Fully Managed Limited Filleted accounts for Companies House (small and micro)

Fully Managed Limited Filleted accounts for Companies House (small and micro)

FULLY MANAGED LIMITED - Company Information

Print Friendly Version

12 false false false false false false false false false true false false false false false false false No description of principal activity 2018-12-31 Sage Accounts Production Advanced 2020 - FRS102_2014 237,664 42,500 44,822 98,266 139,398 195,164 17 17 17 xbrli:pure xbrli:shares iso4217:GBP 06665793 2018-12-31 2019-12-30 06665793 2019-12-30 06665793 2018-12-30 06665793 2018-01-01 2018-12-30 06665793 2018-12-30 06665793 core:NetGoodwill 2018-12-31 2019-12-30 06665793 core:LandBuildings core:LongLeaseholdAssets 2018-12-31 2019-12-30 06665793 core:FurnitureFittings 2018-12-31 2019-12-30 06665793 core:MotorVehicles 2018-12-31 2019-12-30 06665793 bus:Director1 2018-12-31 2019-12-30 06665793 core:NetGoodwill 2018-12-30 06665793 core:NetGoodwill 2019-12-30 06665793 core:LandBuildings 2018-12-30 06665793 core:FurnitureFittings 2018-12-30 06665793 core:MotorVehicles 2018-12-30 06665793 core:LandBuildings 2019-12-30 06665793 core:FurnitureFittings 2019-12-30 06665793 core:WithinOneYear 2019-12-30 06665793 core:WithinOneYear 2018-12-30 06665793 core:AfterOneYear 2019-12-30 06665793 core:AfterOneYear 2018-12-30 06665793 core:ShareCapital 2019-12-30 06665793 core:ShareCapital 2018-12-30 06665793 core:RetainedEarningsAccumulatedLosses 2019-12-30 06665793 core:RetainedEarningsAccumulatedLosses 2018-12-30 06665793 core:NetGoodwill 2018-12-30 06665793 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2019-12-30 06665793 core:CostValuation core:Non-currentFinancialInstruments 2019-12-30 06665793 core:Non-currentFinancialInstruments 2019-12-30 06665793 core:FurnitureFittings 2018-12-30 06665793 core:MotorVehicles 2018-12-30 06665793 bus:SmallEntities 2018-12-31 2019-12-30 06665793 bus:AuditExemptWithAccountantsReport 2018-12-31 2019-12-30 06665793 bus:FullAccounts 2018-12-31 2019-12-30 06665793 bus:SmallCompaniesRegimeForAccounts 2018-12-31 2019-12-30 06665793 bus:PrivateLimitedCompanyLtd 2018-12-31 2019-12-30 06665793 core:OfficeEquipment 2018-12-31 2019-12-30 06665793 core:OfficeEquipment 2018-12-30 06665793 core:OfficeEquipment 2019-12-30 06665793 core:AfterOneYear 2018-12-31 2019-12-30
COMPANY REGISTRATION NUMBER: 06665793
Fully Managed Limited
Filleted Unaudited Financial Statements
30 December 2019
Fully Managed Limited
Financial Statements
Year ended 30 December 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Fully Managed Limited
Statement of Financial Position
30 December 2019
2019
2018
Note
£
£
£
Fixed assets
Intangible assets
5
139,398
195,164
Tangible assets
6
11,173
10,545
Investments
7
17
–
---------
---------
150,588
205,709
Current assets
Debtors
8
8,000
6,936
Cash at bank and in hand
4,514
3,898
--------
--------
12,514
10,834
Creditors: amounts falling due within one year
9
139,126
161,183
---------
---------
Net current liabilities
126,612
150,349
---------
---------
Total assets less current liabilities
23,976
55,360
Creditors: amounts falling due after more than one year
10
14,700
66,376
Provisions
Taxation including deferred tax
2,123
1,607
--------
--------
Net assets/(liabilities)
7,153
( 12,623)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
7,152
( 12,624)
-------
--------
Shareholders funds/(deficit)
7,153
( 12,623)
-------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fully Managed Limited
Statement of Financial Position (continued)
30 December 2019
These financial statements were approved by the board of directors and authorised for issue on 23 December 2020 , and are signed on behalf of the board by:
D Roodhardt
Director
Company registration number: 06665793
Fully Managed Limited
Notes to the Financial Statements
Year ended 30 December 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 130 Sandgate Road, Folkestone, Kent, CT20 2BW.
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.
Going concern
The accounts have been prepared on a going concern based on the continuing support of the director.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
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.
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
-
10% 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:
Leasehold Property
-
10% straight line
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2018: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 31 December 2018 and 30 December 2019
237,664
---------
Amortisation
At 31 December 2018
42,500
Charge for the year
44,822
Impairment losses
10,944
---------
At 30 December 2019
98,266
---------
Carrying amount
At 30 December 2019
139,398
---------
At 30 December 2018
195,164
---------
Goodwill represents the cost of the initial franchise fees paid to Martin & Co, and the acquisition of goodwill from other businesses. The cost is being amortised over ten years.
6. Tangible assets
Leasehold property
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 31 December 2018
16,962
21,804
1,480
13,820
54,066
Additions
–
2,585
–
1,020
3,605
Disposals
–
–
( 1,480)
–
( 1,480)
--------
--------
-------
--------
--------
At 30 December 2019
16,962
24,389
–
14,840
56,191
--------
--------
-------
--------
--------
Depreciation
At 31 December 2018
16,962
14,670
1,062
10,827
43,521
Charge for the year
–
1,821
–
738
2,559
Disposals
–
–
( 1,062)
–
( 1,062)
--------
--------
-------
--------
--------
At 30 December 2019
16,962
16,491
–
11,565
45,018
--------
--------
-------
--------
--------
Carrying amount
At 30 December 2019
–
7,898
–
3,275
11,173
--------
--------
-------
--------
--------
At 30 December 2018
–
7,134
418
2,993
10,545
--------
--------
-------
--------
--------
7. Investments
Other investments other than loans
£
Cost
At 31 December 2018
–
Additions
17
----
At 30 December 2019
17
----
Impairment
At 31 December 2018 and 30 December 2019
–
----
Carrying amount
At 30 December 2019
17
----
At 30 December 2018
–
----
8. Debtors
2019
2018
£
£
Trade debtors
–
5,858
Other debtors
8,000
1,078
-------
-------
8,000
6,936
-------
-------
9. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
19,891
19,600
Corporation tax
21,451
5,478
Social security and other taxes
68,159
81,748
Other creditors
–
338
Other creditors
29,625
54,019
---------
---------
139,126
161,183
---------
---------
Within bank loan and overdrafts there is a loan of £19,600 (2018: £19,600) secured against the assets of the company by way of fixed and floating charges.
10. Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
14,700
34,300
Other creditors
–
32,076
--------
--------
14,700
66,376
--------
--------
Within bank loan and overdrafts there is a loan of £14,700 (2018: £34,300) secured against the assets of the company by way of fixed and floating charges.
11. Director's advances, credits and guarantees
As at the balance sheet date the company owed the director £271 (2018: company owed the director £2,002). No interest was charged on this balance.