Fibrewise Ltd 11376004 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Investments Digita Accounts Production Advanced 6.30.9574.0 true true 11376004 2022-06-01 2023-05-31 11376004 2023-05-31 11376004 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-05-31 11376004 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-05-31 11376004 core:CurrentFinancialInstruments 2023-05-31 11376004 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11376004 core:FurnitureFittingsToolsEquipment 2023-05-31 11376004 bus:SmallEntities 2022-06-01 2023-05-31 11376004 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11376004 bus:FullAccounts 2022-06-01 2023-05-31 11376004 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 11376004 bus:RegisteredOffice 2022-06-01 2023-05-31 11376004 bus:Director1 2022-06-01 2023-05-31 11376004 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11376004 bus:Agent1 2022-06-01 2023-05-31 11376004 core:ComputerEquipment 2022-06-01 2023-05-31 11376004 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 11376004 core:OfficeEquipment 2022-06-01 2023-05-31 11376004 countries:England 2022-06-01 2023-05-31 11376004 2022-05-31 11376004 core:FurnitureFittingsToolsEquipment 2022-05-31 11376004 2021-06-01 2022-05-31 11376004 2022-05-31 11376004 core:CurrentFinancialInstruments 2022-05-31 11376004 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 11376004 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 11376004

Fibrewise Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Fibrewise Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

Fibrewise Ltd

Company Information

Director

Dr D Ginzburg

Registered office

Flat 117, Crown And Anchor House
Sweetman Place
Bristol
BS2 0JN

 

Fibrewise Ltd

Director's Report for the Year Ended 31 May 2023

The director presents his report and the financial statements for the year ended 31 May 2023.

Director of the company

The director who held office during the year was as follows:

Dr D Ginzburg

Principal activity

The principal activity of the company is Investments

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 director on 2 February 2024
 

.........................................
Dr D Ginzburg
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fibrewise Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fibrewise Ltd for the year ended 31 May 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

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






MyAccountant.co.uk Limited
Whitefriars
Lewins Mead
Bristol
BS1 2NT

5 February 2024

 

Fibrewise Ltd

(Registration number: 11376004)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,798

497

Other financial assets

5

155,532

219,401

 

160,330

219,898

Current assets

 

Debtors

6

1,424

80

Cash at bank and in hand

 

630,870

708,992

 

632,294

709,072

Creditors: Amounts falling due within one year

7

(8,197)

(19,121)

Net current assets

 

624,097

689,951

Total assets less current liabilities

 

784,427

909,849

Provisions for liabilities

(10,526)

(37,886)

Net assets

 

773,901

871,963

Capital and reserves

 

Called up share capital

2

2

Retained earnings

773,899

871,961

Shareholders' funds

 

773,901

871,963

 

Fibrewise Ltd

(Registration number: 11376004)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 Profit and Loss Account.

Approved and authorised by the director on 2 February 2024
 

.........................................
Dr D Ginzburg
Director

 

Fibrewise Ltd

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

1

General information

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

The address of its registered office is:
Flat 117, Crown And Anchor House
Sweetman Place
Bristol
BS2 0JN
UK

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Fibrewise Ltd

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% straight line

Office equipment

20% straight line

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.

 

Fibrewise Ltd

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

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.

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 the director) during the year was 1 (2022 - 1).

 

Fibrewise Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

9,864

9,864

Additions

7,021

7,021

At 31 May 2023

16,885

16,885

Depreciation

At 1 June 2022

9,367

9,367

Charge for the year

2,720

2,720

At 31 May 2023

12,087

12,087

Carrying amount

At 31 May 2023

4,798

4,798

At 31 May 2022

497

497

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

-

219,401

219,401

Fair value adjustments

435

-

435

Revaluations

-

(157,732)

(157,732)

Additions

100,214

-

100,214

Disposals

(6,786)

-

(6,786)

At 31 May 2023

93,863

61,669

155,532

Impairment

Carrying amount

At 31 May 2023

93,863

61,669

155,532

 

Fibrewise Ltd

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

6

Debtors

Current

2023
£

2022
£

Other debtors

1,424

80

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

6,450

17,686

Accruals and deferred income

1,370

1,370

Other creditors

377

65

8,197

19,121

8

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,400

24,000

 

Fibrewise Ltd

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

9

Financial instruments

Financial assets measured at fair value

Share investments


The fair value is £155,532 (2022 - £219,401) and the change in value included in profit or loss is £157,296 (2022 - £129,980).

Financial liabilities measured at fair value

Deferred tax


The fair value is £10,526 (2022 - £37,886) and the change in value included in profit or loss is £27,360 (2022 - £37,886).