FAME Services UK Limited
FAME Services UK Limited
Unaudited Financial Statements
For The Year Ended 31 May 2020
Blue Cloud Accounting Solutions Limited
128 Saltergate
Chesterfield
Derbyshire
S40 1NG
FAME Services UK Limited
Unaudited Financial Statements
For The Year Ended 31 May 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
FAME Services UK Limited
Balance Sheet
As at
31 May 2020
Balance Sheet
Registered number:
06909885
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| 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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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,147 | 1,002 | |||
Page 1
FAME Services UK Limited
Balance Sheet (continued)
As at
31 May 2020
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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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Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
FAME Services UK Limited
Notes to the Financial Statements
For The Year Ended 31 May 2020
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 Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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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| Motor Vehicles |
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| Fixtures & Fittings |
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| Office Furniture & Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2019: 8)
Page 3
FAME Services UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2020
3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Office Furniture & Computer Equipment | Total | |
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| Cost | |||||
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2020 | 2019 | ||
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| £ | £ | ||
| Motor Vehicles |
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4.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stock - work in progress |
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Page 4
FAME Services UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2020
5.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Corporation tax recoverable assets |
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| Director's loan account | 36,694 | 37,113 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | 127 | 91 | |
| Other creditors |
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| Pension Scheme Contributions |
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| Accruals and deferred income |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Page 5
FAME Services UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2020
8.
Obligations Under Finance Leases and Hire Purchase
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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9.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
| 2020 | 2019 | ||
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| Deferred tax |
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11.
Other Commitments
At the end of the period the company had minimum lease payments under non-cancellable leases as follows:
| Other | ||
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| 2020 | 2019 | |
| £ | £ | |
| Within 1 year | 12,303 | 14,091 |
| Between 1 and 5 years | 28,522 | 38,046 |
| After 5 years | 1,269 | 3,716 |
| 42,094 | 55,853 | |
12.
Pension Commitments
The company operates a defined contribution pension scheme for it's employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £288.14 (PY £205.53) were due to the fund. They are included in Other Creditors.
Page 6
FAME Services UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2020
13.
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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| £ | £ | £ | £ | £ | |
| Mr Stuart Farnsworth |
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Dividends paid to directors
| 2020 | 2019 | |
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| £ | £ | |
| Mr Stuart Farnsworth | 24,000 | 33,896 |
14.
Dividends
| 2020 | 2019 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 48,000 | 33,896 | ||
15.
General Information
FAME Services UK Limited Registered number 06909885 is a limited by shares company incorporated in England & Wales. The Registered Office is 8 Canal Terrace, Worksop, Nottinghamshire, S80 2DF.
Page 7