Registration number:
FPM FACILITY SERVICES LIMITED
for the Year Ended 31 March 2017
Chartered Accountants
59 Union Street
Dunstable
Beds
LU6 1EX
FPM FACILITY SERVICES LIMITED
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
FPM FACILITY SERVICES LIMITED
Company Information
Directors |
F McIntyre P McIntyre |
Registered office |
|
Accountants |
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Page 1 |
FPM FACILITY SERVICES LIMITED
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is electrical contractors and facility services
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
P McIntyre
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
FPM FACILITY SERVICES LIMITED
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FPM FACILITY SERVICES LIMITED for the year ended 31 March 2017 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of FPM FACILITY SERVICES LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of FPM FACILITY SERVICES LIMITED and state those matters that we have agreed to state to the Board of Directors of FPM FACILITY SERVICES LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FPM FACILITY SERVICES LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that FPM FACILITY SERVICES LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FPM FACILITY SERVICES LIMITED. You consider that FPM FACILITY SERVICES LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of FPM FACILITY SERVICES LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Dunstable
Beds
LU6 1EX
Page 3 |
FPM FACILITY SERVICES LIMITED
Profit and Loss Account for the Year Ended 31 March 2017
Note |
Total |
Total |
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Turnover |
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|
|
Cost of sales |
( |
( |
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Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
8,888 |
15,834 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
FPM FACILITY SERVICES LIMITED
Statement of Comprehensive Income for the Year Ended 31 March 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
FPM FACILITY SERVICES LIMITED
(Registration number: 04590968)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
.........................................
F McIntyre
Director
Page 6 |
FPM FACILITY SERVICES LIMITED
Statement of Changes in Equity for the Year Ended 31 March 2017
Share capital |
Profit and loss account |
Total |
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At 1 April 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 April 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2016 |
|
|
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Page 7 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Tax
The tax expense for the period comprises current 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 8 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
15% on reducing balance |
Commercial motor vehicles |
25% on reducing balance |
Plant and machinery |
25% on reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Net goodwill |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 9 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Page 10 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2016 |
|
|
At 31 March 2017 |
|
|
Amortisation |
||
At 1 April 2016 |
|
|
At 31 March 2017 |
|
|
Carrying amount |
||
At 31 March 2017 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 11 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 April 2016 |
|
|
|
|
Additions |
|
- |
- |
|
At 31 March 2017 |
|
|
|
|
Depreciation |
||||
At 1 April 2016 |
|
|
|
|
Charge for the year |
|
|
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At 31 March 2017 |
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|
|
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Carrying amount |
||||
At 31 March 2017 |
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|
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At 31 March 2016 |
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|
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Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
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Taxation and social security |
|
|
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Other creditors |
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Page 12 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
Dividends |
Final dividends paid
2017 |
2016 |
|
Final dividend of £
|
|
|
Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
Repayments by director |
At 31 March 2017 |
F McIntyre |
|||
Directors current |
(91,948) |
|
( |
P McIntyre |
|||
Directors current account |
(91,299) |
|
( |
2016 |
At 1 April 2015 |
Repayments by director |
At 31 March 2016 |
F McIntyre |
|||
Directors current |
(35,249) |
( |
( |
P McIntyre |
|||
Directors current account |
(34,600) |
( |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
57,061 |
164,140 |
Dividends paid to directors |
Page 13 |
FPM FACILITY SERVICES LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2017
2017 |
2016 |
|||
F McIntyre |
||||
Dividends paid |
42,000 |
76,000 |
||
P McIntyre |
||||
Dividends paid |
42,000 |
76,000 |
||
Summary of transactions with subsidiaries
F McIntyre and P McIntyre are directors and shareholders of this company
Summary of transactions with other related parties
During the year the business provided consultancy and facility services amounting to £196,245 (2016 - £189,076)
Loans to related parties
2017 |
Subsidiary |
At start of period |
|
2016 |
Subsidiary |
Advanced |
|
Page 14 |
FPM FACILITY SERVICES LIMITED
Detailed Profit and Loss Account for the Year Ended 31 March 2017
2017 |
2016 |
|
Turnover (analysed below) |
2,919,855 |
4,607,231 |
Cost of sales (analysed below) |
(2,393,208) |
(3,485,074) |
Gross profit |
526,647 |
1,122,157 |
Gross profit (%) |
18.04% |
24.36% |
Administrative expenses |
||
Employment costs (analysed below) |
(207,908) |
(325,636) |
Establishment costs (analysed below) |
(40,273) |
(43,380) |
General administrative expenses (analysed below) |
(99,150) |
(86,977) |
Finance charges (analysed below) |
(706) |
(516) |
Depreciation costs (analysed below) |
(6,878) |
(4,912) |
(354,915) |
(461,421) |
|
Operating profit |
171,732 |
660,736 |
Other interest receivable and similar income (analysed below) |
8,888 |
15,834 |
Profit before tax |
180,620 |
676,570 |
Page 15 |
FPM FACILITY SERVICES LIMITED
Detailed Profit and Loss Account for the Year Ended 31 March 2017
2017 |
2016 |
Turnover |
||
Sales, UK |
2,919,855 |
4,607,231 |
Cost of sales |
||
Purchases |
1,654,654 |
2,634,343 |
Direct costs |
196,245 |
166,672 |
Wages and salaries |
442,881 |
394,381 |
Subcontract cost |
71,655 |
219,404 |
Hire of plant and machinery (Spot hire) |
27,773 |
70,274 |
2,393,208 |
3,485,074 |
Employment costs |
||
Wages and salaries |
(57,033) |
(59,125) |
Staff NIC (Employers) |
(39,759) |
(40,376) |
Directors remuneration |
(13,061) |
(13,340) |
Staff pensions (Defined contribution) |
(47,204) |
(56,014) |
Directors pensions (Defined contribution) |
(44,000) |
(150,800) |
Private health insurance |
(2,180) |
(1,738) |
Staff training |
(4,671) |
(4,243) |
(207,908) |
(325,636) |
Establishment costs |
||
Rent and rates |
(26,152) |
(26,084) |
Light, heat and power |
(965) |
(938) |
Insurance |
(4,187) |
(11,602) |
Repairs and renewals |
(8,969) |
(4,756) |
(40,273) |
(43,380) |
General administrative expenses |
||
Telephone and fax |
(1,704) |
(787) |
Computer software and maintenance costs |
(1,367) |
(868) |
Printing, postage and stationery |
(4,306) |
(6,386) |
Trade subscriptions |
(849) |
(466) |
Sundry expenses |
(8,233) |
(4,340) |
Motor expenses |
(22,907) |
(26,733) |
Travel and subsistence |
(1,874) |
- |
Advertising |
(15,799) |
(21,839) |
Staff entertaining (allowable for tax) |
- |
(3,570) |
Customer entertaining (disallowable for tax) |
(887) |
(4,772) |
Accountancy fees |
(14,104) |
(12,561) |
Legal and professional fees |
(27,120) |
(4,655) |
(99,150) |
(86,977) |
Page 16 |
FPM FACILITY SERVICES LIMITED
Detailed Profit and Loss Account for the Year Ended 31 March 2017
Finance charges |
||
Bank charges |
(706) |
(516) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
(730) |
(499) |
Depreciation of motor vehicles (owned) |
(5,018) |
(3,279) |
Depreciation of office equipment (owned) |
(1,130) |
(1,134) |
(6,878) |
(4,912) |
Other interest receivable and similar income |
||
Bank interest receivable |
683 |
1,034 |
Other interest receivable |
8,205 |
14,800 |
8,888 |
15,834 |
Page 17 |