IRIS Accounts Production
v18.3.1.65
02113964
Board of Directors
1.1.18
31.12.18
31.12.18
8/3/2019
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Auditors Opinion
Ordinary
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2017-12-31
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REGISTERED NUMBER:
02113964
(England and Wales)
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Audited Financial Statements
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for the Year Ended 31 December 2018
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Notes to the Financial Statements
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3
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REGISTERED OFFICE:
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14-15 Aston Fields Road
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Whitehouse Industrial Estate
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REGISTERED NUMBER:
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02113964 (England and Wales)
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AUDITORS:
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McMillan & Co LLP
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Chartered Accountants and
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Tangible assets
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5
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7,155
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14,945
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Debtors
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6
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1,131,341
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677,435
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Cash at bank
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73,388
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210,741
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Amounts falling due within one year
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7
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616,316
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520,397
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NET CURRENT ASSETS
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652,437
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456,348
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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659,592
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471,293
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Called up share capital
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10
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38
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38
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Capital redemption reserve
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62
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62
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Retained earnings
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659,492
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471,193
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SHAREHOLDERS' FUNDS
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659,592
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471,293
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The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on
8 March 2019 and were signed on its
behalf by:
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F.B.S. Contracts Limited is a
private company, limited by shares , registered in England and Wales.
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The company's registered number and registered office address can be found on the Company
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The presentation currency of the financial statements is the Pound Sterling (£).
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Monetary amounts in these financial statements have been rounded to the nearest £1.
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2.
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STATEMENT OF COMPLIANCE
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
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Basis of preparing the financial statements
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The financial statements have been prepared under the historical cost convention. |
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The turnover shown in the profit and loss account represents the value of all services delivered during
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the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the
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company has fulfilled its contractual obligations to the customer.
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated
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to write off the cost less estimated residual value of each asset over its expected useful life as follows:
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Motor Vehicles 33% Straight line
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Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished
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goods and work in progress includes overheads appropriate to the stage of manufacture. Net
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realisable value is based upon estimated selling price less further costs expected to be incurred to
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completion and disposal. Provision is made for obsolete and slow-moving items.
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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except to the extent that it relates to items recognised in other comprehensive income or directly in
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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
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enacted or substantively enacted by the balance sheet date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
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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
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Pension costs and other post-retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the
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company's pension scheme are charged to profit or loss in the period to which they relate.
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Financial instruments are classified and accounted for according to the substance of the contractual
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arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any
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contract that evidences a residual interest in the assets of the company after deducting all of its
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4.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
26 (2017 -
28 ) .
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At 1 January 2018
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111,193
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At 31 December 2018
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107,443
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Eliminated on disposal
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(3,749
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) |
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At 31 December 2018
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100,288
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At 31 December 2018
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7,155
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At 31 December 2017
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14,945
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6.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Trade debtors
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1,104,742
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652,925
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Other debtors
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26,599
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24,510
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7.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Trade creditors
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231,172
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241,799
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Amounts owed to group undertakings
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3,750
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3,750
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Corporation tax
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97,518
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90,113
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Social security and other taxes
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97,295
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151,355
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Other creditors
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119,335
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33,380
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Invoice discounting
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67,246 |
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- |
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Minimum lease payments under non-cancellable operating leases fall due as follows:
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Between one and five years
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189,733
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260,883
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The following secured debts are included within creditors:
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Invoice discounting creditor
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67,246 |
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- |
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There is a fixed and floating charge over all undertakings of the company dated 29 July 2016.
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10.
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CALLED UP SHARE CAPITAL
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Allotted, issued and fully paid:
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Number:
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Class:
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Nominal
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2018
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2017
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11.
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DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006
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The Report of the Auditors was unqualified.
|
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Neil McMillan (FCA) (Senior Statutory Auditor)
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for and on behalf of
McMillan & Co LLP |
12.
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RELATED PARTY DISCLOSURES
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
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'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
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party transactions with wholly owned subsidiaries within the group.
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13.
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ULTIMATE CONTROLLING PARTY
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The company is ultimately controlled by the directors of the ultimate parent company GTA Laboratories
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