Company Registration No. 04613317 (England and Wales)
FAIRWAY HYDRAULICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
FAIRWAY HYDRAULICS LIMITED
COMPANY INFORMATION
Directors
Mrs C S Chang
Mr R W Dowdeswell
Mr P F Dowdeswell
Mr M L Chang
Secretary
Mrs C S Chang
Company number
04613317
Registered office
Plot 2
Zone 5 Rushock Trading Estate
Rushock
Droitwich
Worcestershire
WR9 0NR
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
College Street
Worcester
Worcestershire
WR1 2LY
FAIRWAY HYDRAULICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FAIRWAY HYDRAULICS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FAIRWAY HYDRAULICS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fairway Hydraulics Limited for the year ended 31 December 2021 which comprise, the balance sheet and the related notes 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 Fairway Hydraulics Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fairway Hydraulics Limited
and state those matters that we have agreed to state to the Board of Directors of Fairway Hydraulics 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 Fairway Hydraulics Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Fairway Hydraulics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Fairway Hydraulics Limited. You consider that Fairway Hydraulics 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 financial statements of Fairway Hydraulics 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 financial statements.
Ormerod Rutter Limited
28 April 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FAIRWAY HYDRAULICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,904
56,169
Current assets
Stocks
540,334
402,851
Debtors
4
336,907
414,905
Cash at bank and in hand
754,514
835,535
1,631,755
1,653,291
Creditors: amounts falling due within one year
5
(478,501)
(532,657)
Net current assets
1,153,254
1,120,634
Total assets less current liabilities
1,214,158
1,176,803
Creditors: amounts falling due after more than one year
6
(189,658)
Provisions for liabilities
8
(8,290)
(10,664)
Net assets
1,205,868
976,481
Capital and reserves
Called up share capital
9
700
700
Profit and loss reserves
1,205,168
975,781
Total equity
1,205,868
976,481
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FAIRWAY HYDRAULICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2022 and are signed on its behalf by:
Mr R W Dowdeswell
Mr P F Dowdeswell
Director
Director
Company Registration No. 04613317
FAIRWAY HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Fairway Hydraulics Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Plot 2, Zone 5 Rushock Trading Estate, Rushock, Droitwich, Worcestershire, WR9 0NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
2% on cost
Plant and machinery
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
FAIRWAY HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
FAIRWAY HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13
(2020 - 14).
FAIRWAY HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
1,745
41,957
10,327
45,381
89,733
189,143
Additions
1,066
10,584
16,600
28,250
Disposals
(10,658)
(10,658)
At 31 December 2021
1,745
41,957
11,393
55,965
95,675
206,735
Depreciation and impairment
At 1 January 2021
70
32,605
7,738
40,189
52,372
132,974
Depreciation charged in the year
35
1,871
548
5,043
12,647
20,144
Eliminated in respect of disposals
(7,287)
(7,287)
At 31 December 2021
105
34,476
8,286
45,232
57,732
145,831
Carrying amount
At 31 December 2021
1,640
7,481
3,107
10,733
37,943
60,904
At 31 December 2020
1,675
9,352
2,589
5,192
37,361
56,169
FAIRWAY HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
329,618
332,690
Other debtors
7,289
82,215
336,907
414,905
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,342
Trade creditors
289,907
216,805
Amounts owed to group undertakings
56,441
222,728
Taxation and social security
127,055
77,660
Other creditors
5,098
5,122
478,501
532,657
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
189,658
7
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank loans
-
200,000
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
8,290
10,664
FAIRWAY HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
600 Ordinary B of £1 each
600
600
700
700
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is FHL Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party due to there being no controlling majority in the ultimate parent company.
2021-12-31
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false
28 April 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
Mr R W Dowdeswell
Mr P F Dowdeswell
Mr M L Chang
Mr M L Chang
Mrs C S Chang
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