Company Registration No. SC600280 (Scotland)
Fettes International Limited
financial statements
for the year ended 31 August 2023
Pages for filing with Registrar
Fettes International Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Fettes International Limited
Balance sheet
as at 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
863,977
933,388
Creditors: amounts falling due within one year
4
(109,789)
(158,186)
Net current assets
754,188
775,202
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
754,187
775,201
Total equity
754,188
775,202
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 21 December 2023 and are signed on its behalf by:
P Worlledge
Director
Company Registration No. SC600280
Fettes International Limited
Notes to the financial statements
for the year ended 31 August 2023
- 2 -
1
Accounting policies
Company information
Fettes International Limited is a private company limited by shares incorporated in Scotland. The registered office is Fettes College, Carrington Road, Edinburgh, EH4 1QX.
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. The principal accounting policies adopted are set out below.
The comparative amounts have been restated as set out in Note 7.
1.2
Going concern
The truedirectors have prepared sensitised cashflow forecasts taking account of future projected income and expenditure and expect the company to have sufficient liquid funds available for the twelve months from the date of signing these financial statements. The directors are therefore confident that the company will remain able to meet its liabilities and continue in operational existence for a period of at least twelve months from the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fettes International Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
1
Accounting policies (continued)
- 3 -
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.
Debt instruments are carried at amortised cost, using the effective interest rate method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
1.5
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.
1.6
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
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.
1.8
Gift aid donations to the ultimate parent charity are recognised when paid.
Fettes International Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,689
2,616
Amounts owed by group undertakings
855,288
430,772
Other debtors
500,000
863,977
933,388
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
105,920
Other creditors
3,869
158,186
109,789
158,186
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Keith Macpherson and the auditor was Henderson Loggie LLP.
Fettes International Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 5 -
7
Parent company
The company is a wholly owned subsidiary of Fettes Enterprises Limited, a company registered in Scotland, number SC187460 which is a wholly owned subsidiary of Fettes College. a charity registered in Scotland and the ultimate controlling entity. The School prepares group financial statements and copies can be obtained from its registered address at Fettes College, Carrington Road, Edinburgh, EH4 1QX.
On the 1st of September 2022 The Governors of the Fettes Trust was incorporated as Fettes College, a
charitable company registered in Scotland, number SC719759.
The company has taken advantage of the exemption available in accordance with section 1AC.35 of FRS102 'related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group which is party to the transactions.