F E Associates Limited Company Accounts

F E Associates Limited Company Accounts

F E ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08747426
F E Associates Limited
Filleted Unaudited Financial Statements
31 March 2019
F E Associates Limited
Financial Statements
Period from 1 November 2017 to 31 March 2019
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
F E Associates Limited
Statement of Financial Position
31 March 2019
31 Mar 19
31 Oct 17
Note
£
£
£
£
Fixed assets
Intangible assets
5
2,720,003
–
Tangible assets
6
25,208
–
------------
----
2,745,211
–
Current assets
Debtors
7
1,346,453
–
Cash at bank and in hand
126,100
100
------------
----
1,472,553
100
Creditors: amounts falling due within one year
8
( 1,486,570)
–
------------
----
Net current (liabilities)/assets
( 14,017)
100
------------
----
Total assets less current liabilities
2,731,194
100
Creditors: amounts falling due after more than one year
9
( 129,414)
–
Provisions
( 8,267)
–
------------
----
Net assets
2,593,513
100
------------
----
Capital and reserves
Called up share capital
127
100
Share premium account
2,355,173
–
Profit and loss account
238,213
–
------------
----
Shareholders funds
2,593,513
100
------------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
F E Associates Limited
Statement of Financial Position (continued)
31 March 2019
For the period ending 31 March 2019 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 September 2019 , and are signed on behalf of the board by:
L.A. Rudge
Director
Company registration number: 08747426
F E Associates Limited
Notes to the Financial Statements
Period from 1 November 2017 to 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Apex Court Woodlands, Bradley Stoke, Bristol, England, BS32 4JT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Factoring with recourse
The gross amount of the factored debts are shown within assets, and a corresponding liability in respect of the proceeds received from the factor is shown within liabilities. The interest element of the factor's charges and other factoring costs are recognised as they accrue and included in the profit and loss account within the appropriate caption.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 31 (2017: Nil).
5. Intangible assets
Goodwill
£
Cost
Additions
3,200,000
------------
At 31 March 2019
3,200,000
------------
Amortisation
Charge for the period
479,997
------------
At 31 March 2019
479,997
------------
Carrying amount
At 31 March 2019
2,720,003
------------
At 31 October 2017
–
------------
6. Tangible assets
Equipment
£
Cost
At 1 November 2017
–
Additions
47,148
--------
At 31 March 2019
47,148
--------
Depreciation
At 1 November 2017
–
Charge for the period
21,940
--------
At 31 March 2019
21,940
--------
Carrying amount
At 31 March 2019
25,208
--------
At 31 October 2017
–
--------
7. Debtors
31 Mar 19
31 Oct 17
£
£
Trade debtors
1,286,184
–
Other debtors
60,269
–
------------
----
1,346,453
–
------------
----
8. Creditors: amounts falling due within one year
31 Mar 19
31 Oct 17
£
£
Bank loans and overdrafts
620,324
–
Trade creditors
127,758
–
Taxation and social security
445,620
–
Other creditors
292,868
–
------------
----
1,486,570
–
------------
----
The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.
9. Creditors: amounts falling due after more than one year
31 Mar 19
31 Oct 17
£
£
Bank loans and overdrafts
129,414
–
---------
----
The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 19
31 Oct 17
£
£
Not later than 1 year
15,840
–
Later than 1 year and not later than 5 years
20,460
–
--------
----
36,300
–
--------
----
11. Pension commitments
At the balance sheet date unpaid contributions of £4,972 were due to defined contribution plans. They are included in other creditors.
12. Directors' advances, credits and guarantees
Included in other debtors are loans to two directors of £2,515 and £380. The amount advanced in the period to director 1 was £2,515 and to director 2 was £380. The amount repaid in the period by director 1 and director 2 was £nil. The loans are unsecured, interest free and repayable on demand.
13. Related party transactions
The company purchased the business partnership known as "FE Associates" in the period. The excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business was 3.2 million pounds and this is reflected in intangible fixed assets. The partners in this business are now the directors of F E Associates Limited .
14. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2016.
No transitional adjustments were required in equity or profit or loss for the year.