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

FULLY MANAGED LIMITED - Company Information

12 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 237,664 142,099 43,833 185,932 51,732 95,565 17 17 17 xbrli:pure xbrli:shares iso4217:GBP 06665793 2021-01-01 2021-12-31 06665793 2021-12-31 06665793 2020-12-31 06665793 2019-12-31 2020-12-31 06665793 2020-12-31 06665793 core:NetGoodwill 2021-01-01 2021-12-31 06665793 core:LandBuildings core:LongLeaseholdAssets 2021-01-01 2021-12-31 06665793 core:FurnitureFittings 2021-01-01 2021-12-31 06665793 bus:Director1 2021-01-01 2021-12-31 06665793 core:NetGoodwill 2020-12-31 06665793 core:NetGoodwill 2021-12-31 06665793 core:LandBuildings 2020-12-31 06665793 core:FurnitureFittings 2020-12-31 06665793 core:LandBuildings 2021-12-31 06665793 core:FurnitureFittings 2021-12-31 06665793 core:WithinOneYear 2021-12-31 06665793 core:WithinOneYear 2020-12-31 06665793 core:AfterOneYear 2021-12-31 06665793 core:AfterOneYear 2020-12-31 06665793 core:ShareCapital 2021-12-31 06665793 core:ShareCapital 2020-12-31 06665793 core:RetainedEarningsAccumulatedLosses 2021-12-31 06665793 core:RetainedEarningsAccumulatedLosses 2020-12-31 06665793 core:NetGoodwill 2020-12-31 06665793 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 06665793 core:Non-currentFinancialInstruments 2021-12-31 06665793 core:Non-currentFinancialInstruments 2020-12-31 06665793 core:FurnitureFittings 2020-12-31 06665793 bus:SmallEntities 2021-01-01 2021-12-31 06665793 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 06665793 bus:FullAccounts 2021-01-01 2021-12-31 06665793 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 06665793 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06665793 core:OfficeEquipment 2021-01-01 2021-12-31 06665793 core:OfficeEquipment 2020-12-31 06665793 core:OfficeEquipment 2021-12-31 06665793 core:AfterOneYear 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 06665793

Fully Managed Limited

Filleted Unaudited Financial Statements

31 December 2021

Fully Managed Limited

Financial Statements

Year ended 31 December 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Fully Managed Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	51,732	95,565
Tangible assets	6	23,950	15,347
Investments	7	17	17
		--------	---------
		75,699	110,929

Current assets

Debtors	8	25,500	8,546
Cash at bank and in hand		60,202	65,384
		--------	--------
		85,702	73,930

Creditors: amounts falling due within one year	9	101,557		134,676
		---------		---------
Net current liabilities			15,855	60,746
			--------	---------
Total assets less current liabilities			59,844	50,183

Creditors: amounts falling due after more than one year	10		40,551	46,891

Provisions

Taxation including deferred tax	5,860	2,916
	--------	--------
Net assets	13,433	376
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	13,432	375
	--------	----
Shareholders funds	13,433	376
	--------	----

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 Section 1A of 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 31 December 2021 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)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 19 December 2022 , 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 31 December 2021

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.

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:

Leasehold property	-	10% straight line
Fixtures and fittings	-	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.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 (2020: 13 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2021 and 31 December 2021	237,664
	---------
Amortisation
At 1 January 2021	142,099
Charge for the year	43,833
	---------
At 31 December 2021	185,932
	---------
Carrying amount
At 31 December 2021	51,732
	---------
At 31 December 2020	95,565
	---------

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 five years.

6. Tangible assets

	Leasehold property	Fixtures and fittings	Office Equipment	Total
	£	£	£	£
Cost
At 1 January 2021	16,962	28,569	19,909	65,440
Additions	–	5,034	9,675	14,709
	--------	--------	--------	--------
At 31 December 2021	16,962	33,603	29,584	80,149
	--------	--------	--------	--------
Depreciation
At 1 January 2021	16,962	19,492	13,639	50,093
Charge for the year	–	2,297	3,809	6,106
	--------	--------	--------	--------
At 31 December 2021	16,962	21,789	17,448	56,199
	--------	--------	--------	--------
Carrying amount
At 31 December 2021	–	11,814	12,136	23,950
	--------	--------	--------	--------
At 31 December 2020	–	9,077	6,270	15,347
	--------	--------	--------	--------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021 and 31 December 2021	17
	----
Impairment
At 1 January 2021 and 31 December 2021	–
	----

Carrying amount
At 31 December 2021	17
	----
At 31 December 2020	17
	----

8. Debtors

	2021	2020
	£	£
Other debtors	25,500	8,546
	--------	-------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	6,220	17,809
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,467	–
Corporation tax	16,747	36,767
Social security and other taxes	64,133	69,440
Other creditors	12,990	10,660
	---------	---------
	101,557	134,676
	---------	---------

Bank loans and overdrafts are secured against the assets of the company by way of fixed and floating charges.

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	40,551	46,891
	--------	--------

Bank loans and overdrafts are secured against the assets of the company by way of fixed and floating charges.

11. Director's advances, credits and guarantees

At the balance sheet date, the company owed the director £3,170 (2020: director owed the company £2,046). The Director received advances of £17,500 and made repayments of £22,716. No interest was charged on th balance.