31
31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
4388143
2022-04-01
2023-03-31
4388143
2023-03-31
4388143
2022-03-31
4388143
2021-04-01
2022-03-31
4388143
2022-03-31
4388143
core:PlantMachinery
2022-04-01
2023-03-31
4388143
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
4388143
core:MotorVehicles
2022-04-01
2023-03-31
4388143
bus:OrdinaryShareClass1
2022-04-01
2023-03-31
4388143
bus:OrdinaryShareClass2
2022-04-01
2023-03-31
4388143
bus:Director1
2022-04-01
2023-03-31
4388143
core:NetGoodwill
2023-03-31
4388143
core:PlantMachinery
2022-03-31
4388143
core:FurnitureFittingsToolsEquipment
2022-03-31
4388143
core:MotorVehicles
2022-03-31
4388143
core:PlantMachinery
2023-03-31
4388143
core:FurnitureFittingsToolsEquipment
2023-03-31
4388143
core:MotorVehicles
2023-03-31
4388143
core:WithinOneYear
2023-03-31
4388143
core:WithinOneYear
2022-03-31
4388143
core:AfterOneYear
2023-03-31
4388143
core:AfterOneYear
2022-03-31
4388143
core:ShareCapital
2023-03-31
4388143
core:ShareCapital
2022-03-31
4388143
core:RetainedEarningsAccumulatedLosses
2023-03-31
4388143
core:RetainedEarningsAccumulatedLosses
2022-03-31
4388143
bus:OrdinaryShareClass1
core:ShareCapital
2023-03-31
4388143
bus:OrdinaryShareClass1
core:ShareCapital
2022-03-31
4388143
bus:OrdinaryShareClass2
core:ShareCapital
2023-03-31
4388143
bus:OrdinaryShareClass2
core:ShareCapital
2022-03-31
4388143
core:BetweenOneFiveYears
2023-03-31
4388143
core:BetweenOneFiveYears
2022-03-31
4388143
core:NetGoodwill
2022-03-31
4388143
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
4388143
core:Non-currentFinancialInstruments
2023-03-31
4388143
core:Non-currentFinancialInstruments
2022-03-31
4388143
core:PlantMachinery
2022-03-31
4388143
core:FurnitureFittingsToolsEquipment
2022-03-31
4388143
core:MotorVehicles
2022-03-31
4388143
bus:Director1
2022-03-31
4388143
bus:Director1
2023-03-31
4388143
bus:Director1
2022-03-31
4388143
bus:Director1
2021-04-01
2022-03-31
4388143
bus:SmallEntities
2022-04-01
2023-03-31
4388143
bus:Audited
2022-04-01
2023-03-31
4388143
bus:FullAccounts
2022-04-01
2023-03-31
4388143
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
4388143
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
Company registration number:
4388143
Fulcro Engineering Services Limited
Filleted financial statements
31 March 2023
Fulcro Engineering Services Limited
Directors responsibilities statement
Year ended 31 March 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fulcro Engineering Services Limited
Statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
Tangible assets |
|
6 |
63,050 |
|
|
|
55,758 |
|
|
Investments |
|
7 |
1 |
|
|
|
1 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
63,051 |
|
|
|
55,759 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
167,287 |
|
|
|
100,729 |
|
|
Debtors |
|
8 |
703,782 |
|
|
|
1,153,440 |
|
|
Cash at bank and in hand |
|
|
579,499 |
|
|
|
601,421 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,450,568 |
|
|
|
1,855,590 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
647,979) |
|
|
|
(
604,423) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
802,589 |
|
|
|
1,251,167 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
865,640 |
|
|
|
1,306,926 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
10 |
|
|
(
28,131) |
|
|
|
(
17,316) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
- |
|
|
|
(
8,952) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
837,509 |
|
|
|
1,280,658 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
12 |
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
837,507 |
|
|
|
1,280,656 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
837,509 |
|
|
|
1,280,658 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
05 March 2024
, and are signed on behalf of the board by:
B Haldin
Director
Company registration number:
4388143
Fulcro Engineering Services Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fulcro Engineering Services Limited, Unit 3A Wixford Park, Georges Elm Lane, Bidford on Avon, Alcester, Warwickshire, B50 4JS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, unless otherwise specified within these accounting policies. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Rendering of services
The company provides 3D and 4D construction simulation and planning services to the construction industry. When the outcome of a project for the rendering of services can be estimated reliably in terms of revenue costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific project at the end of the reporting period. The stage of completion is determined by the specific services provided in the contract period to date. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable contract costs incurred.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating results.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
15 % |
straight line |
|
Fittings fixtures and equipment |
- |
33 % |
straight line |
|
Motor vehicles |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period to which they relate.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
31
(2022:
33
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
82,689 |
82,689 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
82,689 |
82,689 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Fixtures and fittings |
Computer equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
47,566 |
184,611 |
2,125 |
234,302 |
|
|
|
|
Additions |
54 |
39,630 |
15,895 |
55,579 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
47,620 |
224,241 |
18,020 |
289,881 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
32,101 |
145,167 |
1,275 |
178,543 |
|
|
|
|
Charge for the year |
2,793 |
41,891 |
3,604 |
48,288 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
34,894 |
187,058 |
4,879 |
226,831 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
12,726 |
37,183 |
13,141 |
63,050 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2022 |
15,465 |
39,444 |
850 |
55,759
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
552,340 |
678,155 |
|
Other debtors |
|
151,442 |
475,285 |
|
|
|
_______ |
_______ |
|
|
|
703,782 |
1,153,440 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The company has allowed a fixed charge over trade debtors.
9.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
99,999 |
100,373 |
|
Trade creditors |
|
117,272 |
182,076 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
100 |
100 |
|
Social security and other taxes |
|
162,905 |
94,249 |
|
Other creditors |
|
267,703 |
227,625 |
|
|
|
_______ |
_______ |
|
|
|
647,979 |
604,423 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
28,131 |
17,316 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Obligations under finance leases
Company lessee
Obligations under finance leases are secured on the assets concerned and fall due as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
11,913 |
6,245 |
|
Later than 1 year and not later than 5 years |
|
28,131 |
17,316 |
|
|
|
_______ |
_______ |
|
|
|
40,044 |
23,561 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary 'A' shares shares of £
0.01 each |
|
152 |
|
1.52 |
|
152 |
|
1.52 |
|
Ordinary 'B' shares shares of £
0.01 each |
|
48 |
|
0.48 |
|
48 |
|
0.48 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
200 |
|
2.00 |
|
200 |
|
2.00 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Summary audit opinion
The auditor's report for the year dated
6 March 2024
was qualified
due to a limitation of scope caused by not being able to attend a physical stock take at the year end.
The statutory auditor was
Paul Alton
14.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company. The advances are interest free and repayable on demand: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
DLA |
362 |
1,328 |
(
362) |
1,328 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
DLA |
- |
362 |
- |
362 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
15.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Construction Industry Solutions Ltd - consultancy fees |
72,000 |
133,000 |
- |
(
32,400) |
|
Construction Industry Solutions Ltd - reimbursements |
8,794 |
- |
- |
- |
|
Rose Accounts Ltd - accountancy services |
30,873 |
39,207 |
5,567 |
7,452 |
|
Leo Lion Ltd - management charges |
18,000 |
- |
18,000 |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
16.
Controlling party
The company is a subsidiary of Leo Lion Ltd. The Registered Office address is: 1a Tilford Road, Hindhead GU26 6TD.