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Registration number: 11201575

FHS Accounting Limited

Filleted Unaudited Financial Statements

for the Year Ended 28 February 2023

 

FHS Accounting Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

FHS Accounting Limited

(Registration number: 11201575)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

17,304

19,614

Tangible assets

5

1,795

2,394

 

19,099

22,008

Current assets

 

Debtors

6

59,285

54,808

Cash at bank and in hand

 

28,680

32,246

 

87,965

87,054

Creditors: Amounts falling due within one year

7

(64,193)

(66,570)

Net current assets

 

23,772

20,484

Total assets less current liabilities

 

42,871

42,492

Creditors: Amounts falling due after more than one year

7

(38,115)

(37,170)

Net assets

 

4,756

5,322

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,656

5,222

Shareholders' funds

 

4,756

5,322

For the financial year ending 28 February 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

 

FHS Accounting Limited

(Registration number: 11201575)
Balance Sheet as at 28 February 2023

.........................................
Miss K Cheadle
Director

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Suite G18
Genesis Centre
Innovation Way
Stoke on Trent
ST6 4BF

These financial statements were authorised for issue by the Board on 2 November 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.

Judgements

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 based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 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.

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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% reducing balance

Impairment

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.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
 

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

10% straight line

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.

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Financial instruments

Recognition and measurement
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis or similar credit risk characteristics.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

28,755

28,755

Revaluations

(628)

(628)

Additions acquired separately

628

628

At 28 February 2023

28,755

28,755

Amortisation

At 1 March 2022

8,513

8,513

Amortisation charge

2,938

2,938

At 28 February 2023

11,451

11,451

Carrying amount

At 28 February 2023

17,304

17,304

At 28 February 2022

19,614

19,614

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

5,314

5,314

At 28 February 2023

5,314

5,314

Depreciation

At 1 March 2022

2,920

2,920

Charge for the year

599

599

At 28 February 2023

3,519

3,519

Carrying amount

At 28 February 2023

1,795

1,795

At 28 February 2022

2,394

2,394

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

11,716

15,598

Amounts owed by related parties

8

28,022

22,547

Other debtors

 

19,547

16,663

   

59,285

54,808

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7,667

6,000

Trade creditors

 

582

693

Taxation and social security

 

42,769

42,667

Other creditors

 

13,175

17,210

 

64,193

66,570

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

38,115

37,170

8

Related party transactions

(i) Details of directors loan balances are disclosed in advances. All transactions undertaken with directors were under normal market conditions and/or not material,
(ii) At the balance sheet date fellow subsidiaries owed the company a total of £28,022 (2022 - £22,547). All transactions undertaken with subsidiaries were under normal market conditions and/or not material.

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Directors loan

(15,462)

(116,753)

113,866

(18,348)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Directors loan

(9,794)

(103,850)

98,182

(15,462)

         
       

 

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Parent and ultimate parent undertaking

F & C Holdings Limited is the company's ultimate parent undertaking. The parent undertaking's registered office is c/o FHS, Genesis Centre, Innovation Way, Stoke on Trent, ST6 4BF.

 The company's immediate parent is F & C Holdings Limited, incorporated in England & Wales.

 

10

Non adjusting events after the financial period

There were no material events up to the date of the financial statements as apporoved by the board.