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Registered number: 14529352









FSM INTERNATIONAL HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
A Soutchkov 
A Stienen 




Registered number
14529352



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditor
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
FSM INTERNATIONAL HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 8
Consolidated profit and loss account
 
9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 37


 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.
The company was incorporated on 8 December 2022 and on 19 April 2023 acquired its subsidiaries for consideration of an allotment of its own shares.
Principal activity
The principal activity of the group during the year was freight forwarding.

Business review
 
The group had strong results in 2023. The group increased its profits for the year at €1,483k (2022 - €1,285k). The balance sheet remained strong with an increase in group net assets to €8.2m from €7.3m from the previous year. 

Principal risks and uncertainties
 
The groups operations expose it to a variety of risks that include the effect of changes in customer credit risk and exchange rates. The group has operations in Azerbaijan, Georgia, Kazakhstan and Russia and is therefore exposed to potential geopolitical risks. The group continue as a company to comply with all rules, regulations, and sanctions in all countries it operates in, following closely UK government legislation.
 
Credit Risk
 
The group has policies that require appropriate credit checks on selected potential customers before services are provided.
 
Foreign Exchange Risk
 
The group is exposed to foreign exchange risk as certain transactions with group undertakings are involved in currencies other than the Euro. 

Financial key performance indicators
 
The results of the group and company are significantly driven by turnover. Gross Profit is additionally affected by the level of cost of sales which are subject to close scrutiny and control. These aspects and indicators of the group’s performance are identifiable in the accounts which reflect a decrease in the gross margin from 17.8% to 13.9%.

Other key performance indicators
 
The company and groups success depends on a strong customer base. The Directors actively monitor the quality of the company’s customers. 


This report was approved by the board on 12 August 2024 and signed on its behalf.



A Stienen
Director

Page 1

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to 1,482,778 (2022 - 1,308,468).

The directors do not recommend a dividend (2022 - €Nil).

Directors

The directors who served during the year were:

A Soutchkov 
A Stienen 

Future developments

The group is expanding in new markets and continues to look for future opportunities to expand.

Page 2

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 August 2024 and signed on its behalf.
 





A Stienen
Director

Page 3

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FSM INTERNATIONAL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of FSM International Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FSM INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FSM INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the group and parent company operates in and how the group and parent company are complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the financial statements were communicated to component auditors. Any instances of noncompliance with laws and regulations identified and communicated by a component auditor were considered in our audit approach.
Page 6

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FSM INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act; and
Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance; and
Review of component auditors’ work;

The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue Recognition;
Management Override;
Going concern given the conflict in Ukraine; and
Balances between group entities.

Audit procedures in response to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Detailed review of all intercompany balances and reviewing the schedules of component auditors;
Substantively testing revenue via various testing including transactional, cut off and sequencing;
Detailed discussions with management and review of post year end management information;
Detailed monitoring of the events in Ukraine and communication with management thereon;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
Inspection of all recent reports and certification from the relevant bodies.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
 
Page 7

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FSM INTERNATIONAL HOLDINGS LIMITED (CONTINUED)




Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

 
Date: 
13 August 2024
Page 8

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2023
2023
2023
2022
2022
2022
Note

  

Turnover
 4 
39,150,990
-
39,150,990
27,998,267
112,863
28,111,130

Cost of sales
  
(33,721,992)
-
(33,721,992)
(23,026,109)
(80,936)
(23,107,045)

Gross profit
  
5,428,998
-
5,428,998
4,972,158
31,927
5,004,085

Administrative expenses
  
3,593,375
-
3,593,375
3,490,342
265,883
3,756,225

Operating profit
 5 
1,835,623
-
1,835,623
1,481,816
(233,956)
1,247,860

Profit on disposal of discon'd operations
  
-
-
-
289,823
-
289,823

Interest receivable and similar income
 9 
50,214
-
50,214
172
-
172

Interest payable and similar expenses
 10 
(856)
-
(856)
(114)
-
(114)

Profit before tax
  
1,884,981
-
1,884,981
1,771,697
(233,956)
1,537,741

Tax on profit
 11 
(402,203)
-
(402,203)
(252,669)
-
(252,669)

Profit for the financial year
  
1,482,778
-
1,482,778
1,519,028
(233,956)
1,285,072

Profit for the year attributable to:
  

Non-controlling interests
  
-
-
-
(33,762)
10,366
(23,396)

Owners of the parent
  
1,482,778
-
1,482,778
1,215,172
93,296
1,308,468

  
1,482,778
-
1,482,778
1,181,410
103,662
1,285,072

The notes on pages 18 to 37 form part of these financial statements.

Page 9

 
FSM INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022


Profit for the financial year

  

1,482,778
1,285,072

Other comprehensive income
  


Unrealised surplus on revaluation of tangible fixed assets
  
-
262

Currency translation differences
  
(616,146)
280,369

Other comprehensive income for the year
  
(616,146)
280,631

Total comprehensive income for the year
  
866,632
1,565,703

Profit for the year attributable to:
  


Non-controlling interest
  
-
(23,396)

Owners of the parent Company
  
1,119,415
1,308,468

  
1,119,415
1,285,072

The notes on pages 18 to 37 form part of these financial statements.

Page 10

 
FSM INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 14529352

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 12 
5,827
7,460

Tangible assets
 13 
73,638
105,839

Investment property
 15 
1,526,452
1,526,452

  
1,605,917
1,639,751

Current assets
  

Debtors: amounts falling due within one year
 16 
8,356,054
6,193,248

Cash at bank and in hand
 17 
2,704,318
3,265,029

  
11,060,372
9,458,277

Creditors: amounts falling due within one year
 18 
(4,444,628)
(3,719,652)

Net current assets
  
 
 
6,615,744
 
 
5,738,625

Total assets less current liabilities
  
8,221,661
7,378,376

Provisions for liabilities
  

Deferred taxation
 19 
(54,931)
(78,278)

Net assets
  
8,166,730
7,300,098


Capital and reserves
  

Called up share capital 
 20 
11,980
11,980

Revaluation reserve
 21 
1,565
1,565

Profit and loss account
 21 
8,153,185
7,286,553

  
8,166,730
7,300,098


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2024.




A Stienen
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 11

 
FSM INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 14529352

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note

Fixed assets
  

Investments
 14 
1,492,828

Current assets
  

Debtors: amounts falling due within one year
 16 
1,732,500

  

  

Net assets
  
3,225,328


Capital and reserves
  

Called up share capital 
 20 
11,980

Profit for the year

  

3,213,348

Profit and loss account carried forward
  
3,213,348

  
3,225,328


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2024.


A Stienen
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 12

 
FSM INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity



At 1 January 2022
11,980
1,303
5,697,716
5,710,999
(8,807)
5,702,192


Comprehensive income for the year

Profit for the year
-
-
1,308,468
1,308,468
(23,396)
1,285,072

Currency translation differences
-
-
280,369
280,369
-
280,369

Surplus on revaluation of other fixed assets
-
262
-
262
-
262

Discontinued operations
-
-
-
-
32,203
32,203



At 1 January 2023
11,980
1,565
7,286,553
7,300,098
-
7,300,098


Comprehensive income for the year

Profit for the year
-
-
1,482,778
1,482,778
-
1,482,778

Currency translation differences
-
-
(616,146)
(616,146)
-
(616,146)


At 31 December 2023
11,980
1,565
8,153,185
8,166,730
-
8,166,730


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
FSM INTERNATIONAL HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity




Comprehensive income for the year

Profit for the year
-
3,213,348
3,213,348


Contributions by and distributions to owners

Shares issued during the year
11,980
-
11,980


At 31 December 2023
11,980
3,213,348
3,225,328


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
FSM INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022

Cash flows from operating activities

Profit for the financial year
1,482,778
1,285,072

Adjustments for:

Amortisation of intangible assets
2,775
2,733

Depreciation of tangible assets
34,461
95,749

Loss on disposal of tangible assets
-
(65,731)

Interest paid
856
114

Interest received
(50,214)
(172)

Taxation charge
402,203
252,669

(Increase)/decrease in debtors
(2,162,806)
241,666

Increase in creditors
691,370
327,512

Corporation tax (paid)
(368,597)
(78,743)

Foreign exchange
(597,704)
(113,927)

Profit on sale of discontinued operations
-
(289,823)

Net cash generated from operating activities

(564,878)
1,657,119


Cash flows from investing activities

Purchase of intangible fixed assets
(1,142)
(1,612)

Purchase of tangible fixed assets
(30,495)
(1,566,133)

Sale of tangible fixed assets
1,526,579
160,287

Purchase of investment properties
(1,540,133)
-

Interest received
50,214
172

Cash balances lost on disposal of subsidiaries
-
(150,019)

Net cash from investing activities

5,023
(1,557,305)

Cash flows from financing activities

Interest paid
(856)
(114)

Net cash used in financing activities
(856)
(114)

Net (decrease)/increase in cash and cash equivalents
(560,711)
99,700

Cash and cash equivalents at beginning of year
3,265,029
3,165,329

Cash and cash equivalents at the end of year
2,704,318
3,265,029

Page 15

 
FSM INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,704,318
3,265,029

2,704,318
3,265,029


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
FSM INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023



Cash at bank and in hand

3,265,029

(560,711)

2,704,318


3,265,029
(560,711)
2,704,318

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

FSM International Holdings Limited ("the Company") act as a freight forwarder. The Company was incorporated is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, Leytonstone, London, E11 1GA.

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 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the merger method.  In the Balance sheet, the identifiable assets, liabilities and contingent liabilities are initially recognised at their book values. The results and cash flows of the combining entities are brought into the financial statements from the start of financial year with comparatives restated to combine the results of the combining entities for the previous year.

 
2.3

Going concern

The directors have a reasonable expectation that the Company and group has adequate resources, including cash reserves and no debt, to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis in preparing the financial statements.

Page 18

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is Euros.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised when agreed freight forwarding services are considered to have been delivered. The timing of recognition depends on the type of freight forwarding service provided but is usually at the point that control of the freight has been passed to the customer.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

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 Group 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.

Page 19

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 20

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

Page 21

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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 annual basis:

Motor vehicles
-
20%
Straight line
Fixtures and fittings
-
20%
Straight line

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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 22

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.17

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

The Group 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 Group's Balance sheet when the Group 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.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 24

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

Page 25

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in note 2, the directors are required to make judgements, estimated and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no judgements or areas of estimations uncertainty applied in these financial statements.


4.


Turnover

The whole of the turnover is attributable to that of freight forwarding.
Further analysis of turnover has been omitted on the basis that the directors feel it would be seriously prejudicial to the interests of the group.


5.


Operating profit

The operating profit is stated after charging:

2023
2022

Depreciation
34,461
96,046

Amortisation
2,775
2,733

Profit on disposal of fixed assets
-
(65,731)

Exchange differences
316,049
(106,885)

Other operating lease rentals
129,638
115,649

Defined contribution pension costs
36,579
43,227


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
15,000
12,000

Page 26

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022


Wages and salaries
2,175,544
2,212,779
-
-

Social security costs
350,913
392,131
-
-

Cost of defined contribution scheme
36,579
43,227
-
-

2,563,036
2,648,137
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management
17
16
2
-



Production
54
46
-
-



Administrative
25
24
-
-

96
86
2
0


8.


Directors' remuneration

2023
2022

Directors' emoluments
544,345
430,024

Group contributions to defined contribution pension schemes
4,168
4,193

548,513
434,217


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of 427,584 (2022 - €348,902).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to 4,168 (2022 - €4,193).

Page 27

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable and similar income

2023
2022


Other interest receivable
50,214
172


10.


Interest payable and similar expenses

2023
2022


Bank interest payable
856
114


11.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year
239,712
214,669

Foreign tax


Foreign tax on income for the year
170,098
62,905

Total current tax
409,810
277,574

Deferred tax


Origination and reversal of timing differences
(7,607)
(24,905)

Total deferred tax
(7,607)
(24,905)


Tax on profit
402,203
252,669
Page 28

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022


Profit on ordinary activities before tax
1,884,981
1,537,741


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
443,348
292,171

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,908
295

UK deferred tax not provided
714
(3,337)

Non taxable income
(42)
-

Overseas tax & other differences
(55,725)
(36,460)

Total tax charge for the year
402,203
252,669


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets

Group





Trademarks




Cost


At 1 January 2023
16,866


Additions
1,142



At 31 December 2023

18,008



Amortisation


At 1 January 2023
9,406


Charge for the year on owned assets
2,775



At 31 December 2023

12,181



Net book value



At 31 December 2023
5,827



At 31 December 2022
7,460



Page 30

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Total




Cost or valuation


At 1 January 2023
222,372
160,412
382,784


Additions
-
30,495
30,495


Disposals
-
(9,608)
(9,608)


Transfers between classes
23,391
(24,066)
(675)


Exchange adjustments
(47,261)
(16,377)
(63,638)



At 31 December 2023

198,502
140,856
339,358



Depreciation


At 1 January 2023
175,485
101,460
276,945


Charge for the year on owned assets
14,850
34,322
49,172


Disposals
-
(9,481)
(9,481)


Transfers between classes
8,583
(8,627)
(44)


Exchange adjustments
(38,022)
(12,850)
(50,872)



At 31 December 2023

160,896
104,824
265,720



Net book value



At 31 December 2023
37,606
36,032
73,638



At 31 December 2022
46,887
58,952
105,839

Page 31

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies




Cost or valuation


Additions
1,492,828



At 31 December 2023
1,492,828





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

F.S. Mackenzie International Limited
Ordinary
100%
FSM Logistics Ltd
Ordinary
100%

The direct subsidiaries are incoporated in the United Kingdom.


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

F.S. Mackenzie Russia OOO
Ordinary
100%
F.S. Mackenzie Georgia LLC
Ordinary
100%
F.S. Mackenzie Azerbaijan
Ordinary
100%
F.S. Mackenzie LLP
Sole participant
100%

The indirect subsidiaries are incorporated in Russia, Georgia, Azerbaijan and Kazakhstan respectively.

Page 32

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Investment property

Group


Freehold investment property




Valuation


At 1 January 2023
1,526,452



At 31 December 2023
1,526,452

The 2023 valuations were made by the directors, on an open market value for existing use basis.







16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022


Trade debtors
2,944,892
4,598,206
-
-

Amounts owed by group undertakings
-
-
1,732,500
-

Other debtors
4,738,788
1,105,832
-
-

Prepayments and accrued income
672,374
489,210
-
-

8,356,054
6,193,248
1,732,500
-



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
2,704,318
3,265,029
-
-


Page 33

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022

Trade creditors
2,138,788
2,705,386
-
-

Corporation tax
248,275
214,669
-
-

Other taxation and social security
69,168
14,495
-
-

Other creditors
1,323,225
286,348
-
-

Accruals and deferred income
665,172
498,754
-
-

4,444,628
3,719,652
-
-


Bank overdrafts of €Nil (2022 - €Nil) are secured via a fixed and floating charge over the assets held by the group. A personal guarantee has also been provided by a director (see note 24).


19.


Deferred taxation


Group



2023








At beginning of year
78,278


Charged to profit or loss
(7,607)


Foreign exchange movements
(15,740)



At end of year
54,931







The provision for deferred taxation is made up as follows:

Group
Group
2023
2022

Accelerated capital allowances
54,931
78,278

Page 34

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
Allotted, called up and fully paid


5,000 (2022 - 5,000) Ordinary "A" shares of 1.198 each
5,990
5,000 (2022 - 5,000) Ordinary "B" shares of 1.198 each
5,990

11,980

During the period the Company allotted 4,999 Ordinary A shares of €1.198 each and 4,999 Ordinary B shares of €1.198 each for consideration of the transfer of subsidiary undertakings detailed in Note 14.
All shares rank equally.



21.


Reserves

Revaluation reserve

The revaluation reserve represents the net gains and losses as a result of the revaluation of fixed assets.

Profit and loss account

The profit and loss account represents the cumulative distributable profits and losses net of dividends and foreign exchange differences.


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to €36,579 (2022 - €43,227). Contributions totalling €Nil (2022 - €Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 35

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Commitments under operating leases

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


Group
Group
Company
Company
2023
2022
2023
2022

Land and buildings

Not later than 1 year
351,799
418,401
-
-

Later than 1 year and not later than 5 years
239,368
564,811
-
-

591,167
983,212
-
-



Group
Group
Company
Company
2023
2022
2023
2022

Other

Not later than 1 year
789
772
-
-

Later than 1 year and not later than 5 years
936
1,690
-
-

1,725
2,462
-
-

Page 36

 
FSM INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
The directors are considered to be key management personnel. Total remuneration received by the directors is shown in note 8.
During the year the Group entered transactions and had balances outstanding included in other debtors with entities under common control. The transactions and balances with these parties are as follows:


2023
2022

Sales
1,390,285
530,834
Purchases
1,546,858
26,189
Balance owed from
468,322
2,098

The amounts owed to related parties are unsecured, interest free and due for repayment within one year.
During the year the Group entered into an unsucured loan arrangement with a entity under common control of €1,729,785. The full balance is outstanding and is included in other debtors.
A director has provided a guarantee of €250,000 in respect of the company's bank overdraft facilities.

 
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