Faptic Ltd
Registered number: 12272112
Unaudited Financial Statements
For The Year Ended
31 December 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Faptic Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2023
Unaudited Financial Statements
Contents | |
Page | |
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Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—5 |
Faptic Ltd
Statement of Financial Position
As At
31 December 2023
Statement of Financial Position
Registered number:
12272112
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
31 December 2023 | 31 December 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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PROVISIONS FOR LIABILITIES | |||||
Provisions For Charges |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital |
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Income Statement |
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SHAREHOLDERS' FUNDS | 3,051 | 11,068 | |||
Faptic Ltd
Statement of Financial Position (continued)
As At
31 December 2023
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Faptic Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2023
Notes to the Financial Statements
1.
General Information
Faptic Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12272112
. The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer; 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. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Computer Equipment |
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2.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5.
Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Faptic Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: NIL)
4.
Tangible Assets
Plant & Machinery | Computer Equipment | Total | |
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Cost | |||
As at
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Additions |
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Depreciation | |||
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Provided during the period |
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As at
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Net Book Value | |||
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As at
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5.
Investments
Subsidiaries | |
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Cost | |
As at
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As at
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Provision | |
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As at
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Net Book Value | |
As at
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As at
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The Company accounts for its investments in Subsidiaries at cost, adjusted for any accumulated impairment losses.
Under the provision of section 399 of the Companies Act 2006, the Company is exempt from preparing group accounts and has not done so, therefore the accounts show information about the Company as an individual entity.
Faptic Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
6.
Debtors
31 December 2023 | 31 December 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Corporation tax recoverable assets |
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Amounts owed by subsidiaries |
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7.
Creditors: Amounts Falling Due Within One Year
31 December 2023 | 31 December 2022 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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VAT |
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Net wages | 8,700 | - | |
Directors' loan accounts |
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Cumulative dividends unpaid |
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8.
Creditors: Amounts Falling Due After More Than One Year
31 December 2023 | 31 December 2022 | ||
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Amounts owed to other participating interests |
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9.
Related Party Transactions
During the period under review, the company received a loan of £85,863 (€100,000) from a related party holding a participating interest in the company. The loan is unsecured and interest-free for a period of 12 months from the date of the first draw down, following which it accrues interest at a rate of 5% per annum on the principal amount of the loan outstanding, until the loan is repaid in full.