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COMPANY REGISTRATION NUMBER: 05711050
Fifteen Group Limited
Filleted Unaudited Financial Statements
28 February 2023
Fifteen Group Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
224,542
134,248
Current assets
Stocks
8
200,557
199,260
Debtors
9
1,081,311
924,020
Cash at bank and in hand
356,246
169,577
------------
------------
1,638,114
1,292,857
Creditors: amounts falling due within one year
10
1,324,034
1,115,716
------------
------------
Net current assets
314,080
177,141
---------
---------
Total assets less current liabilities
538,622
311,389
Creditors: amounts falling due after more than one year
11
143,062
90,247
Provisions
Taxation including deferred tax
46,372
26,286
---------
---------
Net assets
349,188
194,856
---------
---------
Fifteen Group Limited
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
349,088
194,756
---------
---------
Shareholders funds
349,188
194,856
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr R K Adams
Mr M R Adams
Director
Director
Mr I W Walker
Mr M Graham
Director
Director
Company registration number: 05711050
Fifteen Group Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Marcus House, Park Hall Business Village, Stoke-on-Trent, Staffs, ST3 5XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale;- There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and- The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
100% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2022: 25 ).
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
100,000
100,000
Dividends proposed after the year end and not recognised as a liability
200,000
100,000
---------
---------
6. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
55,000
--------
Amortisation
At 1 March 2022 and 28 February 2023
55,000
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
--------
7. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
2,000
69,499
157,884
72,923
302,306
Additions
19,655
142,960
13,437
176,052
Disposals
( 32,395)
( 3,160)
( 35,555)
-------
--------
---------
--------
---------
At 28 February 2023
2,000
89,154
268,449
83,200
442,803
-------
--------
---------
--------
---------
Depreciation
At 1 March 2022
2,000
48,207
61,103
56,748
168,058
Charge for the year
10,237
51,002
15,797
77,036
Disposals
( 23,673)
( 3,160)
( 26,833)
-------
--------
---------
--------
---------
At 28 February 2023
2,000
58,444
88,432
69,385
218,261
-------
--------
---------
--------
---------
Carrying amount
At 28 February 2023
30,710
180,017
13,815
224,542
-------
--------
---------
--------
---------
At 28 February 2022
21,292
96,781
16,175
134,248
-------
--------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 28 February 2023
176,408
---------
At 28 February 2022
86,815
---------
8. Stocks
2023
2022
£
£
Raw materials and consumables
200,557
199,260
---------
---------
9. Debtors
2023
2022
£
£
Trade debtors
970,111
827,516
Prepayments and accrued income
15,973
17,715
Other debtors
95,227
78,789
------------
---------
1,081,311
924,020
------------
---------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,381
27,343
Trade creditors
591,585
527,386
Corporation tax
71,424
43,696
Social security and other taxes
137,197
98,772
Other creditors
493,447
418,519
------------
------------
1,324,034
1,115,716
------------
------------
Within other creditors £209,144 (2022 £216277) is secured against trade debtors.
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,222
39,213
Other creditors
120,840
51,034
---------
--------
143,062
90,247
---------
--------
12. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
61,793
37,785
Later than 1 year and not later than 5 years
133,738
54,510
---------
--------
195,531
92,295
Less: future finance charges
( 22,970)
( 6,819)
---------
--------
Present value of minimum lease payments
172,561
85,476
---------
--------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
2,297
----
-------
14. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R K Adams
164,104
( 164,104)
Mr M R Adams
Mr I W Walker
Mr M Graham
6,895
( 6,895)
----
---------
---------
----
170,999
( 170,999)
----
---------
---------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R K Adams
39,940
( 39,940)
Mr M R Adams
53,512
( 53,512)
Mr I W Walker
19,830
( 19,830)
Mr M Graham
6,595
( 6,595)
----
---------
---------
----
119,877
( 119,877)
----
---------
---------
----
15. Related party transactions
The company was under the control of Mr R Adams, Mr M Adams, Mr I Walker and Mr M Graham during the year.
The company has transactions with other companies under common control as follows:
15 Digital Developers Ltd.
The company received goods and service of £156,000.
At the year end, £43,034 was owed by 15 Digital Developers Ltd in relation to goods and services received.
Fifteen Holdings Ltd.
The company paid rents to Fifteen Holdings of £89519 during the year.
A dividend of £100,000 was paid to Fifteen Holdings Ltd during the year.
The company had a balance of £191,266 owing from Fifteen Holdings Ltd at the year end.
Fifteen Communications Ltd.
The company received goods services totalling £52,600 from Fifteen Communications Ltd and made £16,000 to it during the year
At the year end, £24,175 was owing to Fifteen Communications Ltd and was owed £16,000 by Fifteen Communications Ltd.
Pegasus Fire & Security Ltd.
All of the directors in Fifteen Group Ltd are directors in Pegasus Fire & Security Ltd.
The company provided goods and services totalling £105,000 to Pegasus Fire & Security Ltd.
Pegasus Fire & Security Ltd made sales of goods and services to Fifteen Group Ltd totalling £50,000.
At the year end, £177,051 was owing to Pegasus Fire & Security Ltd in relation to goods and services received.
At the year end, £110,961 was owed from Pegasus Fire & Security Ltd in relation to goods and services provided.
16. Controlling party
The company is a 100% subsidiary of Fifteen Holdings Ltd Whose registered office is Marcus House Park Hall Village Stoke-on-Trent Staffs ST3 5XA.