F.T. Technologies Limited Filleted accounts for Companies House (small and micro)

F.T. TECHNOLOGIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01603909

F.T. Technologies Limited

Filleted Unaudited Financial Statements

31 December 2020

F.T. Technologies Limited

Balance Sheet

31 December 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	5	3,410,102	3,999,198
Cash at bank and in hand		1,767,391	335,857
		------------	------------
		5,177,493	4,335,055

Creditors: amounts falling due within one year	6	3,204,943		560,431
		------------		------------
Net current assets			1,972,550	3,774,624
			------------	------------
Total assets less current liabilities			1,972,550	3,774,624
			------------	------------
Net assets			1,972,550	3,774,624
			------------	------------

Capital and reserves

Called up share capital	171,000	171,000
Profit and loss account	1,801,550	3,603,624
	------------	------------
Shareholders funds	1,972,550	3,774,624
	------------	------------

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 (including profit and loss account) has not been delivered.

For the year ending 31 December 2020 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 22 September 2021 , and are signed on behalf of the board by:

Dr S Kapartis-Executive Chairman

Director

Company registration number: 01603909

F.T. Technologies Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sunbury House, Brooklands Close, Sunbury-on-Thames, TW16 7DX.

2. Statement of compliance

These individual financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', Companies Act 2006 and FRC Abstracts.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are those in respect of the future levels of warranty claims, as described in Note 7.

Revenue recognition

Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT. Revenue is recognised upon delivery.

Corporation 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. Debtors

	2020	2019
	£	£
Trade debtors	2,910,777	3,781,432
Other debtors	499,325	217,766
	------------	------------
	3,410,102	3,999,198
	------------	------------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	84,213	7,273
Corporation tax	–	64,262
Other creditors	3,120,730	488,896
	------------	---------
	3,204,943	560,431
	------------	---------

7. Contingencies

The company provides product warranties at the time of sale to its customers. Included in other creditors is a provision for future warranty claims, which has been augmented in the year to reflect additional sums required for specific product rectification undertakings. It is not practicable to quantify the extent to which these provisions will prove adequate in future years, and accordingly a contingent liability exists in respect of any potential shortfall.

8. Related party transactions

During the year the company had a number of transactions with two companies controlled by the Directors of FT Technologies Limited. At the 31 December 2020 the company was owed by the first company £54,751 (2019: £41,528), included in other debtors and owed £74,504 (2019: £0), included in trade creditors. During the year, FT Technologies Limited made purchases from this company totalling £8,106,365 (2019: £8,462,195). At the 31 December 2020 the company owed the second company £0 (2019 £45,861), included in other creditors, and was owed £164 (2019: £698), included in other debtors.