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Company registration number: 13886988
Fozziwig Limited
Unaudited filleted financial statements
28 February 2024
Fozziwig Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Fozziwig Limited
Directors and other information
Directors Jane Bentall
Michael Bentall
Lucy Bentall
Casper Bentall
Company number 13886988
Registered office Dane Barn, Kimpton Bottom
Bower Heath
Harpenden
AL5 5EB
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Fozziwig Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fozziwig Limited
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fozziwig Limited for the year ended 28 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fozziwig Limited, as a body, in accordance with the terms of our engagement letter dated 14 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Fozziwig Limited and state those matters that we have agreed to state to the board of directors of Fozziwig Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fozziwig Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fozziwig Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fozziwig Limited. You consider that Fozziwig Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fozziwig Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
6 August 2024
Fozziwig Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 5 1,262,853 496,248
_________ _________
1,262,853 496,248
Current assets
Debtors 6 - 101
Investments 7 1,400,000 3,100,000
Cash at bank and in hand 58,912 54,323
_________ _________
1,458,912 3,154,424
Creditors: amounts falling due
within one year 8 ( 2,531,304) ( 3,615,179)
_________ _________
Net current liabilities ( 1,072,392) ( 460,755)
_________ _________
Total assets less current liabilities 190,461 35,493
Provisions for liabilities ( 15,300) -
_________ _________
Net assets 175,161 35,493
_________ _________
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 175,061 35,393
_________ _________
Shareholders funds 175,161 35,493
_________ _________
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 06 August 2024 , and are signed on behalf of the board by:
Jane Bentall
Director
Company registration number: 13886988
Fozziwig Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dane Barn, Kimpton Bottom, Bower Heath, Harpenden, AL5 5EB.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 March 2023 496,248 496,248
Additions 704,485 704,485
Revaluations 62,120 62,120
_________ _________
At 28 February 2024 1,262,853 1,262,853
_________ _________
Impairment
At 1 March 2023 and 28 February 2024 - -
_________ _________
Carrying amount
At 28 February 2024 1,262,853 1,262,853
_________ _________
At 28 February 2023 496,248 496,248
_________ _________
6. Debtors
2024 2023
£ £
Other debtors - 101
_________ _________
7. Investments
2024 2023
£ £
Other investments 1,400,000 3,100,000
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 28,391 8,367
Other creditors 2,502,913 3,606,812
_________ _________
2,531,304 3,615,179
_________ _________
9. Reserves
The profit and loss account reserve includes £46,048 of non-distributable reserves as a result of the fair value adjustment to the investments.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Jane Bentall ( 3,599,900) - 1,099,987 ( 2,499,913)
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Jane Bentall - ( 3,599,900) - ( 3,599,900)
_________ _________ _________ _________