Fortna UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02619692 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 DECEMBER 2019

FOR

FORTNA UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

F Lander

M S Harrison

R A McKeel

REGISTERED OFFICE:

The Pinnacle

170 Midsummer Boulevard

Milton Keynes

MK9 1FE

REGISTERED NUMBER:

02619692 (England and Wales)

AUDITORS:

Baker Noel Limited

Statutory Auditor

Cheribourne House

45A Station Road

Willington

Bedford

Bedfordshire

MK44 3QL

FIXED ASSETS

Tangible assets

4

37,692

33,658

CURRENT ASSETS

Debtors

5

6,140,938

4,307,591

Cash at bank

2,917,637

421,827

9,058,575

4,729,418

CREDITORS

Amounts falling due within one year

6

6,767,650

4,157,521

NET CURRENT ASSETS

2,290,925

571,897

TOTAL ASSETS LESS CURRENT LIABILITIES

2,328,617

605,555

PROVISIONS FOR LIABILITIES

3,495

2,516

NET ASSETS

2,325,122

603,039

CAPITAL AND RESERVES

Called up share capital

33,000

33,000

Capital redemption reserve

52,700

52,700

Retained earnings

2,239,422

517,339

SHAREHOLDERS' FUNDS

2,325,122

603,039

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2020 and were signed on its behalf by:

M S Harrison - Director

1.	STATUTORY INFORMATION

Fortna UK Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

The turnover shown in the profit and loss account represents the amount of goods and services provided during

the year, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year including

estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by

reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

The period of the lease

Fixtures and fittings

-

Straight line over 7 years

Computer equipment

-

Straight line over 3 years

All fixed assets are initially recorded at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 tax

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.

Operating lease agreements

Amounts 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 29 December 2018

24,999

9,268

26,223

60,490

Additions

1,465

-

9,902

11,367

At 28 December 2019

26,464

9,268

36,125

71,857

DEPRECIATION

At 29 December 2018

4,583

2,199

20,050

26,832

Charge for year

2,585

1,324

3,424

7,333

At 28 December 2019

7,168

3,523

23,474

34,165

NET BOOK VALUE

At 28 December 2019

19,296

5,745

12,651

37,692

At 28 December 2018

20,416

7,069

6,173

33,658

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.12.19

28.12.18

£

£

Trade debtors

5,270,262

4,106,141

Amounts owed by group undertakings

223,317

186,541

Other debtors

647,359

14,909

6,140,938

4,307,591

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.12.19

28.12.18

£

£

Trade creditors

4,309,257

2,631,862

Amounts owed to group undertakings

1,844,829

887,193

Taxation and social security

270,620

577,437

Other creditors

342,944

61,029

6,767,650

4,157,521

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

28.12.19

28.12.18

£

£

Within one year

34,455

34,455

Between one and five years

69,298

103,753

103,753

138,208

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

The Directors believe the company will continue as a going concern for the foreseeable future. The pandemic of

Covid-19 remains a threat to trading due to uncertainty in global economic environment. A high proportion of

the company's turnover is from one customer within the retail industry while there is no indication that the

customer is in any financial difficulty however there is a risk due to uncertainty with retail outlets and Covid-19

restrictions.

Clive S Noel (Senior Statutory Auditor)

for and on behalf of Baker Noel Limited

9.	RELATED PARTY DISCLOSURES

10.	GOING CONCERN

Since the year end of the company the global economy has seen an impact through COVID-19. The duration and

intensity of the impact of COVID-19 and the resulting potential disruption to the company's operations is

uncertain.

While the company's supply chains and customer demands are currently not materially affected, it is unknown

whether or how they may be affected if such an epidemic continues in the future.