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COMPANY REGISTRATION NUMBER: 04212847
Finnish Fibreboard (UK) Limited
Filleted Financial Statements
31 December 2023
Finnish Fibreboard (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,247
3,667
Current assets
Debtors
6
23,301
38,549
Cash at bank and in hand
436,047
361,860
---------
---------
459,348
400,409
Creditors: amounts falling due within one year
7
109,382
96,005
---------
---------
Net current assets
349,966
304,404
---------
---------
Total assets less current liabilities
352,213
308,071
---------
---------
Capital and reserves
Called up share capital
8
150,001
150,001
Profit and loss account
9
202,212
158,070
---------
---------
Shareholders funds
352,213
308,071
---------
---------
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 June 2024 , and are signed on behalf of the board by:
Mr S Wallin
Mr P Jones
Director
Director
Company registration number: 04212847
Finnish Fibreboard (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
Revenue recognition
Turnover represents commissions on sales of stock to external customers and commission in respect of agency sales at invoiced amounts less value added tax or local taxes on sales. Commission revenue is recognised at the point when goods are despatched to the customer and external customer sales are recognised when the risks and rewards of ownership are transferred which is typically upon despatch.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33 % straight line
Defined contribution plans
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
4,258
4,258
-------
-------
Depreciation
At 1 January 2023
591
591
Charge for the year
1,420
1,420
-------
-------
At 31 December 2023
2,011
2,011
-------
-------
Carrying amount
At 31 December 2023
2,247
2,247
-------
-------
At 31 December 2022
3,667
3,667
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
23,301
38,549
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,359
360
Corporation tax
13,685
21,382
Social security and other taxes
4,356
3,550
Amounts owed to group undertakings
19,158
8,125
Other creditors
53,824
62,588
---------
--------
109,382
96,005
---------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
150,001
150,001
150,001
150,001
---------
---------
---------
---------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Summary audit opinion
The auditor's report dated 27 June 2024 was unqualified .
The senior statutory auditor was Stewart Martin , for and on behalf of Edmund Carr LLP .
11. Related party transactions
The company is a wholly owned subsidiary of Suomen Kuitulevy Oy and has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with Suomen Kuitulevy Oy or other wholly owned subsidiaries within the group.
12. Controlling party
The company is a subsidiary of Suomen Kuitulevy Oy, the ultimate parent company, incorporated in Finland. The largest and smallest group in which the results of the company are consolidated is that headed by Suomen Kuitulevy Oy, incorporated in Finland. The consolidated accounts of this company are available to the public and can be obtained from Suomen Kuitulevy Oy at PO Box 4, FIN-18101, Heinola, Finland. No other group accounts include the results of the company.