Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseFinancial intermediation43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13520690 2022-04-01 2023-03-31 13520690 2021-07-20 2022-03-31 13520690 2023-03-31 13520690 2022-03-31 13520690 c:Director1 2022-04-01 2023-03-31 13520690 d:OfficeEquipment 2022-04-01 2023-03-31 13520690 d:OfficeEquipment 2023-03-31 13520690 d:OfficeEquipment 2022-03-31 13520690 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13520690 d:CurrentFinancialInstruments 2023-03-31 13520690 d:CurrentFinancialInstruments 2022-03-31 13520690 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13520690 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13520690 d:ShareCapital 2023-03-31 13520690 d:ShareCapital 2022-03-31 13520690 d:RetainedEarningsAccumulatedLosses 2023-03-31 13520690 d:RetainedEarningsAccumulatedLosses 2022-03-31 13520690 c:FRS102 2022-04-01 2023-03-31 13520690 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 13520690 c:FullAccounts 2022-04-01 2023-03-31 13520690 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 13520690









FABRIC WEALTH SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FABRIC WEALTH SOLUTIONS LIMITED
REGISTERED NUMBER: 13520690

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,295
-

  
1,295
-

Current assets
  

Debtors: amounts falling due within one year
 5 
21,700
75,189

Cash at bank and in hand
  
-
63,903

  
21,700
139,092

Creditors: amounts falling due within one year
 6 
(199,244)
(91,098)

Net current (liabilities)/assets
  
 
 
(177,544)
 
 
47,994

Total assets less current liabilities
  
(176,249)
47,994

  

Net (liabilities)/assets
  
(176,249)
47,994


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(177,249)
46,994

  
(176,249)
47,994


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Page 1

 
FABRIC WEALTH SOLUTIONS LIMITED
REGISTERED NUMBER: 13520690
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

................................................
S Del Federico
Director
Date: 29 September 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FABRIC WEALTH SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company limited by shares and is incorporated in England.
The Registered Office address is Stonecross, Trumpington High Street, Cambridge, CB2 9SU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
FABRIC WEALTH SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FABRIC WEALTH SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).

Page 5

 
FABRIC WEALTH SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
1,492



At 31 March 2023

1,492



Depreciation


Charge for the year on owned assets
197



At 31 March 2023

197



Net book value



At 31 March 2023
1,295



At 31 March 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
6,158
-

Amounts owed by joint ventures and associated undertakings
9,605
-

Other debtors
5,937
75,189

21,700
75,189


Page 6

 
FABRIC WEALTH SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
56,376
-

Trade creditors
10,320
7,440

Amounts owed to joint ventures
110,300
-

Corporation tax
-
11,318

Other taxation and social security
8,089
14,228

Other creditors
12,069
56,022

Accruals and deferred income
2,090
2,090

199,244
91,098



7.


Charges

National Westminster Bank Plc have a fixed and floating charge over the assets of the company.

 
Page 7