Caseware UK (AP4) 2022.0.179 2022.0.179 2021-11-30false90030 - Artistic creation10falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13001808 2021-11-30 2023-02-28 13001808 2020-11-30 2021-11-29 13001808 2023-02-28 13001808 2021-11-29 13001808 2020-11-30 13001808 c:Director1 2021-11-30 2023-02-28 13001808 d:FurnitureFittings 2021-11-30 2023-02-28 13001808 d:FurnitureFittings 2023-02-28 13001808 d:FurnitureFittings 2021-11-29 13001808 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-11-30 2023-02-28 13001808 d:ComputerEquipment 2021-11-30 2023-02-28 13001808 d:ComputerEquipment 2023-02-28 13001808 d:ComputerEquipment 2021-11-29 13001808 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-11-30 2023-02-28 13001808 d:OwnedOrFreeholdAssets 2021-11-30 2023-02-28 13001808 d:CurrentFinancialInstruments 2023-02-28 13001808 d:CurrentFinancialInstruments 2021-11-29 13001808 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13001808 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-29 13001808 d:ShareCapital 2021-11-30 2023-02-28 13001808 d:ShareCapital 2023-02-28 13001808 d:ShareCapital 2020-11-30 2021-11-29 13001808 d:ShareCapital 2021-11-29 13001808 d:ShareCapital 2020-11-30 13001808 d:RetainedEarningsAccumulatedLosses 2021-11-30 2023-02-28 13001808 d:RetainedEarningsAccumulatedLosses 2023-02-28 13001808 d:RetainedEarningsAccumulatedLosses 2020-11-30 2021-11-29 13001808 d:RetainedEarningsAccumulatedLosses 2021-11-29 13001808 d:RetainedEarningsAccumulatedLosses 2020-11-30 13001808 c:FRS102 2021-11-30 2023-02-28 13001808 c:AuditExempt-NoAccountantsReport 2021-11-30 2023-02-28 13001808 c:FullAccounts 2021-11-30 2023-02-28 13001808 c:PrivateLimitedCompanyLtd 2021-11-30 2023-02-28 13001808 e:PoundSterling 2021-11-30 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 13001808










FMN Limited








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 28 February 2023

 
FMN Limited
Registered number: 13001808

Balance sheet
As at 28 February 2023

28 February
29 November
2023
2021
Note
£
£

Fixed assets
  

Tangible fixed assets
  
17,640
3,281

  
17,640
3,281

Current assets
  

Debtors: amounts falling due within one year
 5 
381,116
1,940

Cash at bank and in hand
 6 
29,765
50,948

  
410,881
52,888

Creditors: amounts falling due within one year
 7 
(217,201)
(21,621)

Net current assets
  
 
 
193,680
 
 
31,267

Total assets less current liabilities
  
211,320
34,548

  

Net assets
  
211,320
34,548


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
211,220
34,448

  
211,320
34,548


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.




F M Notte
Director

The notes on pages 4 to 7 form part of these financial statements.
Page 1

 
FMN Limited
Registered number: 13001808

Balance sheet (continued)
As at 28 February 2023


Page 2

 
FMN Limited
 

Statement of changes in equity
For the period ended 28 February 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2020
100
-
100



Profit for the year
-
34,448
34,448
Total comprehensive income for the year
-
34,448
34,448



At 30 November 2021
100
34,448
34,548


Comprehensive income for the period

Profit for the period
-
176,772
176,772
Total comprehensive income for the period
-
176,772
176,772


At 28 February 2023
100
211,220
211,320


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
FMN Limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

1.


General information

FMN Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page. The principal activity of the company is that of artistic creation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
FMN Limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
FMN Limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

3.


Employees

The average monthly number of employees, including the director, during the period was as follows:


     Period ended
     28 February
     Period ended
      29 November
        2023
        2021
            No.
            No.







Director
1
-


4.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 30 November 2021
1,500
2,568
4,068


Additions
-
20,502
20,502



At 28 February 2023

1,500
23,070
24,570



Depreciation


At 30 November 2021
375
412
787


Charge for the period on owned assets
375
5,768
6,143



At 28 February 2023

750
6,180
6,930



Net book value



At 28 February 2023
750
16,890
17,640



At 29 November 2021
1,125
2,156
3,281


5.


Debtors

28 February
29 November
2023
2021
£
£


Other debtors
381,116
1,940

381,116
1,940


Page 6

 
FMN Limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

6.


Cash and cash equivalents

28 February
29 November
2023
2021
£
£

Cash at bank and in hand
29,765
50,948

29,765
50,948



7.


Creditors: Amounts falling due within one year

28 February
29 November
2023
2021
£
£

Other taxation and social security
42,181
12,725

Other creditors
169,552
7,096

Accruals and deferred income
5,468
1,800

217,201
21,621



8.


Contingent liabilities

The company has provided a guarantee for a bank loan of £516,689 on behalf of Dragon Armoury Creative Limited, a connected company due to F M Notte being director and ultimate controlling party of the company. The balance sheet is secured on the investment held in Dragon Armoury Creative Limited. No provision is considered necessary as the director considers Dragon Armoury Creative Limited will have the ongoing financial resources to repay their debt and it is therefore unlikely that this company will incur any liability.


9.


Related party transactions

During the year the company loaned Dragon Armoury Creative Limited £380,709, a company controlled by F M Notte, the director and shareholder of the company. At the date of the balance sheet the amount outstanding was £380,709. During the year the company paid rental fees of £11,500 to Dragon Armoury Creative. At the balance sheet date the amount outstanding was £11,500.  


Page 7