Company registration number 10123148 (England and Wales)
FABACUS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
FABACUS SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FABACUS SERVICES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FABACUS SERVICES LIMITED FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fabacus Services Limited for the year ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Fabacus Services Limited, as a body, in accordance with the terms of our engagement letter dated 1 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Fabacus Services Limited and state those matters that we have agreed to state to the board of directors of Fabacus Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fabacus Services Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Fabacus Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fabacus Services Limited. You consider that Fabacus Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fabacus Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
14 March 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
FABACUS SERVICES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,467
4,267
Tangible assets
4
10,000
8,837
13,467
13,104
Current assets
Debtors
5
557,714
397,395
Cash at bank and in hand
2,843
1,465
560,557
398,860
Creditors: amounts falling due within one year
6
(453,618)
(889,499)
Net current assets/(liabilities)
106,939
(490,639)
Total assets less current liabilities
120,406
(477,535)
Creditors: amounts falling due after more than one year
7
(15,608,958)
(12,584,451)
Net liabilities
(15,488,552)
(13,061,986)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(15,488,553)
(13,061,987)
Total equity
(15,488,552)
(13,061,986)
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 31 August 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.
FABACUS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
Mr S M Jacobs
Director
Company registration number 10123148 (England and Wales)
FABACUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information
Fabacus Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Soho Square, London, W1D 3QF.
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 £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue, and the impact of subsequent events in making their assessment.
At the balance sheet date the company was in a net liability position. The company is reliant on the ongoing support of its parent company, Fabacus Holdings Limited. The financial statements include no adjustments that would result in the withdrawal of their support. As such the company has continued to adopt a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for services net of VAT and trade discounts provided in the normal course of business.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
10% straight line per annum
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FABACUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line per annum
Computers
25% straight line per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
FABACUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2022 - 12).
3
Intangible fixed assets
Trademarks
£
Cost
At 1 September 2022 and 31 August 2023
8,000
Amortisation and impairment
At 1 September 2022
3,733
Amortisation charged for the year
800
At 31 August 2023
4,533
Carrying amount
At 31 August 2023
3,467
At 31 August 2022
4,267
FABACUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 September 2022
14,390
41,529
55,919
Additions
544
5,986
6,530
Disposals
(416)
(416)
At 31 August 2023
14,934
47,099
62,033
Depreciation and impairment
At 1 September 2022
11,848
35,234
47,082
Depreciation charged in the year
1,898
3,183
5,081
Eliminated in respect of disposals
(130)
(130)
At 31 August 2023
13,746
38,287
52,033
Carrying amount
At 31 August 2023
1,188
8,812
10,000
At 31 August 2022
2,542
6,295
8,837
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
89,050
76,366
Amounts owed by group undertakings
25,812
22,712
Other debtors
442,852
298,317
557,714
397,395
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,794
Trade creditors
147,117
210,797
Amounts owed to group undertakings
36,634
69,518
Taxation and social security
134,862
414,215
Other creditors
135,005
188,175
453,618
889,499
FABACUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,864
Amounts owed to group undertakings
15,608,958
10,855,861
Other creditors
1,708,726
15,608,958
12,584,451
Included in notes 6 and 7 in the comparative figures under bank loans is a bounce back loan which is backed by the government.
8
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
£
£
264,992
128,250
9
Related party transactions
Included within other creditors is a loan due to the parent company, Fabacus Holdings Limited, of £15,608,958 (2022 - £10,855,861). This loan is included in the financial statements within creditors due in more than one year as the company has confirmed that it will not be seeking repayment within 12 months of the balance sheet date.