F E Associates Limited Filleted accounts for Companies House (small and micro)

F E ASSOCIATES LIMITED - Company Information

26 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,200,000 1,372,115 320,000 1,692,115 1,507,885 1,827,885 56,880 6,164 63,044 49,412 6,418 55,830 7,214 7,468 479,476 569,710 xbrli:pure xbrli:shares iso4217:GBP 08747426 2021-04-01 2022-03-31 08747426 2022-03-31 08747426 2021-03-31 08747426 2020-04-01 2021-03-31 08747426 2021-03-31 08747426 core:NetGoodwill 2021-04-01 2022-03-31 08747426 bus:Director3 2021-04-01 2022-03-31 08747426 bus:Director7 2021-04-01 2022-03-31 08747426 core:NetGoodwill 2021-03-31 08747426 core:NetGoodwill 2022-03-31 08747426 core:WithinOneYear 2022-03-31 08747426 core:WithinOneYear 2021-03-31 08747426 core:AfterOneYear 2022-03-31 08747426 core:AfterOneYear 2021-03-31 08747426 core:ShareCapital 2022-03-31 08747426 core:ShareCapital 2021-03-31 08747426 core:SharePremium 2022-03-31 08747426 core:SharePremium 2021-03-31 08747426 core:RetainedEarningsAccumulatedLosses 2022-03-31 08747426 core:RetainedEarningsAccumulatedLosses 2021-03-31 08747426 core:NetGoodwill 2021-03-31 08747426 bus:Director7 2021-03-31 08747426 bus:Director7 2021-03-31 08747426 bus:Director7 2020-04-01 2021-03-31 08747426 bus:SmallEntities 2021-04-01 2022-03-31 08747426 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 08747426 bus:FullAccounts 2021-04-01 2022-03-31 08747426 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 08747426 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 08747426 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 08747426 core:FurnitureFittingsToolsEquipment 2021-03-31 08747426 core:FurnitureFittingsToolsEquipment 2022-03-31

COMPANY REGISTRATION NUMBER: 08747426

F E Associates Limited

Filleted Unaudited Financial Statements

31 March 2022

F E Associates Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Intangible assets	5	1,507,885	1,827,885
Tangible assets	6	7,214	7,468
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
		1,515,099	1,835,353

Current assets

Debtors	7	3,658,592	1,070,180
Cash at bank and in hand		211,683	1,223,467
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
		3,870,275	2,293,647

Creditors: amounts falling due within one year	8	( 2,512,204)		( 1,393,590)
		ÄÄÄÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄÄÄÄ
Net current assets			1,358,071		900,057
			ÄÄÄÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities			2,873,170		2,735,410

Creditors: amounts falling due after more than one year	9		( 457,606)		( 350,000)

Provisions	( 989)	( 954)
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets	2,414,575	2,384,456
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Capital and reserves

Called up share capital	130	127
Share premium account	2,355,173	2,355,173
Profit and loss account	59,272	29,156
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Shareholders funds	2,414,575	2,384,456
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

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 comprehensive income has not been delivered.

F E Associates Limited

Statement of Financial Position (continued)

31 March 2022

For the year ending 31 March 2022 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 year 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 20 December 2022 , 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

Year ended 31 March 2022

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.

Going concern

The directors have adopted the going concern basis in preparing the financial statements. The directors have considered the ongoing impact of Covid-19 on the company's business and, with the support schemes in place, do not consider that there will be a significant impact on the ability of the company to meet its day to day working capital requirements for the foreseeable future. The company has taken advantage of a "CBILS" and this is reflected in the figure for bank loans and overdrafts due after more than one year.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term highly liquid investments.

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.

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.

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	-	Straight line over ten years (previously five)

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised in these financial statements using the accrual 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

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. 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 26 (2021: 26 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2021 and 31 March 2022	3,200,000
	ÍÍÍÍÍÍÍÍÍÍÍÍ
Amortisation
At 1 April 2021	1,372,115
Charge for the year	320,000
	ÄÄÄÄÄÄÄÄÄÄÄÄ
At 31 March 2022	1,692,115
	ÍÍÍÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2022	1,507,885
	ÍÍÍÍÍÍÍÍÍÍÍÍ
At 31 March 2021	1,827,885
	ÍÍÍÍÍÍÍÍÍÍÍÍ

6. Tangible assets

	Equipment
	£
Cost
At 1 April 2021	56,880
Additions	6,164
	ÄÄÄÄÄÄÄÄ
At 31 March 2022	63,044
	ÍÍÍÍÍÍÍÍ
Depreciation
At 1 April 2021	49,412
Charge for the year	6,418
	ÄÄÄÄÄÄÄÄ
At 31 March 2022	55,830
	ÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2022	7,214
	ÍÍÍÍÍÍÍÍ
At 31 March 2021	7,468
	ÍÍÍÍÍÍÍÍ

7. Debtors

	2022	2021
	£	£
Trade debtors	1,098,173	681,124
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,514,286	–
Other debtors	46,133	389,056
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	3,658,592	1,070,180
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	704,541	319,567
Trade creditors	235,090	157,363
Taxation and social security	479,476	569,710
Other creditors	1,093,097	346,950
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	2,512,204	1,393,590
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

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

	2022	2021
	£	£
Bank loans and overdrafts	457,606	350,000
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £84,737) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Two Directors	317,437	–	( 317,437)	–
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Two Directors	–	617,437	( 300,000)	317,437
	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

The loans are unsecured and repayable on demand. Interest is charged by the company at HMRC's official rate for employment benefits on the outstanding amount throughout the year. The advances to the directors and the amounts repaid are shown in aggregate.

11. Controlling party

On 7 May 2021 the company became a wholly owned subsidiary of F E Matters Limited, a company incorporated in England and Wales, number 13242759.