ACCOUNTS - Final Accounts

FMI AGENCY LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31122022-04-01The principal activity of the Company during the period was the creation of events, targeted incentives and reward schemes for corporate customers through brand engagement consultancy.13falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05540382 2022-04-01 2023-03-31 05540382 2021-04-01 2022-03-31 05540382 2023-03-31 05540382 2022-03-31 05540382 c:Director3 2022-04-01 2023-03-31 05540382 d:FurnitureFittings 2022-04-01 2023-03-31 05540382 d:CurrentFinancialInstruments 2023-03-31 05540382 d:CurrentFinancialInstruments 2022-03-31 05540382 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05540382 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05540382 d:ShareCapital 2023-03-31 05540382 d:ShareCapital 2022-03-31 05540382 d:RetainedEarningsAccumulatedLosses 2023-03-31 05540382 d:RetainedEarningsAccumulatedLosses 2022-03-31 05540382 c:FRS102 2022-04-01 2023-03-31 05540382 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05540382 c:FullAccounts 2022-04-01 2023-03-31 05540382 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05540382 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05540382

FMI AGENCY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

FMI AGENCY LIMITED

REGISTERED NUMBER: 05540382

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Stocks		43,636		13,141
Debtors: amounts falling due within one year	4	104,624		111,456
Cash at bank and in hand	5	213,265		189,121
		361,525		313,718
Creditors: amounts falling due within one year	6	(364,291)		(318,585)
Net current liabilities			(2,766)		(4,867)
Total assets less current liabilities			(2,766)		(4,867)

Net liabilities			(2,766)		(4,867)

Capital and reserves
Called up share capital	1,050	1,050
Profit and loss account	(3,816)	(5,917)
	(2,766)	(4,867)

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FMI AGENCY LIMITED

REGISTERED NUMBER: 05540382

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

C A Kier

Director

Date: 25 August 2023

The notes on pages 3 to 6 form part of these financial statements.

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FMI AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

FMI Agency Limited is a private company limited by shares, incorporated in England & Wales. Its registered office is 101 New Cavendish Street,1st Floor South, London, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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FMI AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

10 to 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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FMI AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 12).

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FMI AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Debtors

					2023	2022
					£	£


Trade debtors	69,353	44,963
Prepayments and accrued income	35,271	66,493
	104,624	111,456

5.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	213,265	189,121
	213,265	189,121

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	29,722	129,683
Amounts owed to group undertakings	63,475	14,912
Other taxation and social security	19,571	12,411
Accruals and deferred income	251,523	161,579
	364,291	318,585

7.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £46,482 (2022 - £50,570). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date and are included in creditors.

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