FCM Commercial Services Limited Filleted accounts for Companies House (small and micro)

FCM Commercial Services Limited Filleted accounts for Companies House (small and micro)

FCM COMMERCIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08317603
FCM Commercial Services Limited
Filleted Unaudited Financial Statements
31 December 2020
FCM Commercial Services Limited
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
4
3,487
6,883
Current assets
Debtors
5
19,931
9,311
Cash at bank and in hand
5,406
2,855
--------
--------
25,337
12,166
Creditors: amounts falling due within one year
6
8,133
2,027
--------
--------
Net current assets
17,204
10,139
--------
--------
Total assets less current liabilities
20,691
17,022
Creditors: amounts falling due after more than one year
7
128,942
139,353
---------
---------
Net liabilities
( 108,251)
( 122,331)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 108,252)
( 122,332)
---------
---------
Shareholders deficit
( 108,251)
( 122,331)
---------
---------
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.
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.
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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FCM Commercial Services Limited
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 10 June 2021 , and are signed on behalf of the board by:
Mrs C Meagher
Director
Company registration number: 08317603
FCM Commercial Services 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 45A Manchester Road, Tintwistle, Glossop, Derbyshire, SK13 1NF, United Kingdom.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
-
25% straight line
-
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2020 and 31 December 2020
13,000
475
13,475
--------
----
--------
Depreciation
At 1 January 2020
6,520
72
6,592
Charge for the year
3,240
156
3,396
--------
----
--------
At 31 December 2020
9,760
228
9,988
--------
----
--------
Carrying amount
At 31 December 2020
3,240
247
3,487
--------
----
--------
At 31 December 2019
6,480
403
6,883
--------
----
--------
5. Debtors
2020
2019
£
£
Trade debtors
13,885
7,919
Other debtors
6,046
1,392
--------
-------
19,931
9,311
--------
-------
6. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
8,133
2,027
-------
-------
7. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
128,942
139,353
---------
---------
8. Financial instruments
In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: (a) They include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and (b) Where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2020
2019
£
£
Mrs C Meagher
( 128,942)
( 139,353)
---------
---------
10. Related party transactions
The company was under the control of Mrs C Meagher throughout the current and previous year. Mrs C Meagher is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for smaller Entities