Famatel UK Limited 08187888 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is non specialised wholesale trade Digita Accounts Production Advanced 6.30.9574.0 true 08187888 2023-01-01 2023-12-31 08187888 2023-12-31 08187888 bus:OrdinaryShareClass1 2023-12-31 08187888 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-12-31 08187888 core:CurrentFinancialInstruments 2023-12-31 08187888 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08187888 core:Non-currentFinancialInstruments 2023-12-31 08187888 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08187888 core:OfficeEquipment 2023-12-31 08187888 core:PlantMachinery 2023-12-31 08187888 bus:SmallEntities 2023-01-01 2023-12-31 08187888 bus:Audited 2023-01-01 2023-12-31 08187888 bus:FullAccounts 2023-01-01 2023-12-31 08187888 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08187888 bus:RegisteredOffice 2023-01-01 2023-12-31 08187888 bus:CompanySecretary1 2023-01-01 2023-12-31 08187888 bus:Director1 2023-01-01 2023-12-31 08187888 bus:Director2 2023-01-01 2023-12-31 08187888 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08187888 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 08187888 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08187888 bus:Agent1 2023-01-01 2023-12-31 08187888 core:OfficeEquipment 2023-01-01 2023-12-31 08187888 core:PlantMachinery 2023-01-01 2023-12-31 08187888 countries:EnglandWales 2023-01-01 2023-12-31 08187888 2022-12-31 08187888 core:OfficeEquipment 2022-12-31 08187888 core:PlantMachinery 2022-12-31 08187888 2022-01-01 2022-12-31 08187888 2022-12-31 08187888 bus:OrdinaryShareClass1 2022-12-31 08187888 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2022-12-31 08187888 core:CurrentFinancialInstruments 2022-12-31 08187888 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08187888 core:Non-currentFinancialInstruments 2022-12-31 08187888 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08187888 core:OfficeEquipment 2022-12-31 08187888 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08187888

Famatel UK Limited

Annual Report and

Financial Statements


for the Year Ended 31 December 2023

 

Famatel UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Famatel UK Limited

Company Information

Directors

Mr C J L Navarro

Mr R Pratt

Company secretary

Mrs M S Pratt

Registered office

Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
 

Bankers

Santander UK Plc
San Uk Corporate New
2 Triton Square
Regent's Place
London
NW1 3AN

Auditors


Bishop Fleming LLP
Chartered Accountants & Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

 

Famatel UK Limited

(Registration number: 08187888)

Balance Sheet
as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

41,900

45,392

Current assets

 

Stocks

5

619,325

558,872

Debtors

6

286,341

275,325

Cash at bank and in hand

 

86,223

19,114

 

991,889

853,311

Creditors: Amounts falling due within one year

7

(481,432)

(448,184)

Net current assets

 

510,457

405,127

Total assets less current liabilities

 

552,357

450,519

Creditors: Amounts falling due after more than one year

7

(25,648)

(31,178)

Net assets

 

526,709

419,341

Capital and reserves

 

Called up share capital

8

85,119

85,119

Retained earnings

441,590

334,222

Shareholders' funds

 

526,709

419,341

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 in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

.........................................
Mr R Pratt
Director

 

Famatel UK Limited

Notes to the 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.

The address of its registered office is:
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
United Kingdom

The principal place of business is:
Unit 36 Buckingham Road
Lynx Crescent
West Industrial Estate
Westen Super Mare
Somerset
BS24 9BG

These financial statements were authorised for issue by the Board on 27 June 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 Company's functional and presentational currency is GBP.

 

Famatel UK Limited

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

Audit report

The Independent Auditor's Report was qualified. We were not appointed as auditor of the company until after 31 December 2021 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternate means concerning the inventory quantities of £484,281 held at 31 December 2021 by using other audit procedures. Consequently, we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 December 2022. Our audit opinion on the financial statements for the period ended 31 December 2022 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

The name of the Senior Statutory Auditor who signed the audit report on 27 June 2024 was Simon Morrison FCA, who signed for and on behalf of Bishop Fleming LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

-The company recognises revenue when:
-The amount of revenue can be reliably measured;
- It is probable that future economic benefits will flow to the entity;
- And specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 in the countries where the company operates and generates taxable income.

 

Famatel UK Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

25% reducing balance

Office equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Famatel UK Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Famatel UK Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

56,004

12,093

68,097

Additions

3,810

3,701

7,511

At 31 December 2023

59,814

15,794

75,608

Depreciation

At 1 January 2023

16,863

5,843

22,706

Charge for the year

9,136

1,866

11,002

At 31 December 2023

25,999

7,709

33,708

Carrying amount

At 31 December 2023

33,815

8,085

41,900

At 31 December 2022

39,141

6,251

45,392

5

Stocks

2023
£

2022
£

Other inventories

619,325

558,872

6

Debtors

Current

2023
£

2022
£

Trade debtors

266,402

231,553

Prepayments

19,939

14,930

Other debtors

-

28,842

 

286,341

275,325

 

Famatel UK Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

150,813

246,945

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

111,196

-

Taxation and social security

 

115,975

76,683

Accruals and deferred income

 

2,250

13,484

Other creditors

 

91,198

101,072

 

481,432

448,184

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

25,648

31,178

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

Preference Shares of £1 each

85,019

85,019

85,019

85,019

 

85,119

85,119

85,119

85,119

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,648

31,178

 

Famatel UK Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

10

Related party transactions


At the year end a director was owed £43,068 (2022 £43,068) from the Company.

At the year end a director of the parent company was owed £48,129 (2022 £58,004) from the Company.

At the year end the parent company was owed £111,196 (2022 £120,545) from the Company.

At the year end a company controlled by a director was owed £78,494 (2022 £62,882.26) from the Company.

Ultimate parent company

The ultimate parent company is Famatel, a company incorporated in Spain. The ultimate controlling party is C J Latre Navarro.