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Registration number: 05869067

FCA UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

FCA UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

FCA UK Limited

Company Information

Directors

Mr A Wright

Mr AJ Franklin

Company secretary

Ms SJ White

Registered office

320 Garratt Lane
London
SW18 4EJ

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

FCA UK Limited

(Registration number: 05869067)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

396,000

429,000

Tangible assets

5

1,436

2,873

Investments

6

-

100

 

397,436

431,973

Current assets

 

Stocks

7

73,228

47,286

Debtors

8

154,707

162,566

Cash at bank and in hand

 

182,680

246,735

 

410,615

456,587

Creditors: Amounts falling due within one year

9

(654,906)

(697,459)

Net current liabilities

 

(244,291)

(240,872)

Total assets less current liabilities

 

153,145

191,101

Provisions for liabilities

(273)

(546)

Net assets

 

152,872

190,555

Capital and reserves

 

Called up share capital

10

1,880

3,680

Retained earnings

150,992

186,875

Shareholders' funds

 

152,872

190,555

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

FCA UK Limited

(Registration number: 05869067)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Mr AJ Franklin
Director

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
320 Garratt Lane
London
SW18 4EJ

These financial statements were authorised for issue by the Board on 9 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 Years Straight Line

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

660,000

660,000

At 31 March 2023

660,000

660,000

Amortisation

At 1 April 2022

231,000

231,000

Amortisation charge

33,000

33,000

At 31 March 2023

264,000

264,000

Carrying amount

At 31 March 2023

396,000

396,000

At 31 March 2022

429,000

429,000

5

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

4,309

23,735

28,044

At 31 March 2023

4,309

23,735

28,044

Depreciation

At 1 April 2022

1,436

23,735

25,171

Charge for the year

1,437

-

1,437

At 31 March 2023

2,873

23,735

26,608

Carrying amount

At 31 March 2023

1,436

-

1,436

At 31 March 2022

2,873

-

2,873

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost or valuation

Provision

Carrying amount

At 31 March 2023

-

At 31 March 2022

100

7

Stocks

2023
£

2022
£

Work in progress

73,228

47,286

8

Debtors

Current

2023
£

2022
£

Trade debtors

145,054

147,998

Prepayments

1,154

5,769

Other debtors

8,499

8,799

 

154,707

162,566

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,495

8,060

Taxation and social security

97,394

97,953

Other creditors

553,017

591,446

654,906

697,459

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Restricted A of £1 each

200

200

2,000

2,000

Ordinary B of £1 each

120

120

120

120

Ordinary C of £1 each

200

200

200

200

Ordinary D of £1 each

-

-

-

-

Ordinary E of £1 each

200

200

200

200

Ordinary F of £1 each

200

200

200

200

Ordinary G of £1 each

200

200

200

200

Ordinary H of £1 each

80

80

80

80

Ordinary I of £1 each

200

200

200

200

Ordinary J of £1 each

200

200

200

200

Ordinary K of £1 each

200

200

200

200

Ordinary L of £1 each

80

80

80

80

 

1,880

1,880

3,680

3,680

 

FCA UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,632

17,664