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Company registration number: 06949218







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


FM:SYSTEMS EUROPE LIMITED






































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FM:SYSTEMS EUROPE LIMITED
 


 
COMPANY INFORMATION


Director
P Schieser (appointed 13 July 2023)




Registered number
06949218



Registered office
Security House
The Summit

Hanworth Road

Sunbury-On-Thames

Middlesex

TW16 5DB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


FM:SYSTEMS EUROPE LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


FM:SYSTEMS EUROPE LIMITED
REGISTERED NUMBER:06949218



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
450,342
261,750

  
450,342
261,750

Current assets
  

Stocks
  
586,134
368,242

Debtors: amounts falling due within one year
 5 
3,373,698
6,269,342

Cash at bank and in hand
  
2,220,087
651,682

  
6,179,919
7,289,266

Creditors: amounts falling due within one year
 6 
(10,137,554)
(10,642,980)

Net current liabilities
  
 
 
(3,957,635)
 
 
(3,353,714)

Total assets less current liabilities
  
(3,507,293)
(3,091,964)

  

Net liabilities
  
(3,507,293)
(3,091,964)


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
 7 
(517,509)
(517,509)

Profit and loss account
 7 
(2,989,785)
(2,574,456)

  
(3,507,293)
(3,091,964)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 




................................................
P Schieser
Director

Date: 7 March 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


FM:SYSTEMS EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

FM:Systems Europe Limited is a private Company limited by shares, incorporated  in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office is disclosed on the company information page, with the principal place of business being Barnfield House, Accrington Road, Blackburn, BB1 3NY. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

A letter of support has been provided by the parent entity, confirming that the balances owed to them will not be recalled for a minimum of 12 months following the approval of the financial statements. Confirmation has been received from both the parent and ultimate parent entities, that they will continue to provide ongoing support, so that the entity can meet its financal obligations as they fall due. 
As a result, despite being in a net current liability position, the Director continues to adopt the going concern basis of accounting, as they have reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future.  

 
2.3

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 2

 


FM:SYSTEMS EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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:

Office equipment
-
33%
Computer equipment
-
33%
Fixed assets on hire
-
length of agreement

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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 3

 


FM:SYSTEMS EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 48 (2021 - 36).


4.


Tangible fixed assets





Office equipment
Computer equipment
Fixed assets on hire
Total

£
£
£
£



Cost or valuation


At 1 January 2022
33,869
59,865
576,027
669,761


Additions
-
1,748
437,400
439,148


Disposals
(29,713)
(29,502)
(222,548)
(281,763)



At 31 December 2022

4,156
32,111
790,879
827,146



Depreciation


At 1 January 2022
25,728
33,857
348,426
408,011


Charge for the year on owned assets
1,394
5,960
238,214
245,568


Disposals
(24,927)
(29,300)
(222,548)
(276,775)



At 31 December 2022

2,195
10,517
364,092
376,804



Net book value



At 31 December 2022
1,961
21,594
426,787
450,342



At 31 December 2021
8,141
26,008
227,601
261,750

Page 4

 


FM:SYSTEMS EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
2,608,109
3,243,617

Amounts owed by group undertakings
259,769
2,577,732

Other debtors
35,238
18,898

Prepayments and accrued income
470,582
429,095

3,373,698
6,269,342



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
450,736
130,441

Amounts owed to group undertakings
6,940,783
7,131,152

Other taxation and social security
421,065
551,511

Other creditors
70,209
109,191

Accruals and deferred income
2,254,761
2,720,685

10,137,554
10,642,980



7.


Reserves

Other reserves

This reserve relates to the hive across of FM Systems UK Limited to the Company, which at the date of transaction was in a net liability.


8.


Prior year adjustment

A prior year adjustment has been recognised in the Statement of Income and Retained Earnings, being the reclassification of depreciation of fixed assets on hire. In the year to 31 December 2021, £175,616 has been reallocated to cost of sales from administrative expenses. 
This adjustment had no impact on the reserves brought forward.

Page 5

 


FM:SYSTEMS EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
56,105
47,200

Later than 1 year and not later than 5 years
9,923
6,489

66,028
53,689


10.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up is FM: Systems Group LLC. 
The address of their registered office is 2301 Sugar Bush Rd Ste 500 Raleigh, NC, 27612-2957 United States.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 8 March 2024 by Tom Woods FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6