts falling due within one year

6

(1,200,444

)

(1,162,515

)

Net current assets

1,400,241

1,473,017

Total assets less current liabilities

1,418,555

1,493,664

Creditors

Amounts falling due after more than one year

7

(151,887

)

(200,000

)

Net assets

1,266,668

1,293,664

Capital and reserves

Called up share capital

10,000

10,000

Retained earnings

1,256,668

1,283,664

1,266,668

1,293,664

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:

Nasar Mahmood - Director

1.	Statutory information

Fabuline Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01658427

Registered office:

19-21 Broughton Street

Cheetham Hill

Manchester

Lancashire

M8 8LZ

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Plant and machinery

-

15% Straight Line

Fixtures and fittings

-

15% Straight Line

Motor vehicles

-

25% on reducing balance

Stocks

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

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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 27 (2021 - 25 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 January 2022

45,627

454,527

23,750

523,904

Additions

-

5,000

-

5,000

At 31 December 2022

45,627

459,527

23,750

528,904

Depreciation

At 1 January 2022

36,409

445,973

20,875

503,257

Charge for year

1,411

4,270

1,652

7,333

At 31 December 2022

37,820

450,243

22,527

510,590

Net book value

At 31 December 2022

7,807

9,284

1,223

18,314

At 31 December 2021

9,218

8,554

2,875

20,647

5.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

380,815

393,206

Other debtors

1,184,463

1,081,507

1,565,278

1,474,713

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

-

683

Trade creditors

616,433

703,251

Taxation and social security

340,267

210,795

Other creditors

243,744

247,786

1,200,444

1,162,515

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

151,887

200,000

8.	Related party disclosures

Mr. Nasar Mahmood is the director and shareholder of Fabuline Limited and Isra Developments Limited. During the year Isra Developments Limited rented premises to Fabuline Limited for a rental of £65,000 (2021: £65,000) and at the balance sheet date the amount outstanding was £nil (2021: £nil).

At the balance sheet date, amounts due from Isra Developments Limited amounted to £1,004,015 (2021: £1,034,815). The loan is unsecured, interest free and repayable on demand.

Included in creditors amounts falling due within one year is a directors loan balance with Mr. N Mahmood. The balance owed to the directors at the end of the year was £124,147 (2021: £167,862). The amounts due to the directors are unsecured, interest free and payable on demand.