Company registration number 07394605 (England and Wales)
FOG WORKS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FOG WORKS LTD
COMPANY INFORMATION
Directors
Mr C S Buchanan
Mr M J Ashe
Secretary
Mr C S Buchanan
Company number
07394605
Registered office
Unit 4 Edison Road
Basingstoke
RG21 6YH
Accountants
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
FOG WORKS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
FOG WORKS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOG WORKS LTD FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fog Works Ltd for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Fog Works Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Fog Works Ltd and state those matters that we have agreed to state to the Board of Directors of Fog Works Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fog Works Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Fog Works Ltd 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 loss of Fog Works Ltd. You consider that Fog Works Ltd 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 Fog Works Ltd. 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.

Kirk Rice LLP
27 August 2024
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
FOG WORKS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
109
82
Creditors: amounts falling due within one year
6
(3,798)
(2,048)
Net current liabilities
(3,689)
(1,966)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(3,691)
(1,968)
Total equity
(3,689)
(1,966)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr C S Buchanan
Director
Company Registration No. 07394605
FOG WORKS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Fog Works Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Edison Road, Basingstoke, RG21 6YH.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

2.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Amortised over estimated useful life
2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FOG WORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.6
Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are included at their nominal value.

2.7
Taxation

The tax expense represents current tax payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
FOG WORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
1,000
18,625
19,625
Amortisation and impairment
At 1 December 2022 and 30 November 2023
1,000
18,625
19,625
Carrying amount
At 30 November 2023
-
0
-
0
-
0
At 30 November 2022
-
0
-
0
-
0
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
500
8,608
9,108
Depreciation and impairment
At 1 December 2022 and 30 November 2023
500
8,608
9,108
Carrying amount
At 30 November 2023
-
0
-
0
-
0
At 30 November 2022
-
0
-
0
-
0
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
3,798
2,048
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