Funding For Business Network Ltd - Period Ending 2018-07-31

Registration number: 09121920

Funding For Business Network Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

M J Smith & Co Limited
Chartered Accountants
Woodbury House
Green Lane
Exton
Exeter
Devon
EX3 0PW

Funding For Business Network Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 4

Funding For Business Network Ltd

Company Information

Directors

H Midgley R Williams

Company secretary

H Midgley

Registered office

New Maxdov House 130 Bury New Road Prestwich Manchester M25 0AA

Accountants

M J Smith & Co Limited Chartered Accountants Woodbury House Green Lane Exton Exeter Devon EX3 0PW

Page 1

Funding For Business Network Ltd

(Registration number: 09121920)
Balance Sheet as at 31 July 2018

	Note	2018 £	2017 £
Current assets
Debtors	4	22,963	29,389
Cash at bank and in hand		168	4,638
		23,131	34,027
Capital and reserves
Called up share capital		1	1
Profit and loss account		23,130	34,026
Total equity		23,131	34,027

For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 April 2019 and signed on its behalf by:
 

.........................................

H Midgley
Company secretary and director

The notes on pages 3 to 4 form an integral part of these financial statements.

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Funding For Business Network Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
New Maxdov House
130 Bury New Road
Prestwich
Manchester
M25 0AA

These financial statements were authorised for issue by the Board on 11 April 2019.

2	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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

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Funding For Business Network Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4

Debtors

	Note	2018 £	2017 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	5	22,963	29,389
		22,963	29,389

5	Related party transactions

Loans to related parties

2018	Parent £
At start of period	29,389
Repaid	(6,926)
At end of period	22,463

6	Parent and ultimate parent undertaking

The company's immediate parent is Professional Training Associates Ltd, incorporated in England and Wales.

 

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