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Registration number: 5015645

Foinaven Asset Management Ltd

trading as Foinaven

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Foinaven Asset Management Ltd

trading as Foinaven

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Foinaven Asset Management Ltd

trading as Foinaven

Company Information

Directors

Mrs M Roberts

Mr S N Roberts

Registered office

The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Foinaven Asset Management Ltd

trading as Foinaven

(Registration number: 5015645)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

61,862

75,396

Current assets

 

Debtors

5

116,028

64,279

Cash at bank and in hand

 

278,688

239,434

 

394,716

303,713

Creditors: Amounts falling due within one year

6

(105,654)

(89,283)

Net current assets

 

289,062

214,430

Total assets less current liabilities

 

350,924

289,826

Creditors: Amounts falling due after more than one year

6

-

(30,746)

Provisions for liabilities

(12,332)

(11,679)

Net assets

 

338,592

247,401

Capital and reserves

 

Called up share capital

100

100

Retained earnings

338,492

247,301

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:

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 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 Board on 17 April 2024 and signed on its behalf by:
 

.........................................
Mr S N Roberts
Director

   
     
 

Foinaven Asset Management Ltd

trading as Foinaven

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

1

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:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 17 April 2024.

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.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 8).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

15,672

76,909

92,581

At 31 December 2023

15,672

76,909

92,581

Depreciation

At 1 January 2023

1,745

15,440

17,185

Charge for the year

1,393

12,141

13,534

At 31 December 2023

3,138

27,581

30,719

Carrying amount

At 31 December 2023

12,534

49,328

61,862

At 31 December 2022

13,927

61,469

75,396

Included within the net book value of land and buildings above is £12,534 (2022 - £13,927) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

47,064

46,383

Prepayments

15,713

17,896

Other debtors

53,251

-

 

116,028

64,279

 

Foinaven Asset Management Ltd

trading as Foinaven

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

9,747

Trade creditors

 

370

1,260

Taxation and social security

 

87,265

46,099

Accruals and deferred income

 

10,366

11,560

Other creditors

 

7,653

20,617

 

105,654

89,283

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
£

Due after one year

 

Loans and borrowings

7

-

30,746

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)

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

9,747

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

30,746

8

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 £55,125 (2022 - £69,825).

9

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.