Ferret Information Systems Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02126033 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

FERRET INFORMATION SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

G Morgan

Mrs J S Morgan

P H Millar

SECRETARY:

Mrs J S Morgan

REGISTERED OFFICE:

4 Coopers Yard

Curran Road

Cardiff

CF10 5DF

REGISTERED NUMBER:

02126033 (England and Wales)

ACCOUNTANTS:

Hayvenhursts Accountancy

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

FIXED ASSETS

Tangible assets

5

134,272

141,153

CURRENT ASSETS

Debtors

6

65,945

58,961

Cash at bank and in hand

109,328

97,314

175,273

156,275

CREDITORS

Amounts falling due within one year

7

(67,213

)

(56,047

)

NET CURRENT ASSETS

108,060

100,228

TOTAL ASSETS LESS CURRENT LIABILITIES

242,332

241,381

CAPITAL AND RESERVES

Called up share capital

8

100

100

Revaluation reserve

9

28,500

28,500

Retained earnings

9

213,732

212,781

SHAREHOLDERS' FUNDS

242,332

241,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 October 2023 and were signed on its behalf by:

G Morgan - Director

1.	STATUTORY INFORMATION

Ferret Information Systems 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents services and sales for the year, stated net of VAT.

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 40% on reducing balance

Fixtures and fittings 10% on reducing balance

Freehold property 2% on revalued amount

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2022

188,602

273,454

51,295

513,351

Additions

-

1,656

-

1,656

At 31 March 2023

188,602

275,110

51,295

515,007

DEPRECIATION

At 1 April 2022

61,884

262,479

47,835

372,198

Charge for year

3,600

4,609

328

8,537

At 31 March 2023

65,484

267,088

48,163

380,735

NET BOOK VALUE

At 31 March 2023

123,118

8,022

3,132

134,272

At 31 March 2022

126,718

10,975

3,460

141,153

The freehold property was professionally valued in the year ended 31 March 2005. All other tangible fixed assets are stated at cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

60,505

54,747

Prepayments

5,440

4,214

65,945

58,961

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

2,077

545

Tax

5,327

5,497

Social security and other taxes

16,719

14,568

Directors' current accounts

4,402

8,019

Accruals and deferred income

38,688

27,418

67,213

56,047

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2022

212,781

28,500

241,281

Profit for the year

16,951

16,951

Dividends

(16,000

)

(16,000

)

At 31 March 2023

213,732

28,500

242,232

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid consultancy fees to Dr. P.H. Miller of £11,520 (2022 - £11,520).

11.	RELATED PARTY DISCLOSURES

Mr G. Morgan is the proprietor of the business Morgan & Boyd.

During the year the company paid consultancy fees of £113,996 (2022: £111,847 to Morgan & Boyd.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr and Mrs Morgan.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ferret Information Systems Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ferret Information Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ferret Information Systems Limited and state those matters that we have agreed to state to the Board of Directors of Ferret Information Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ferret Information Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ferret Information Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ferret Information Systems Limited. You consider that Ferret Information Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ferret Information Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hayvenhursts Accountancy

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

6 November 2023