REGISTERED NUMBER:
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Fisadco Engineering (1980) Limited |
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Unaudited Financial Statements for the Year Ended 31st October 2020 |
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REGISTERED NUMBER:
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Fisadco Engineering (1980) Limited |
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Unaudited Financial Statements for the Year Ended 31st October 2020 |
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Contents of the Financial Statements |
for the year ended 31st October 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Fisadco Engineering (1980) Limited |
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Company Information |
for the year ended 31st October 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Balance Sheet |
31st October 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Balance Sheet - continued |
31st October 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Notes to the Financial Statements |
for the year ended 31st October 2020 |
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1. | STATUTORY INFORMATION |
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Fisadco Engineering (1980) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. |
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Goodwill |
Goodwill is written off evenly over its estimated economic life of 10 years and is stated in the balance sheet at cost less amounts written off. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Depreciation |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stock and work in progress is stated at the lower of cost and net realisable value. Cost represents that expenditure which has been incurred in the normal course of business in bringing the product or service to its present location and condition. |
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In the case of work in progress and finished goods, cost consists of direct materials, direct labour and attributable production and other overheads based on normal levels of activity. |
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Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Leases and hire purchase contracts |
Assets acquired under finance leases and hire purchase contracts are treated as fixed assets. The amount capitalised is the present value of the minimum lease payments payable during the lease term. Depreciation is charged to the profit and loss account in accordance with the normal depreciation policy over the shorter of the lease term and the useful life of the assets. |
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The corresponding lease commitments are shown as liabilities. The interest element of rental obligation is charged to the profit and loss account over the period of the lease on a straight line basis. |
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Rentals payable under operating leases are charged to the profit and loss account over the period of the lease on a straight line basis. |
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Pension costs and other post-retirement benefits |
Contributions to provide pensions and related benefits are charged to the profit and loss account so as to recognise the cost over employee's working lives. |
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Government grants |
Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful lives of the relevant fixed assets. The amount shown in the balance sheet as deferred government grants represents the total grants receivable to date less the amounts so far released to profit and loss account. |
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Grants of a revenue nature which are made to give immediate financial support or to reimburse costs previously incurred are credited to profit and loss account in the period in which they become receivable. |
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Grants of a revenue nature which are made to finance general activities over a specified period or to compensate for a loss of current or future income are credited to profit and loss account in the period in which they are paid. |
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Deferred taxation |
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the accounts. Provision is made for deferred taxation on the liability method, to the extent that the liability is expected to be payable in the foreseeable future. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st November 2019 |
and 31st October 2020 |
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AMORTISATION |
At 1st November 2019 |
and 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st November 2019 |
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Additions |
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At 31st October 2020 |
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DEPRECIATION |
At 1st November 2019 |
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Charge for year |
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At 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1st November 2019 |
and 31st October 2020 |
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DEPRECIATION |
At 1st November 2019 |
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Charge for year |
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At 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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6. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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Work-in-progress |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Sales invoices are discounted on a full recourse basis and are therefore shown as trade debtors. Advances from the discounting company are shown in other creditors within one year (note 8). |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 10) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 89,908 | 108,538 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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Invoice discounting | 179,195 | 299,115 |
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The amount advanced from the invoice discounting company is secured over the trade debts of the company. |
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The bank loan is secured by a charge over the company's freehold property and a debenture over all assets. |
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12. | CONTINGENT LIABILITIES |
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There were no contingent liabilities at 31st October, 2019 or 31st October, 2018. |
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13. | CAPITAL COMMITMENTS |
2020 | 2019 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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Fisadco Engineering (1980) Limited (Registered number: 03262523) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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Included in creditors are amounts owed to directors of £1,926 (2019 £2,014). |
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15. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Fisadco Engineering Limited. |
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The ultimate controlling party is
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