F1 Group (UK) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05850663 (England and Wales)

Financial Statements

for the Year Ended 31 March 2023

for

F1 Group (UK) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C G R Pickles

REGISTERED OFFICE:

Unit 2, Kingsley Court

Kingsley Road

LINCOLN

Lincolnshire

LN6 3TA

REGISTERED NUMBER:

05850663 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Lloyds Bank

High Street

LINCOLN

Lincolnshire

LN5 7AP

FIXED ASSETS

Intangible assets

4

-

30,000

Tangible assets

5

430,554

Investments

6

1,050

431,604

461,604

CURRENT ASSETS

Debtors

43,805

29,349

Cash at bank

332,659

326,372

376,464

355,721

CREDITORS

Amounts falling due within one year

642,719

669,483

NET CURRENT LIABILITIES

(266,255

)

(313,762

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

165,349

147,842

CREDITORS

Amounts falling due after more than
one year

7

96,495

122,102

NET ASSETS

68,854

25,740

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

68,754

25,640

SHAREHOLDERS' FUNDS

68,854

25,740

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 director acknowledges his 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 director and authorised for issue on 13 September 2023 and were signed by:

Mr C G R Pickles - Director

1.	STATUTORY INFORMATION

F1 Group (UK) 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.

Preparation of consolidated financial statements

The financial statements contain information about F1 Group (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs have been capitalised as they relate to software development not currently used on any projects.

Tangible fixed assets

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

Freehold property

-

not provided

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Income from operating leases

Income is recognised in the period to which it relates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

350,000

AMORTISATION

At 1 April 2022

320,000

Amortisation for year

30,000

At 31 March 2023

350,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

30,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

430,554

NET BOOK VALUE

At 31 March 2023

430,554

At 31 March 2022

430,554

The value of the assets let out under operating leases totalled £430,554 (2022: £430,554)

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2022

and 31 March 2023

1,050

NET BOOK VALUE

At 31 March 2023

1,050

At 31 March 2022

1,050

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS

2023

2022

£

Repayable by instalments

Bank loans more 5 yr by instal

-

10,068

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

Due within one year

25,607

24,126

Due over one year

96,495

122,102

146,228

The company's bankers, Lloyds Bank, hold a fixed and floating charge over company assets dated 7 August 2012.

9.	DIRECTOR'S 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

-

43,656

Amounts repaid

-

(43,656

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

Interest was charged on overdrawn director's loan balances at a rate of 2.5%. The loan is not secured.

10.	RELATED PARTY DISCLOSURES

Mr C G R Pickles is a director and 100% shareholder of F1 Group (UK) Limited and a director of F.1. Help Limited. F1 Group (UK) Limited is a 95% shareholder of F.1. Help Limited. Included in creditors is an amount owing to F.1. Help Limited totalling £599,895 (2022: £613,463). This amount is interest free and unsecured.

Mr C G R Pickles, a director and 100% shareholder of F1 Group (UK) Limited is a director of EMAS UK Limited. Included in debtors is a loan balance of £28,621 (2022: £28,750) owing to EMAS UK Limited.

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.