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Company Registration number: 09165354

FULS Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

FULS Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

FULS Limited

(Registration number: 09165354)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

1,900,002

1,900,002

Current assets

 

Debtors

5

457,730

250,302

Cash at bank and in hand

 

23,135

283,614

 

480,865

533,916

Creditors: Amounts falling due within one year

6

(2,487,942)

(2,537,942)

Net current liabilities

 

(2,007,077)

(2,004,026)

Net liabilities

 

(107,075)

(104,024)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(107,175)

(104,124)

Shareholders' deficit

 

(107,075)

(104,024)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 17 November 2023
 

.........................................
T Cartner
Director

 

FULS Limited

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

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:
Carter House
Pelaw Leazes Lane
Durham
County Durham
DH1 1TB

These financial statements were authorised for issue by the director on 17 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.

Going concern

The financial statements have been prepared on the going concern basis. The director considers that, notwithstanding the company's negative net assets position, it is appropriate to prepare the financial statements on a going concern basis following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director.

Key sources of estimation uncertainty

The Director confirms that. after reviewing expenditure commitments. expected cash flows, borrowing facilities, and support from the director and shareholder he has a reasonable expectation that the company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason he continues to adopt the going concern basis in preparing the financial statements..

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

FULS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gain or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


 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.

For the purpose of impairment testing, 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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

FULS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2022

1,900,002

1,900,002

At 31 August 2023

1,900,002

1,900,002

Impairment

Carrying amount

At 31 August 2023

1,900,002

1,900,002

5

Debtors

Current

2023
£

2022
£

Other debtors

457,730

250,302

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

2,940

2,940

Other creditors

2,485,002

2,535,002

2,487,942

2,537,942