Fane International Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06070459 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Fane International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N A Barnes

M A Barnes

A J Barnes

M A Oldroyd

REGISTERED OFFICE:

Unit 4

Ripley Close

Normanton

WF6 1TB

REGISTERED NUMBER:

06070459 (England and Wales)

ACCOUNTANTS:

Lindley Adams Limited Chartered Accountants

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

FIXED ASSETS

Intangible assets

4

27,065

29,422

Tangible assets

5

2,198

3,181

29,263

32,603

CURRENT ASSETS

Stocks

44,228

127,888

Debtors

6

233,679

84,829

Cash at bank and in hand

152,703

172,078

430,610

384,795

CREDITORS

Amounts falling due within one year

7

236,550

173,012

NET CURRENT ASSETS

194,060

211,783

TOTAL ASSETS LESS CURRENT LIABILITIES

223,323

244,386

CREDITORS

Amounts falling due after more than one year

8

(71,134

)

(205,870

)

PROVISIONS FOR LIABILITIES

(417

)

(604

)

NET ASSETS

151,772

37,912

CAPITAL AND RESERVES

Called up share capital

408

408

Retained earnings

151,364

37,504

SHAREHOLDERS' FUNDS

151,772

37,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2023 and were signed on its behalf by:

M A Barnes - Director

1.	STATUTORY INFORMATION

Fane International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost and Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2021

154,926

Additions

9,867

At 31 March 2022

164,793

AMORTISATION

At 1 April 2021

125,504

Charge for year

12,224

At 31 March 2022

137,728

NET BOOK VALUE

At 31 March 2022

27,065

At 31 March 2021

29,422

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

26,075

DEPRECIATION

At 1 April 2021

22,894

Charge for year

983

At 31 March 2022

23,877

NET BOOK VALUE

At 31 March 2022

2,198

At 31 March 2021

3,181

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

92,795

13,107

Other debtors

140,884

71,722

233,679

84,829

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

4,792

4,792

Trade creditors

46,306

46,364

Taxation and social security

110,768

50,096

Other creditors

74,684

71,760

236,550

173,012

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

8,757

13,541

Other creditors

62,377

192,329

71,134

205,870

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

M A Barnes

Balance outstanding at start of year

24,907

(459

)

Amounts advanced

52,925

61,883

Amounts repaid

(65,731

)

(36,517

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,101

24,907

M A Oldroyd

Balance outstanding at start of year

-

-

Amounts advanced

3,106

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,106

-

Loans are repayable on demand and interest is charged at 2%.