Fatiboo Corp Limited
Unaudited Financial Statements
For the year ended 28 February 2022
For Filing with Registrar
Company Registration No. 07142455 (England and Wales)
Fatiboo Corp Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Fatiboo Corp Limited
Balance Sheet
As at 28 February 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,653
2,592
Current assets
Debtors
5
4
312
Cash at bank and in hand
7,837
54,831
7,841
55,143
Creditors: amounts falling due within one year
6
(27,950)
(38,788)
Net current (liabilities)/assets
(20,109)
16,355
Net (liabilities)/assets
(17,456)
18,947
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(17,458)
18,945
Total equity
(17,456)
18,947
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
16 August 2022 and are signed on its behalf by:
2022-08-16
T Sparks
Director
Company Registration No. 07142455
Fatiboo Corp Limited
Notes to the Financial Statements
For the year ended 28 February 2022
Page 2
1
Accounting policies
Company information
Fatiboo Corp Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Company made a loss for the year after taxation of £36,403 (2021: £341) and had net liabilities at the 28 February of £17,456 (2021: £18,947 assets). These financial statements are prepared on the going concern basis. The director has considered the impact that Covid-19 will have on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
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.
Fatiboo Corp Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2022
1
Accounting policies
(Continued)
Page 3
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Fatiboo Corp Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2022
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Dividends
2022
2021
£
£
Final paid
4,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021
9,672
Additions
1,498
At 28 February 2022
11,170
Depreciation and impairment
At 1 March 2021
7,080
Depreciation charged in the year
1,437
At 28 February 2022
8,517
Carrying amount
At 28 February 2022
2,653
At 28 February 2021
2,592
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
4
312
Fatiboo Corp Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2022
Page 5
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
(8,617)
372
Other taxation and social security
1,650
Other creditors
34,917
38,416
27,950
38,788
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Control
There is no ultimate controlling party.
9
Related party transactions
As at the balance sheet date the company owed £34,917 (2021: £38,416) to its directors. The company paid dividends of £nil (2021: £4,000) to its directors, during the year.