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Registration number: 07325014

FDI Scan Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

FDI Scan Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

Detailed Profit and Loss Account

11

 

FDI Scan Limited

Company Information

Directors

Mr Daniel John Barnden

Mr Martin John Taylor

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

FDI Scan Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Daniel John Barnden

Mr Martin John Taylor

Principal activity

The principal activity of the company is computer services

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................
Mr Martin John Taylor
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
FDI Scan Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FDI Scan Limited for the year ended 31 July 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of FDI Scan Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of FDI Scan Limited and state those matters that we have agreed to state to the Board of Directors of FDI Scan Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FDI Scan Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that FDI Scan Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FDI Scan Limited. You consider that FDI Scan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of FDI Scan Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

20 November 2023

 

FDI Scan Limited

(Registration number: 07325014)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

993

1,324

Current assets

 

Debtors

7

41,553

16,767

Cash at bank and in hand

 

349

3,446

 

41,902

20,213

Creditors: Amounts falling due within one year

8

(52,665)

(39,371)

Net current liabilities

 

(10,763)

(19,158)

Net liabilities

 

(9,770)

(17,834)

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

(9,970)

(18,034)

Shareholders' deficit

 

(9,770)

(17,834)

For the financial year ending 31 July 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.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................
Mr Martin John Taylor
Director

 

FDI Scan Limited

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

1

General information

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

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

FDI Scan Limited

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

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.

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.

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.

 

FDI Scan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

3

Staff numbers

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

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

331

442

 

FDI Scan Limited

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

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

2,163

2,163

At 31 July 2023

2,163

2,163

Depreciation

At 1 August 2022

839

839

Charge for the year

331

331

At 31 July 2023

1,170

1,170

Carrying amount

At 31 July 2023

993

993

At 31 July 2022

1,324

1,324

6

Stocks

2023
£

2022
£

7

Debtors

Current

2023
£

2022
£

Trade debtors

799

138

Other debtors

40,754

16,629

 

41,553

16,767

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

41,545

27,334

Trade creditors

 

1,669

400

Taxation and social security

 

4,791

5,049

Other creditors

 

4,660

6,588

 

52,665

39,371

 

FDI Scan Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

 

200

200

200

200

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

41,545

27,334

11

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each NewRow_0

 

-

 

-

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each A Ordinary

 

-

 

-

Interim dividend of £Nil per each Ordinary B

 

-

 

-

   

-

 

-

12

Related party transactions

 

FDI Scan Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

27,660

27,660

 

FDI Scan Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
 £

2022
 £

Turnover

Sale of goods, UK

47,648

34,711

Cost of sales

Opening raw materials

-

8,423

Employment costs

Wages and salaries (excluding directors)

(4,236)

(5,833)

Directors remuneration

(27,660)

(27,660)

Directors NIC (Employers)

(1,335)

-

Subcontract cost

(550)

(3,900)

(33,781)

(37,393)

Establishment costs

Insurance

(362)

(362)

General administrative expenses

Telephone and fax

(822)

(651)

Mobile

(1,509)

(1,848)

Computer software and maintenance costs

-

(125)

Web/Internet

(300)

(249)

Trade subscriptions

(199)

-

Motor expenses

(359)

(224)

Parking charges

-

(36)

Travel and subsistence

(200)

(2,199)

Hotel accommodation

(674)

-

Payroll

(506)

(544)

Bookkeeping

(400)

(400)

Accountancy fees

(700)

(700)

Legal and professional fees

(635)

(539)

(6,304)

(7,515)

Finance charges

Bank charges

(47)

(50)

Depreciation costs

Depreciation of plant and machinery (owned)

(331)

(442)

Other operating income

Other operating income

1,335

-

Operating profit/(loss)

8,158

(19,474)

Interest payable and similar charges

Other interest payable

95

231

Profit/(loss) before tax

8,063

(19,705)