Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31truefalse2022-11-01The principal activity of the company during the year under review was building and office refurbishment.44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07045127 2022-11-01 2023-10-31 07045127 2021-11-01 2022-10-31 07045127 2023-10-31 07045127 2022-10-31 07045127 c:Director1 2022-11-01 2023-10-31 07045127 c:Director2 2022-11-01 2023-10-31 07045127 d:Buildings 2022-11-01 2023-10-31 07045127 d:Buildings 2023-10-31 07045127 d:Buildings 2022-10-31 07045127 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07045127 d:PlantMachinery 2022-11-01 2023-10-31 07045127 d:PlantMachinery 2023-10-31 07045127 d:PlantMachinery 2022-10-31 07045127 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07045127 d:MotorVehicles 2022-11-01 2023-10-31 07045127 d:MotorVehicles 2023-10-31 07045127 d:MotorVehicles 2022-10-31 07045127 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07045127 d:OfficeEquipment 2022-11-01 2023-10-31 07045127 d:OfficeEquipment 2023-10-31 07045127 d:OfficeEquipment 2022-10-31 07045127 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07045127 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 07045127 d:Goodwill 2023-10-31 07045127 d:Goodwill 2022-10-31 07045127 d:CurrentFinancialInstruments 2023-10-31 07045127 d:CurrentFinancialInstruments 2022-10-31 07045127 d:Non-currentFinancialInstruments 2023-10-31 07045127 d:Non-currentFinancialInstruments 2022-10-31 07045127 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 07045127 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 07045127 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 07045127 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 07045127 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 07045127 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 07045127 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 07045127 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 07045127 d:ShareCapital 2023-10-31 07045127 d:ShareCapital 2022-10-31 07045127 d:RetainedEarningsAccumulatedLosses 2023-10-31 07045127 d:RetainedEarningsAccumulatedLosses 2022-10-31 07045127 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 07045127 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 07045127 c:FRS102 2022-11-01 2023-10-31 07045127 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 07045127 c:FullAccounts 2022-11-01 2023-10-31 07045127 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07045127 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 07045127










FIRCO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
FIRCO LIMITED
REGISTERED NUMBER: 07045127

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
37,604
47,811

  
37,604
47,811

Current assets
  

Debtors: amounts falling due within one year
  
583,688
519,625

Cash at bank and in hand
  
46,578
135,752

  
630,266
655,377

Creditors: amounts falling due within one year
  
(443,363)
(373,309)

Net current assets
  
 
 
186,903
 
 
282,068

Total assets less current liabilities
  
224,507
329,879

Creditors: amounts falling due after more than one year
  
(222,315)
(291,517)

  

Net assets
  
2,192
38,362


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,092
38,262

  
2,192
38,362


Page 1

 
FIRCO LIMITED
REGISTERED NUMBER: 07045127
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H J C Day
J A C Day
Director
Director


Date: 26 July 2024
Date:26 July 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Firco Limited is a private limited company limited by share capital, incorporated in England and Wales. The company's registration number is 07045127. The address of the registered office is 1 Vincent Square, London, United Kingdom, SW1P 2PN. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
20%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 5

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets



Goodwill

£



Cost


At 1 November 2022
2,500



At 31 October 2023

2,500



Amortisation


At 1 November 2022
2,500



At 31 October 2023

2,500



Net book value



At 31 October 2023
-



Page 7

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
16,145
14,053
82,583
14,044
126,825


Additions
-
-
-
264
264



At 31 October 2023

16,145
14,053
82,583
14,308
127,089



Depreciation


At 1 November 2022
16,145
14,053
35,038
13,778
79,014


Charge for the year on owned assets
-
-
10,348
123
10,471



At 31 October 2023

16,145
14,053
45,386
13,901
89,485



Net book value



At 31 October 2023
-
-
37,197
407
37,604



At 31 October 2022
-
-
47,545
266
47,811


6.


Debtors

2023
2022
£
£


Trade debtors
143,945
178,567

Amounts owed by group undertakings
309,463
303,668

Other debtors
2,125
2,125

Prepayments and accrued income
6,721
13,831

Amounts recoverable on long-term contracts
121,434
21,434

583,688
519,625


Page 8

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
46,578
135,752

Less: bank overdrafts
(1,882)
(1,049)

44,696
134,703



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,882
1,049

Bank loans
82,327
39,341

Other loans
41,250
-

Trade creditors
161,672
201,081

Corporation tax
-
13,230

Other taxation and social security
92,252
53,647

Obligations under finance lease and hire purchase contracts
42,890
51,395

Other creditors
18,140
13,566

Accruals and deferred income
2,950
-

443,363
373,309



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
222,315
291,517

222,315
291,517


Page 9

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
82,327
39,341

Other loans
41,250
-


123,577
39,341

Amounts falling due 1-2 years

Bank loans
106,547
82,326


106,547
82,326

Amounts falling due 2-5 years

Bank loans
115,768
209,191


115,768
209,191


345,892
330,858



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
46,578
135,752




12.


Pension commitments

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independantly administered fund. The pension cost charge represents  contributions  payable by the company to the fund and amounted to £1,313 (2022 - £1,612) Contributions totalling £Nil (2022 - £Nil) were payable at the balance sheet date.

Page 10

 
FIRCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Controlling party

In the year the company was controlled by The Firco Group Ltd by virtue of their shareholding.

 
Page 11