Registration number:
Foinaven Asset Management Ltd
trading as
for the Year Ended 31 December 2023
Foinaven Asset Management Ltd
trading as Foinaven
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Foinaven Asset Management Ltd
trading as Foinaven
Company Information
Directors |
Mrs M Roberts Mr S N Roberts |
Registered office |
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Accountants |
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Foinaven Asset Management Ltd
trading as Foinaven
(Registration number: 5015645)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
338,492 |
247,301 |
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Shareholders' funds |
338,592 |
247,401 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.
Foinaven Asset Management Ltd
trading as Foinaven
(Registration number: 5015645)
Balance Sheet as at 31 December 2023 (continued)
Approved and authorised by the
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Foinaven Asset Management Ltd
trading as Foinaven
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital incorporated in England and Wales registration number: 5015645.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The presentation currency is £ sterling.
Revenue recognition
Turnover comprises the fair value of the consideration and commissions received or receivable for the provision of services in the ordinary course of the Company’s activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Foinaven Asset Management Ltd
trading as Foinaven
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Fixtures and fittings |
15% reducing balance basis |
Land and buildings |
Land not depreciated, buildings 10% reducing balance basis |
Computer Equipment |
33.3% straight line basis |
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution plan for the benefit of its employees.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due.
Foinaven Asset Management Ltd
trading as Foinaven
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £12,534 (2022 - £13,927) in respect of freehold land and buildings.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Foinaven Asset Management Ltd
trading as Foinaven
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include a bank loan secured by the Government of £nil (2022 - £9,747)
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
- |
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Creditors include a bank loan secured by the Government of £nil (2022 - £30,746)
Foinaven Asset Management Ltd
trading as Foinaven
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
- |
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2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Other transactions with directors |
During the year the directors had the benefit of a loan. At the beginning of the year the company owed the directors £10,562, During the year the directors were advanced £245,042 and repaid £181,230. At the year end the balance owed by the directors was £53,250. Interest was charged on the loan at the official rate of interest and there were no formal repayment terms.