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Company registration number: 05828002
Fone Tech Communication Ltd
Unaudited filleted financial statements
30 September 2023
Fone Tech Communication Ltd
Contents
Directors and other information
Directors report
Statement of financial position
Notes to the financial statements
Fone Tech Communication Ltd
Directors and other information
Directors Shavaiz Mehmood
Shmail Mukhtar Cheema (Appointed 5 June 2023)
Clive Anthony Stephen Bayley (Resigned 23 May 2023)
Company number 05828002
Registered office Unit 2, 14 Newland Street
Eden Shopping Centre
High Wycombe
HP11 2BY
Fone Tech Communication Ltd
Directors report
Year ended 30 September 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2023.
Directors
The directors who served the company during the year were as follows:
Shavaiz Mehmood
Shmail Mukhtar Cheema (Appointed 5 June 2023)
Clive Anthony Stephen Bayley (Resigned 23 May 2023)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 February 2024 and signed on behalf of the board by:
Shavaiz Mehmood
Director
Fone Tech Communication Ltd
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 20,273
Tangible assets 6 26,449 33,060
_______ _______
26,449 53,333
Current assets
Stocks 160,000 157,819
Debtors 7 - 188,126
Cash at bank and in hand 7,679 8,562
_______ _______
167,679 354,507
Creditors: amounts falling due
within one year 8 ( 339,267) ( 1,564,684)
_______ _______
Net current liabilities ( 171,588) ( 1,210,177)
_______ _______
Total assets less current liabilities ( 145,139) ( 1,156,844)
Creditors: amounts falling due
after more than one year 9 ( 42,394) ( 43,565)
_______ _______
Net liabilities ( 187,533) ( 1,200,409)
_______ _______
Capital and reserves
Called up share capital 200 100
Share premium account 303,469 -
Profit and loss account ( 491,202) ( 1,200,509)
_______ _______
Shareholders deficit ( 187,533) ( 1,200,409)
_______ _______
For the year ending 30 September 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
Shavaiz Mehmood
Director
Company registration number: 05828002
Fone Tech Communication Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2, 14 Newland Street, Eden Shopping Centre, High Wycombe, HP11 2BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Software - 33 % 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. 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.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 13 (2022: 19 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 291,075 400,671
Social security costs 22,163 -
Other pension costs 6,192 -
_______ _______
319,430 400,671
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 October 2022 32,698 32,698
Disposals (32,698) (32,698)
_______ _______
At 30 September 2023 - -
_______ _______
Amortisation
At 1 October 2022 12,425 12,425
Disposals ( 12,425) ( 12,425)
_______ _______
At 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 - -
_______ _______
At 30 September 2022 20,273 20,273
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 October 2022 and 30 September 2023 73,551 73,551
_______ _______
Depreciation
At 1 October 2022 40,490 40,490
Charge for the year 6,612 6,612
_______ _______
At 30 September 2023 47,102 47,102
_______ _______
Carrying amount
At 30 September 2023 26,449 26,449
_______ _______
At 30 September 2022 33,061 33,061
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 97,152
Other debtors - 90,974
_______ _______
- 188,126
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 5,445
Trade creditors 238,466 586,149
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 763,410
Social security and other taxes 95,560 80,899
Other creditors 5,241 128,781
_______ _______
339,267 1,564,684
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 42,394 43,565
_______ _______