Fibox Limited - Accounts to registrar (filleted) - small 18.2
Fibox Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2018 |
for |
Fibox Limited |
Fibox Limited (Registered number: 03218542) |
Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Fibox Limited |
Company Information |
for the Year Ended 31 December 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Swan House |
Westpoint Road |
Teesdale Business Park |
Stockton on Tees |
TS17 6BP |
Fibox Limited (Registered number: 03218542) |
Balance Sheet |
31 December 2018 |
2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Allotted, called up and fully paid share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors on on its behalf by: |
Fibox Limited (Registered number: 03218542) |
Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
1. | STATUTORY INFORMATION |
Fibox Limited is a |
and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention. |
Going concern |
The company is reliant for its working capital on funds provided to it by Fibox Oy Ab, the ultimate holding company. |
The consequences for the company, and the group as a whole, of the UK’s decision to leave the EU have been considered in |
some detail, both by the company's board and at group level. Necessary preparations are ongoing to ensure that, as far as |
possible, any disruption is minimised. The directors do not expect these preparations to materially impact the financial |
performance of the company. Furthermore, Fibox Oy Ab has agreed to provide Fibox Limited with the necessary working |
capital for at least one year from the date of signing these financial statements. |
As a result of the above these financial statements have been prepared on a going concern basis. |
Related party exemption |
The company is a wholly owned subsidiary of Fibox Oy Ab. The company has taken advantage of the exemption contained |
in Financial Reporting Standard 102 and has therefore not disclosed transactions or balances with entities which form part |
of the group. |
Turnover |
The company's turnover represents the value of goods and services supplied to customers during the year, exclusive of |
value added tax. |
Fixed assets |
Plant and machinery etc | - |
All fixed assets are initially recorded at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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. |
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. |
Fibox Limited (Registered number: 03218542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
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 of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating profit. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor |
are charged against profits on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
DEPRECIATION |
At 1 January 2018 |
and 31 December 2018 |
NET BOOK VALUE |
At 31 December 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accruals and deferred income |
Fibox Limited (Registered number: 03218542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors also included the following paragraphs: |
Basis for qualified opinion on financial statements |
The audit evidence available to us was limited because the company's accounting function was outsourced to its parent |
company based in Finland throughout the year. We have been unable to obtain necessary information about certain |
relevant systems and controls over accounting journal entries sufficient to identify and assess the risks of material |
misstatement in these financial statements. |
Material uncertainty related to going concern |
We have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the company's |
ability to continue as a going concern, to include the directors' consideration of the impact of the UK's decision to leave the |
EU. The company incurred a loss of £89,202 during the year ended 31 December 2018 and, at that date, the company's |
current liabilities exceeded its total assets by £475,165 and it had net liabilities of £475,165. The company is currently |
supported by its ultimate parent company. These conditions indicate the existence of a material uncertainty which may |
cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include |
the adjustments that would result if the company was unable to continue as a going concern or ultimate parent company |
support was withdrawn. Our opinion is not modified in respect of this matter. |
Matters required to report by exception |
In respect solely of the limitation on our work relating to the assessment of the appropriateness of certain systems and |
controls relevant to the company's accounting function, we have not obtained all the information and explanations that we |
considered necessary for the purpose of our audit. |
Craig McBride (Senior Statutory Auditor) |
for and on behalf of Davies Tracey |
8. | OTHER FINANCIAL COMMITMENTS |
The company had operating lease commitments at 31 December 2018 of £30,038 (2017 - £39,676). |
9. | RELATED PARTY DISCLOSURES |
Fibox Oy Ab has provided guarantees in respect of certain leases entered into by the company for the hire of motor |
vehicles. |
10. | ULTIMATE CONTROLLING PARTY |
The only group in which the results are consolidated is that headed by Fibox Oy Ab, which is registered in Finland. The |
consolidated financial statements can be obtained from the following address: |
Fibox Oy Ab |
Keilaranta 19 D |
FI-02150 Espoo |
Finland |