Furrer + Frey GB Limited - Accounts to registrar (filleted) - small 18.2

FURRER + FREY GB LIMITED

Financial Statements

for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

C Bacher

R Daffern

N Y Dolphin

R Furrer

Registered office:

Winchester House

1st Floor

19 Bedford Row

London

WC1R 4EB

Registered number:

07889204 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants & Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

5

42,838

49,932

Current assets

Debtors

6

513,896

735,776

Cash at bank and in hand

681,907

463,917

1,195,803

1,199,693

Creditors

Amounts falling due within one year

7

396,243

668,761

Net current assets

799,560

530,932

Total assets less current liabilities

842,398

580,864

Provisions for liabilities

12,433

12,433

Net assets

829,965

568,431

Capital and reserves

Called up share capital

9

10,000

10,000

Retained earnings

10

819,965

558,431

Shareholders' funds

829,965

568,431

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 September 2018 and were signed on its behalf by:

N Y Dolphin - Director

1.	Statutory information

Furrer + Frey GB 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.	Accounting policies

Basis of preparing the financial statements

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

Turnover

Turnover comprises amounts derived from the company's principal activity. Revenue is recognised upon the

completion of the contractual obligations of both the company and the customer.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The

stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff

rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is

recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

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

Fixtures, fittings & equipment

25% on cost

Computer equipment

33.33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds

and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12

‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

of the company.

3.	Employees and directors

The average number of employees during the year was 17 (2016 - 17 ) .

4.	Auditors' remuneration

2017

2016

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,900

4,600

5.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 January 2017

87,100

52,081

139,181

Additions

16,996

9,056

26,052

At 31 December 2017

104,096

61,137

165,233

Depreciation

At 1 January 2017

49,615

39,634

89,249

Charge for year

24,422

8,724

33,146

At 31 December 2017

74,037

48,358

122,395

Net book value

At 31 December 2017

30,059

12,779

42,838

At 31 December 2016

37,485

12,447

49,932

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

-

13,320

Amounts owed by group undertakings

174,953

623,095

Other debtors

338,943

99,361

513,896

735,776

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

3,775

-

Trade creditors

90,671

340,018

Amounts owed to group undertakings

111,225

114,699

Taxation and social security

173,408

206,311

Other creditors

17,164

7,733

396,243

668,761

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

23,843

47,886

Between one and five years

-

5,825

23,843

53,711

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,000

Ordinary

1

10,000

10,000

10.

Reserves

Retained

earnings

£

At 1 January 2017

558,431

Profit for the year

261,534

At 31 December 2017

819,965

11.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Gary Staunton (Senior Statutory Auditor)

for and on behalf of Haines Watts

12.	Related party disclosures

During the year, sales of £3,113,320 (2016: £3,215,432) were made to group companies as well as purchases

of £111,225 (2016: £124,191). At the balance sheet date the company was owed £63,728 (2016: £508,396) by

group companies.

13.	Ultimate controlling party

The parent company is Furrer + Frey AG, a company incorporated in Switzerland.

The ultimate parent company is Collaxo Holding AG, a company incorporated in Switzerland.

The ultimate controlling party is Rico Furrer who is also a director of the company.