Company registration number 13032549 (England and Wales)
FERROLLOYD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FERROLLOYD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FERROLLOYD LIMITED (REGISTERED NUMBER: 13032549)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
54,822
756
Cash at bank and in hand
45,853
9,462
100,675
10,218
Creditors: amounts falling due within one year
4
(98,117)
(7,071)
Net current assets
2,558
3,147
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
2,458
3,047
Total equity
2,558
3,147
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 30 June 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 5 March 2024 and are signed on its behalf by:
E Finch
Director
FERROLLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Ferrolloyd Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, WC2R 0LT.
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 £1.
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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Financial instruments
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
FERROLLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,160
Amounts owed by group undertakings
2,866
Other debtors
796
756
54,822
756
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43,960
Amounts owed to group undertakings
41,585
3,706
Taxation and social security
6,902
Other creditors
5,670
3,365
98,117
7,071
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
FERROLLOYD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
12,000
9,000
7
Related party transactions
The company has taken advantage of the exemption given by Financial Reporting Standard 102 Section 33.1A in relation to disclosing balances and transactions with other group companies on the grounds that the company is a wholly owned subsidiary of the parent company.
At the year-end, the company owed £41,585 (2022 ; £3,706) to the parent company.
Included in debtors is a sum of £2,865 from a company with common directors.
During the period the company has received income amounting to £223,822 (2022 : £123,675) from a company with common directors.
During the period the company paid consultancy fees amounting to £43,000 (2022: £88,000 )to businesses controlled by two of the directors.
8
Parent company
The parent company is Ferrolloyd Holdings Limited, a company incorporated in England & Wales.