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Registered number: 11375749










FOCH SERVICES LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




















 
FOCH SERVICES LIMITED
 
 
Company Information


Directors
C Gaunt 
M Landaluce Galban 




Registered number
11375749



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW




Independent auditor
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
FOCH SERVICES LIMITED
Registered number: 11375749

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,089
19,324

  
16,089
19,324

Current assets
  

Debtors: amounts falling due after more than one year
 5 
46,800
-

Debtors: amounts falling due within one year
 5 
117,849
77,043

Cash at bank and in hand
  
258,648
616,312

  
423,297
693,355

Creditors: amounts falling due within one year
 6 
(85,302)
(417,233)

Net current assets
  
 
 
337,995
 
 
276,122

Total assets less current liabilities
  
354,084
295,446

  

Net assets
  
354,084
295,446


Capital and reserves
  

Called up share capital 
 7 
60,000
60,000

Profit and loss account
  
294,084
235,446

  
354,084
295,446


Page 1

 
FOCH SERVICES LIMITED
Registered number: 11375749
    
Balance sheet (continued)
As at 31 December 2023

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: 




C Gaunt
Director

Date: 8 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FOCH SERVICES LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Foch Services Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, England, EC4A 3DW.
The principal activity of the company during the year was the provision of administrative services. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors consider the going concern basis to be appropriate as Harrisville Enterprises SA, the parent company, has confirmed that it will provide the company with whatever financial support may be necessary in order to enable the company to meet its liabilities and commitments as they fall due for the forseeable future as required. The parent company itself considers that there are no risks to its own ability to continue as a going concern. 

 
2.3

Turnover

Turnover represents fees receivable for administrative support services provided during the year. Turnover is recognised when the services have been provided and is measured at a mark-up on costs in line with the Administrative Services Agreement.

 
2.4

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 3

 
FOCH SERVICES LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.4
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:

Office equipment
-
20%

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.

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

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.

Page 4

 
FOCH SERVICES LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

 
2.12

Pensions

Defined contribution pension plan

The Company operates 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 the Profit and loss account 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.

 
2.13

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.

Page 5

 
FOCH SERVICES LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Leasehold improvements
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
26,120
41,339
67,459


Additions
-
11,555
11,555


Disposals
-
(1,280)
(1,280)



At 31 December 2023

26,120
51,614
77,734



Depreciation


At 1 January 2023
20,326
27,809
48,135


Charge for the year on owned assets
5,794
8,740
14,534


Disposals
-
(1,024)
(1,024)



At 31 December 2023

26,120
35,525
61,645



Net book value



At 31 December 2023
-
16,089
16,089



At 31 December 2022
5,794
13,530
19,324

Page 6

 
FOCH SERVICES LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
46,800
-

46,800
-


2023
2022
£
£

Due within one year

Other debtors
14,755
61,264

Prepayments and accrued income
103,094
15,779

117,849
77,043



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
25,911
15,280

Corporation tax
18,720
16,080

Other taxation and social security
24,142
22,763

Other creditors
6,146
5,851

Accruals and deferred income
10,383
357,259

85,302
417,233



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,000 (2022 - 60,000) Ordinary shares shares of £1.00 each
60,000
60,000


Page 7

 
FOCH SERVICES LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
255,899
78,000

Later than 1 year and not later than 5 years
94,011
1,000

349,910
79,000


9.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A for FRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned. 


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 8 August 2024 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 8