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Foundrs Ltd

Registered Number
10542811
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

Foundrs Ltd
Company Information
for the year from 1 January 2022 to 31 December 2022

Directors

D H Murray
R J O'Donovan

Registered Address

20-22 Wenlock Road
London
N1 7GU

Registered Number

10542811 (England and Wales)
Foundrs Ltd
Statement of Financial Position
31 December 2022

Notes

2022

2021

£

£

£

£

Current assets
Debtors928,830647
Cash at bank and on hand21,93412,871
50,76413,518
Creditors amounts falling due within one year10(102,971)(22,601)
Net current assets (liabilities)(52,207)(9,083)
Total assets less current liabilities(52,207)(9,083)
Net assets(52,207)(9,083)
Capital and reserves
Called up share capital1010
Profit and loss account(52,217)(9,093)
Shareholders' funds(52,207)(9,083)
The financial statements were approved and authorised for issue by the Board of Directors on 20 October 2023, and are signed on its behalf by:
R J O'Donovan
Director
Registered Company No. 10542811
Foundrs Ltd
Notes to the Financial Statements
for the year ended 31 December 2022

1.Statutory information
Foundrs Ltd 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.Compliance with applicable reporting framework
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.
3.Principal activities
The principal activity of the company in the period under review was that of business events, networking and support services to entrepreneurs and startup businesses.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The functional and presentation currency of the financial statements is the Pound Sterling (£).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue recognition policy
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Included within revenue is an amount of £55,833 (2021: £34,517) which relates to sponsorship money received.
Taxation policy
Taxation for the period comprises current 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 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 statement of financial position date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and Cash Equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred losses during the period however the directors have a reasonable expectation that the company will continue to trade effectively with a view to earning profits in the future. If required the directors will support the company to meet its obligations, if and when, they become due. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements.
6.Critical estimates and judgements
There are no significant judgements or estimates applied to the numbers contained within these financial statements.
7.Employee information

20222021
Average number of employees during the year11
8.Description of nature of transactions and balances with related parties
During the year, the company made advances available to the directors totalling £64,000 (2021: £11,176) and received repayments from the directors totalling £34,000 (2021: £17,766). At the statement of financial position date, the company owed the directors £30,000 (2021: £nil). The loans are interest free and repayable on demand.
9.Debtors

2022

2021

££
Trade debtors / trade receivables12,000-
Other debtors16,830647
Total28,830647
10.Creditors within one year

2022

2021

££
Trade creditors / trade payables40,17614,177
Taxation and social security-91
Other creditors30,295-
Accrued liabilities and deferred income32,5008,333
Total102,97122,601