Company registration number 02064752 (England and Wales)
FIERCENEUTRAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FIERCENEUTRAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FIERCENEUTRAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,075
19,561
Investments
5
39,304
28,136
52,379
47,697
Current assets
Debtors
6
2,012,329
1,935,277
Cash at bank and in hand
9,727
58,756
2,022,056
1,994,033
Creditors: amounts falling due within one year
7
(197,484)
(268,116)
Net current assets
1,824,572
1,725,917
Total assets less current liabilities
1,876,951
1,773,614
Creditors: amounts falling due after more than one year
8
(21,667)
(31,667)
Provisions for liabilities
(3,173)
(4,474)
Net assets
1,852,111
1,737,473
Capital and reserves
Called up share capital
9
1,500,000
1,500,000
Profit and loss reserves
352,111
237,473
Total equity
1,852,111
1,737,473
FIERCENEUTRAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr C Stoneman
Director
Company Registration No. 02064752
FIERCENEUTRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Fierceneutral Limited is a private company limited by shares incorporated in England and Wales. The registered office is Three Oaks, Botley Road, Bishops Waltham, Southampton, Hampshire, United Kingdom, SO32 1DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Straight line over 3 years
Fixtures and fittings
20% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

FIERCENEUTRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FIERCENEUTRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
200,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
200,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
FIERCENEUTRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
271,563
Depreciation and impairment
At 1 April 2022
252,002
Depreciation charged in the year
6,486
At 31 March 2023
258,488
Carrying amount
At 31 March 2023
13,075
At 31 March 2022
19,561
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
39,304
28,136
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
28,136
Valuation changes
11,168
At 31 March 2023
39,304
Carrying amount
At 31 March 2023
39,304
At 31 March 2022
28,136
FIERCENEUTRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
56,463
79,961
Amounts owed by group undertakings
1,153,672
1,340,858
Other debtors
740,059
393,369
Prepayments and accrued income
62,135
121,089
2,012,329
1,935,277

 

Included within 'Other debtors' are amounts totalling £713,200 (2022 - £391,473) owed by companies connected to director, Mr C Stoneman.

7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
45,835
76,427
Taxation and social security
85,466
127,010
Other creditors
56,183
54,679
197,484
268,116

Included within 'Other creditors' are amounts totalling £2,500 (2022 - £2,500) owed to companies connected to director, Mr C Stoneman.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,500,000
1,500,000
1,500,000
1,500,000
10
Operating lease commitments
Lessee

Fierceneutral Limited pays rent to Mailshot Limited, its parent company, and therefore there is no formal agreement between the two companies regarding the rents payable.

FIERCENEUTRAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
11
Profit and loss reserves

At the reporting date £26,601 (2022 - £18,225) represents the amount included in the profit and loss reserves that is non-distributable.

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