REGISTERED NUMBER: 03854638 (England and Wales)

Financial Statements

for the Year Ended 31 March 2023

for

F.1. Help Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C G R Pickles

Mr G K Langridge

REGISTERED OFFICE:

Unit 2, Kingsley Court

Kingsley Road

LINCOLN

Lincolnshire

LN6 3TA

REGISTERED NUMBER:

03854638 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Lloyds Bank Plc

202 High Street

LINCOLN

LN5 7AP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

104,634

56,277

104,634

56,277

CURRENT ASSETS

Stocks

35,162

33,926

Debtors

1,200,405

1,127,650

Cash at bank and in hand

39,157

32,757

1,274,724

1,194,333

CREDITORS

Amounts falling due within one year

187,427

172,819

NET CURRENT ASSETS

1,087,297

1,021,514

TOTAL ASSETS LESS CURRENT LIABILITIES

1,191,931

1,077,791

CREDITORS

Amounts falling due after more than one year

(15,136

)

-

PROVISIONS FOR LIABILITIES

(16,809

)

(11,259

)

NET ASSETS

1,159,986

1,066,532

CAPITAL AND RESERVES

Called up share capital

1,053

1,000

Retained earnings

1,158,933

1,065,532

SHAREHOLDERS' FUNDS

1,159,986

1,066,532

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 September 2023 and were signed on its behalf by:

Mr C G R Pickles - Director

1.	STATUTORY INFORMATION

F.1. Help 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 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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services net of discounts and excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Tower costs

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stock and work in progress

Stock and work in progress is valued at the lower of cost and net realiseable value after making allowance for obsolete and slow moving items.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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.

Research and development

Research and development costs on separately identifiable projects that have been proven via detailed research to be commercially viable in the market place are capitalised and written off over a period deemed to be the expected lifespan of the product.

Research and development expenditure that does not meet this criteria is written off to the profit and loss account in the year that it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

10,000

AMORTISATION

At 1 April 2022

and 31 March 2023

10,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

134,637

Additions

70,789

Disposals

(15,158

)

At 31 March 2023

190,268

DEPRECIATION

At 1 April 2022

78,360

Charge for year

18,276

Eliminated on disposal

(11,002

)

At 31 March 2023

85,634

NET BOOK VALUE

At 31 March 2023

104,634

At 31 March 2022

56,277

6.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023

2022

£

£

Net obligations repayable:

Within one year

6,905

-

Between one and five years

15,136

-

22,041

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

22,041

-

The amount due under hire purchase agreements is secured on the asset to which it relates.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mr C G R Pickles

Balance outstanding at start of year

199,567

121,631

Amounts advanced

54,917

77,936

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

254,484

199,567

The maximum balance outstanding during the year was £254,484 (2022: £199,567). The loan is unsecured and interest is charged on overdrawn balances at a rate of 2.5%.

9.	RELATED PARTY DISCLOSURES

Mr C G R Pickles, a director of F.1. Help Limited, is a director of EMAS UK Limited. Included in debtors is a loan balance of £30,920 (2022: £28,807) from EMAS UK Limited. This loan is interest free and payable on demand.

Mr C G R Pickles, a director of F.1. Help Limited, is the 100% shareholder and director of F1 Group (UK) Limited. Included in debtors is a loan balance of £599,446 (2022: £613,463) owed by F1 Group (UK) Limited. This loan is interest free. During the year F.1. Help Limited paid a management charge of £60,000 (2022: £60,000) and rents of £21,000 (2022: £21,000) to F1 Group (UK) Limited.