FYB Consulting Ltd 07305228 false 2021-09-01 2022-11-30 2022-11-30 The principal activity of the company is that of a corporate partner in Kite Consulting LLP, a firm of agricultural consultants Digita Accounts Production Advanced 6.30.9574.0 true 07305228 2021-09-01 2022-11-30 07305228 2022-11-30 07305228 core:AcceleratedTaxDepreciationDeferredTax 2022-11-30 07305228 core:RetainedEarningsAccumulatedLosses 2022-11-30 07305228 core:ShareCapital 2022-11-30 07305228 core:CurrentFinancialInstruments 2022-11-30 07305228 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 07305228 core:Non-currentFinancialInstruments 2022-11-30 07305228 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 07305228 core:MoreThanFiveYears 1 2022-11-30 07305228 core:FurnitureFittingsToolsEquipment 2022-11-30 07305228 core:LandBuildings 2022-11-30 07305228 core:MotorVehicles 2022-11-30 07305228 bus:SmallEntities 2021-09-01 2022-11-30 07305228 bus:AuditExemptWithAccountantsReport 2021-09-01 2022-11-30 07305228 bus:FullAccounts 2021-09-01 2022-11-30 07305228 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-11-30 07305228 bus:RegisteredOffice 2021-09-01 2022-11-30 07305228 bus:Director1 2021-09-01 2022-11-30 07305228 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-11-30 07305228 core:FurnitureFittingsToolsEquipment 2021-09-01 2022-11-30 07305228 core:LandBuildings 2021-09-01 2022-11-30 07305228 core:MotorVehicles 2021-09-01 2022-11-30 07305228 core:PlantMachinery 2021-09-01 2022-11-30 07305228 countries:EnglandWales 2021-09-01 2022-11-30 07305228 2021-08-31 07305228 core:FurnitureFittingsToolsEquipment 2021-08-31 07305228 core:LandBuildings 2021-08-31 07305228 core:MotorVehicles 2021-08-31 07305228 2020-09-01 2021-08-31 07305228 2021-08-31 07305228 core:AcceleratedTaxDepreciationDeferredTax 2021-08-31 07305228 core:RetainedEarningsAccumulatedLosses 2021-08-31 07305228 core:ShareCapital 2021-08-31 07305228 core:CurrentFinancialInstruments 2021-08-31 07305228 core:CurrentFinancialInstruments core:WithinOneYear 2021-08-31 07305228 core:Non-currentFinancialInstruments 2021-08-31 07305228 core:Non-currentFinancialInstruments core:AfterOneYear 2021-08-31 07305228 core:MoreThanFiveYears 1 2021-08-31 07305228 core:FurnitureFittingsToolsEquipment 2021-08-31 07305228 core:LandBuildings 2021-08-31 07305228 core:MotorVehicles 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 07305228

FYB Consulting Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2021 to 30 November 2022

 

FYB Consulting Ltd

(Registration number: 07305228)
Balance Sheet as at 30 November 2022

Note

30 November 2022
 £

31 August 2021
 £

Fixed assets

 

Tangible assets

4

202,059

216,262

Investment property

5

1,529,679

1,075,987

Investments

6

-

5,000

 

1,731,738

1,297,249

Current assets

 

Debtors

7

676,387

142,368

Cash at bank and in hand

 

20,981

191,532

 

697,368

333,900

Creditors: Amounts falling due within one year

8

(252,432)

(56,518)

Net current assets

 

444,936

277,382

Total assets less current liabilities

 

2,176,674

1,574,631

Creditors: Amounts falling due after more than one year

8

(171,495)

(179,367)

Deferred tax liabilities

9

(21,781)

(27,068)

Net assets

 

1,983,398

1,368,196

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,983,397

1,368,195

Total equity

 

1,983,398

1,368,196

For the financial period ending 30 November 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 15 November 2023 and signed on its behalf by:
 


N Blackburn
Director

 

FYB Consulting Ltd

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Tax

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

The current corporation 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.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% written down value

Plant and machinery

20% written down value

 

FYB Consulting Ltd

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

FYB Consulting Ltd

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2021 - 2).

 

FYB Consulting Ltd

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

4

Tangible fixed assets

Freehold land
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 September 2021

149,563

169,387

6,745

325,695

Additions

-

2,545

9,150

11,695

Disposals

-

(10,617)

(6,745)

(17,362)

At 30 November 2022

149,563

161,315

9,150

320,028

Depreciation

At 1 September 2021

-

106,007

3,425

109,432

Charge for the year

-

15,277

1,753

17,030

Eliminated on disposal

-

(5,068)

(3,425)

(8,493)

At 30 November 2022

-

116,216

1,753

117,969

Carrying amount

At 30 November 2022

149,563

45,099

7,397

202,059

At 31 August 2021

149,563

63,380

3,319

216,262

 

5

Investment properties

£

At 1 September 2021

1,075,987

Additions

453,692

At 30 November 2022

1,529,679

The directors believe the investment properties are stated at their current market value, based on other local transactions.

 

6

Investments held as fixed assets

2022
£

2021
£

Interest in Limited Liability Partnership

-

5,000

The fixed asset investments represent the company's interest in K22 Services LLP (OC314066), a Limited Liability Partnership in which FYB Consulting was a designated member.

This investment was disposed of on 30 November 2022.

 

FYB Consulting Ltd

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

7

Debtors

Note

30 November 2022
 £

31 August 2021
 £

Trade debtors

 

4,725

3,780

Directors' loan account

11

-

15,995

Other debtors

 

669,159

121,237

Prepayments

 

2,503

1,356

   

676,387

142,368

 

8

Creditors

Note

30 November 2022
 £

31 August 2021
 £

Due within one year

 

Loans and borrowings

10

94,454

15,004

Social security and other taxes

 

228

-

Other creditors

 

1,790

1,790

Accrued expenses

 

2,520

2,816

Corporation tax liability

153,440

36,908

 

252,432

56,518

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

171,495

179,367

2022
£

2021
£

After more than five years by instalments

124,113

131,155

-

-

 

9

Deferred tax

Deferred tax assets and liabilities

2022

Liability
£

Accelerated tax depreciation

21,781

21,781

2021

Liability
£

Accelerated tax depreciation

27,068

27,068

 

FYB Consulting Ltd

Notes to the Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

10

Loans and borrowings

Note

2022
£

2021
£

Current loans and borrowings

Bank loan (secured)

 

93,352

15,004

Directors' loan account

11

1,102

-

 

94,454

15,004

2022
£

2021
£

Non-current loans and borrowings

Bank loan (secured)

171,495

179,367

 

11

Related party transactions

At 30 November 2022, the company owed the directors N Blackburn and G Davies-Blackburn £1,102 in the form of a directors' loan account (2021: the directors owed the company £15,995). No interest has been charged on the loan and it is repayable on demand.