FF Fabric Limited 13392040 false 2022-06-01 2022-12-31 2022-12-31 The principal activity of the company is the provision of information technology services. Digita Accounts Production Advanced 6.30.9574.0 true 13392040 2022-06-01 2022-12-31 13392040 2022-12-31 13392040 core:CurrentFinancialInstruments 2022-12-31 13392040 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13392040 core:FurnitureFittingsToolsEquipment 2022-12-31 13392040 bus:SmallEntities 2022-06-01 2022-12-31 13392040 bus:AuditExemptWithAccountantsReport 2022-06-01 2022-12-31 13392040 bus:FullAccounts 2022-06-01 2022-12-31 13392040 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2022-12-31 13392040 bus:RegisteredOffice 2022-06-01 2022-12-31 13392040 bus:Director1 2022-06-01 2022-12-31 13392040 bus:Director3 2022-06-01 2022-12-31 13392040 bus:Director4 2022-06-01 2022-12-31 13392040 bus:PrivateLimitedCompanyLtd 2022-06-01 2022-12-31 13392040 core:FurnitureFittingsToolsEquipment 2022-06-01 2022-12-31 13392040 core:OfficeEquipment 2022-06-01 2022-12-31 13392040 1 2022-06-01 2022-12-31 13392040 1 2022-06-01 2022-12-31 13392040 countries:EnglandWales 2022-06-01 2022-12-31 13392040 2022-05-31 13392040 core:FurnitureFittingsToolsEquipment 2022-05-31 13392040 2021-05-11 2022-05-31 13392040 2022-05-31 13392040 core:CurrentFinancialInstruments 2022-05-31 13392040 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 13392040 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 13392040

FF Fabric Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2022 to 31 December 2022

 

FF Fabric Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

FF Fabric Limited

Company Information

Directors

J H Quin

A J Barker

S J Layden

Registered office

Aviva
Wellington Row
York
YO90 1WR

 

FF Fabric Limited

(Registration number: 13392040)
Balance Sheet as at 31 December 2022

Note

31 December
2022
£

31 May
2022
£

Fixed assets

 

Tangible assets

4

1,007

577

Current assets

 

Debtors

5

30,393

1,816

Cash at bank and in hand

 

443,769

449,115

 

474,162

450,931

Creditors: Amounts falling due within one year

6

(1,054,400)

(474,205)

Net current liabilities

 

(580,238)

(23,274)

Net liabilities

 

(579,231)

(22,697)

Capital and reserves

 

Called up share capital

-

-

Retained earnings

(579,231)

(22,697)

Shareholders' deficit

 

(579,231)

(22,697)

For the financial period ending 31 December 2022 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 period 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 20 November 2023 and signed on its behalf by:
 

.........................................
J H Quin
Director

 

FF Fabric Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 December 2022

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:
Aviva
Wellington Row
York
YO90 1WR
England

These financial statements were authorised for issue by the Board on 20 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.

Disclosure of long or short period

The Company's accounting reference date has been shortened to 31st December 2022, as required by the directors. Therefore these financial statements are for a 7 month period only and not comparable to the previous period.

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

33% straight line

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.

 

FF Fabric Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 December 2022

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

 

FF Fabric Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

600

600

Additions

647

647

At 31 December 2022

1,247

1,247

Depreciation

At 1 June 2022

23

23

Charge for the period

217

217

At 31 December 2022

240

240

Carrying amount

At 31 December 2022

1,007

1,007

At 31 May 2022

577

577

5

Debtors

Current

31 December
2022
£

31 May
2022
£

Prepayments

3,063

-

Other debtors

27,330

1,816

 

30,393

1,816

 

FF Fabric Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

31 December
2022
£

31 May
2022
£

Due within one year

 

Loans and borrowings

1,050,000

450,000

Trade creditors

 

-

15,305

Accruals and deferred income

 

4,400

8,900

 

1,054,400

474,205

Under the terms of the Convertible Notes, cash advanced by investors converts into shares if there is a qualifying equity finance event. As at 31 December 2022, the Company held £1,050,000 in Convertible Notes. If there is no qualifying equity finance event, at the option of the holder, the Convertible Notes principal amount can be used to perform an option conversion. No interest is accruing on these Notes.

On 31 March 2023, these Notes converted to 4,200 newly issued Ordinary shares.

7

Share capital

Allotted, called up and fully paid shares

 

31 December
2022

31 May
2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

1,000

0.10

1,000

0.10

         

8

Non adjusting events after the financial period

In March 2023, the issued convertible loan notes of £1,050,000 converted to 4,200 newly issued Ordinary shares in the Company. While this does not have an impact on the financial position of the Company as at the Balance sheet date, it does significantly strengthen the financial position of the Company in 2023.

9

Control

No controlling party has been identified.