Fiorentini Baker Associates Limited
Fiorentini Baker Associates Limited
Registered number: 03615003
Financial Statements
For The Year Ended 31 December 2018
Prism Group Limited
Fiorentini Baker Associates Limited
Financial Statements
For The Year Ended 31 December 2018
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
Fiorentini Baker Associates Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
03615003
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| Investments in Subsidiaries | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 4,875,950 | 5,047,425 | |||
Page 1
Fiorentini Baker Associates Limited
Balance Sheet (continued)
As at
31 December 2018
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
Fiorentini Baker Associates Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and services supplied by the company. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.7.
Taxation
Corporation tax payable is provide on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more ta in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities have not been discounted.
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Fiorentini Baker Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2
3.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | Plant & Machinery | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Depreciation | ||||
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| Provided during the period | - |
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| Net Book Value | ||||
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| Investment Properties | Plant & Machinery | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| As at |
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| At cost | 328,588 | 21,198 | 849 | 350,635 |
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350,635 | |
| As at |
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| At cost | 328,588 | 21,198 | 849 | 350,635 |
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350,635 | |
The investment property was purchased on 12 March 2015 for £260,003 including acquisition costs. The property was valued by Mann Smith (Chartered Surveyors) at a fair value of £330,000 in July 2017 following the purchase of the freehold for £18,588. It was therefore revalued by £49,997 to a value of £310,000 at 31 December 2016 and additions in July 2017 increased the valuation to £328,588 as at 31 December 2017. The directors believe there has been no significant change to this valuation as at 31 December 2018.
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Fiorentini Baker Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
4.
Investments in Subsidiaries
| Other | |
|---|---|
| £ | |
| Cost | |
| As at |
169,769 |
| Additions | 2,492 |
| As at |
172,261 |
| Provision | |
| As at |
- |
| As at |
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| Net Book Value | |
| As at |
172,261 |
| As at |
169,769 |
The company's investments in the share capital of group companies include 100% of the share capital of Remo Srl which had at 31 December 2018 £282,198 (2017 £261,929) aggregate capital and reserves and profit for the year of £16,402 (£102,599) and,
100% of the share capital of Coltelli 5 Srl which had at 31 December 2018 £131,156 (2017 £129,779) aggregate capital and reserves and loss for the year of £536 (2017 profit £4,258) and
100% of the share capital of Fiorentini & Baker London Ltd which had at 31 December 2018 negative £775,660 (2017 negative £721,183) aggregate capital and reserves and loss for the year of £54,477 (2017 £95,138).
Additions are the foreign exchange movement as a result of retranslating the euro value of the investments into Pound Sterling as at the balance sheet date of 31 December 2018.
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Fiorentini Baker Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
5.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| VAT |
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| Directors' loan accounts | 239,342 | - | |
| Amounts owed by group undertakings |
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6.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts | - |
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| Amounts owed to group undertakings |
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8.
Other Commitments
The total financial committments, guarantees and contingencies which are not included in the balance sheet amount to £nil (2017 - £39,000).
Page 6
Fiorentini Baker Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Ms Deborah Baker |
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The above loan is unsecured and repayable on demand. Interest is charged at the HMRC beneficial rate which is currently 2.5%.
10.
Dividends
| 2018 | 2017 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| Final dividend paid |
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| 128,509 | 193,943 | ||
11.
Reserves
Profit and loss reserves include £49,997 which is non-distributable as it has arisen from the unrealised gain from the revaluation of the investment property in 2016.
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Fiorentini Baker Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
12.
Related Party Transactions
Remo Srl
A wholly owned subsidiary
Remo Srl recharged office administration and establishment costs of £341,051 (2017 £304,291) to the company during the year. The amount due to Remo Srl is £265,331 (2017 £249,030).
Coltelli 5 Srl
A wholly owned subsidiary
The amount due to the company, and the property that were these funds were used to purchase, have been transferred into Coltelli 5 Srl from Remo Srl. A further £17,959 was loaned from the company to Coltelli 5 Srl. The amount due from Coltelli 5 Srl is £1,261,936 (2017 £1,225,810).
Fiorentini & Baker London Limited
A wholly owned subsidiary
Payments of £34,924 (2017 £95,921) were made during the year by the company on behalf of Fiorentini & Baker London Limited. Funds were transferred to Fiorentini & Baker London Limited of £700. The amount due from Fiorentini & Baker London Limited is £838,492 (2017 £802,868).
FB & Friends LLC and Ms D Baker
FB & Friends LLC is a business in which the director Ms D Baker is a member.
The amount due from FB & Friends LLC is £81,228 (2017 £79,246). Rent received of £13,000 (2017 - £13,000) from the director Ms D Baker is included in other operating income.
13.
General Information
Fiorentini Baker Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03615003 . The registered office is 4 Heath Square, Boltro Road, Haywards Heath, West Sussex, RH16 1BL.
The presentation currency of the financial statements is the Pound Sterling (£).
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