49 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 783,850 1 783,849 783,849 783,849 783,850 xbrli:pure xbrli:shares iso4217:GBP 07978039 2022-04-01 2023-03-31 07978039 2023-03-31 07978039 2022-03-31 07978039 2021-04-01 2022-03-31 07978039 2022-03-31 07978039 2021-03-31 07978039 core:MotorVehicles 2022-04-01 2023-03-31 07978039 bus:Director3 2022-04-01 2023-03-31 07978039 core:MotorVehicles 2022-03-31 07978039 core:WithinOneYear 2023-03-31 07978039 core:WithinOneYear 2022-03-31 07978039 core:ShareCapital 2023-03-31 07978039 core:ShareCapital 2022-03-31 07978039 core:SharePremium 2023-03-31 07978039 core:SharePremium 2022-03-31 07978039 core:CapitalRedemptionReserve 2023-03-31 07978039 core:RetainedEarningsAccumulatedLosses 2023-03-31 07978039 core:RetainedEarningsAccumulatedLosses 2022-03-31 07978039 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 07978039 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 07978039 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 07978039 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-03-31 07978039 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-03-31 07978039 core:Non-currentFinancialInstruments 2022-03-31 07978039 core:MotorVehicles 2022-03-31 07978039 bus:SmallEntities 2022-04-01 2023-03-31 07978039 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07978039 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07978039 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07978039 bus:FullAccounts 2022-04-01 2023-03-31 07978039 core:OfficeEquipment 2022-04-01 2023-03-31 07978039 core:OfficeEquipment 2022-03-31 07978039 core:OfficeEquipment 2023-03-31 07978039 core:AllAssociates 2022-04-01 2023-03-31 07978039 core:KeyManagementPersonnel 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 07978039
Finyx Consulting Limited
Filleted Unaudited Financial Statements
31 March 2023
Finyx Consulting Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Finyx Consulting Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
61,484
41,825
Investments
6
783,850
--------
---------
61,484
825,675
Current assets
Stocks
544,876
Debtors
7
3,520,721
3,832,426
Cash at bank and in hand
802,781
1,108,107
------------
------------
4,323,502
5,485,409
Creditors: amounts falling due within one year
8
3,217,013
2,500,943
------------
------------
Net current assets
1,106,489
2,984,466
------------
------------
Total assets less current liabilities
1,167,973
3,810,141
------------
------------
Net assets
1,167,973
3,810,141
------------
------------
Capital and reserves
Called up share capital
96
120
Share premium account
455,857
455,857
Capital redemption reserve
24
Profit and loss account
711,996
3,354,164
------------
------------
Shareholders funds
1,167,973
3,810,141
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Finyx Consulting Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
P E Stewart
Director
Company registration number: 07978039
Finyx Consulting Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Catalyst Baird Lane, Heslington, York, YO10 5GA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
33% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 39 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
76,423
40,288
116,711
Additions
50,659
50,659
Disposals
( 76,423)
( 5,754)
( 82,177)
--------
--------
---------
At 31 March 2023
85,193
85,193
--------
--------
---------
Depreciation
At 1 April 2022
69,864
5,022
74,886
Charge for the year
6,559
21,563
28,122
Disposals
( 76,423)
( 2,876)
( 79,299)
--------
--------
---------
At 31 March 2023
23,709
23,709
--------
--------
---------
Carrying amount
At 31 March 2023
61,484
61,484
--------
--------
---------
At 31 March 2022
6,559
35,266
41,825
--------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022
783,850
Disposals
( 1)
---------
At 31 March 2023
783,849
---------
Impairment
At 1 April 2022
Impairment losses
783,849
---------
At 31 March 2023
783,849
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
783,850
---------
7. Debtors
2023
2022
£
£
Trade debtors
2,847,945
3,830,716
Other debtors
672,776
1,710
------------
------------
3,520,721
3,832,426
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,230,278
576,934
Corporation tax
583,186
476,822
Social security and other taxes
452,902
624,525
Other creditors
950,647
822,662
------------
------------
3,217,013
2,500,943
------------
------------
9. Related party transactions
During the year the company paid management charges of £719,725 (2021: £533,058) to a company associated by common control. At the year end the company owed the directors £241,240 (2022: £14,631).