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Registration number: 10855340

Fileri Co. Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Fileri Co. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Fileri Co. Limited

(Registration number: 10855340)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

58,016

76,447

Other financial assets

5

31,336,138

33,315,814

 

31,394,154

33,392,261

Current assets

 

Debtors

6

222,642

12,585

Cash at bank and in hand

 

1,400,563

232,618

 

1,623,205

245,203

Creditors: Amounts falling due within one year

7

(1,010,945)

(695,678)

Net current assets/(liabilities)

 

612,260

(450,475)

Total assets less current liabilities

 

32,006,414

32,941,786

Provisions for liabilities

(6,923,414)

(7,470,023)

Net assets

 

25,083,000

25,471,763

Capital and reserves

 

Called up share capital

100

100

Non distributable reserve on fair value adjustment

20,726,729

22,352,733

Profit and loss account

4,356,171

3,118,930

Shareholders' funds

 

25,083,000

25,471,763

 

Fileri Co. Limited

(Registration number: 10855340)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 3 April 2024
 

.........................................
Mr F Ileri
Director

 

Fileri Co. Limited

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

1

General information

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

The address of its registered office is:
16 Dorcan Business Village
Murdock Road, Dorcan
Swindon
Wiltshire
SN3 5HY

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial advisory services. Turnover is shown net of value added tax.

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

Fileri Co. Limited

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

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

Office equipment

5 years

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 2 (2022 - 2).

 

Fileri Co. Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

90,965

90,965

Disposals

(7,475)

(7,475)

At 31 July 2023

83,490

83,490

Depreciation

At 1 August 2022

14,518

14,518

Charge for the year

17,355

17,355

Eliminated on disposal

(6,399)

(6,399)

At 31 July 2023

25,474

25,474

Carrying amount

At 31 July 2023

58,016

58,016

At 31 July 2022

76,447

76,447

 

Fileri Co. Limited

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

33,315,814

33,315,814

Fair value adjustment

(2,166,248)

(2,166,248)

Additions

204,548

204,548

Disposals

(17,976)

(17,976)

At 31 July 2023

31,336,138

31,336,138

Impairment

Carrying amount

At 31 July 2023

31,336,138

31,336,138

6

Debtors

2023
£

2022
£

Other debtors

221,012

12,585

Prepayments

1,630

-

222,642

12,585

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

13

16,405

Trade creditors

-

44,582

Taxation and social security

100,445

195,881

Other creditors

910,487

438,810

1,010,945

695,678

 

Fileri Co. Limited

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

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Transfers in year

(1,757)

(540,244)

(542,001)

Revaluations in the year

(1,624,247)

-

(1,624,247)

(1,626,004)

(540,244)

(2,166,248)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Transfers in year

(3,580,836)

3,580,836

-

Revaluations in the year

8,898,326

-

8,898,326

5,317,490

3,580,836

8,898,326

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

13

-

Other borrowings

-

16,405

13

16,405

10

Related party transactions

Summary of transactions with other related parties

Fileri Co. Limited provided a loan in the year to Hummingbird Ventures Management. Fileri Co. Limited own 47.5% of the shares.

At the balance sheet date the amount due from Hummingbird Ventures Management was £177,474. Interest is being charged at 5%.