Fieldalter Limited 03678557 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is specialist indirect tax compliance and consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true true 03678557 2023-04-01 2024-03-31 03678557 2024-03-31 03678557 bus:OrdinaryShareClass1 2024-03-31 03678557 core:FinancialAssetsAmortisedCost core:Non-currentFinancialInstruments 2024-03-31 03678557 core:CurrentFinancialInstruments 2024-03-31 03678557 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03678557 core:Non-currentFinancialInstruments 2024-03-31 03678557 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03678557 core:Goodwill 2024-03-31 03678557 core:OfficeEquipment 2024-03-31 03678557 core:ParentEntities 2024-03-31 03678557 bus:SmallEntities 2023-04-01 2024-03-31 03678557 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03678557 bus:FullAccounts 2023-04-01 2024-03-31 03678557 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03678557 bus:RegisteredOffice 2023-04-01 2024-03-31 03678557 bus:Director1 2023-04-01 2024-03-31 03678557 bus:Director2 2023-04-01 2024-03-31 03678557 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03678557 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03678557 core:Goodwill 2023-04-01 2024-03-31 03678557 core:ComputerEquipment 2023-04-01 2024-03-31 03678557 core:FurnitureFittings 2023-04-01 2024-03-31 03678557 core:OfficeEquipment 2023-04-01 2024-03-31 03678557 core:ParentEntities 2023-04-01 2024-03-31 03678557 1 2023-04-01 2024-03-31 03678557 countries:EnglandWales 2023-04-01 2024-03-31 03678557 2023-03-31 03678557 core:Goodwill 2023-03-31 03678557 core:OfficeEquipment 2023-03-31 03678557 core:ParentEntities 2023-03-31 03678557 2022-04-01 2023-03-31 03678557 2023-03-31 03678557 bus:OrdinaryShareClass1 2023-03-31 03678557 core:CurrentFinancialInstruments 2023-03-31 03678557 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03678557 core:Non-currentFinancialInstruments 2023-03-31 03678557 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03678557 core:Goodwill 2023-03-31 03678557 core:OfficeEquipment 2023-03-31 03678557 core:ParentEntities 2023-03-31 03678557 core:ParentEntities 2022-04-01 2023-03-31 03678557 2022-03-31 03678557 core:ParentEntities 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03678557

Fieldalter Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Fieldalter Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Fieldalter Limited

Company Information

Directors

Mrs Julie Park

Mr Robert Stanley Park

Registered Number:

03678557

Registered office

35 - 37 Ludgate Hill
Office 7
London
EC4M 7JN

Accountants

Ashton Allsop
Chartered Accountants
Thorncroft Manor
Thorncroft Drive
Leatherhead
Surrey
KT22 8JB

 

Fieldalter Limited

(Registration number: 03678557)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

86,257

79,788

Tangible assets

5

2,926

4,520

Other financial assets

6

147,178

147,178

 

236,361

231,486

Current assets

 

Debtors

266,984

240,133

Cash at bank and in hand

 

38,197

153,189

 

305,181

393,322

Creditors: Amounts falling due within one year

(246,665)

(289,822)

Net current assets

 

58,516

103,500

Total assets less current liabilities

 

294,877

334,986

Creditors: Amounts falling due after more than one year

(132,715)

(138,377)

Provisions for liabilities

(732)

(859)

Net assets

 

161,430

195,750

Capital and reserves

 

Called up share capital

9

10,000

10,000

Retained earnings

151,430

185,750

Shareholders' funds

 

161,430

195,750

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Fieldalter Limited

(Registration number: 03678557)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
Mrs Julie Park
Director

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 - 37 Ludgate Hill
Office 7
London
EC4M 7JN
United Kingdom

These financial statements were authorised for issue by the Board on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% on cost

Computer Equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over its estimated remaining useful life.

Asset class

Amortisation method and rate

Goodwill

5 years

Investments

Investments are recognised using the Amortised Cost and Effective Interest Method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

459,750

459,750

Additions acquired separately

25,897

25,897

At 31 March 2024

485,647

485,647

Amortisation

At 1 April 2023

379,962

379,962

Amortisation charge

19,428

19,428

At 31 March 2024

399,390

399,390

Carrying amount

At 31 March 2024

86,257

86,257

At 31 March 2023

79,788

79,788

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

14,740

14,740

At 31 March 2024

14,740

14,740

Depreciation

At 1 April 2023

10,220

10,220

Charge for the year

1,594

1,594

At 31 March 2024

11,814

11,814

Carrying amount

At 31 March 2024

2,926

2,926

At 31 March 2023

4,520

4,520

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

147,178

147,178

At 31 March 2024

147,178

147,178

Impairment

Carrying amount

At 31 March 2024

147,178

147,178

The amount included in Other Financial Assets relates to a loan to the company's ultimate parent undertaking, Fieldalter Management Holdings Limited. The loan is subject to a market rate of interest. There is no fixed repayment date.

7

Debtors

2024
£

2023
£

Trade debtors

237,276

205,616

Prepayments

29,708

30,654

Accrued income

-

3,863

266,984

240,133

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

71,572

72,821

Trade creditors

 

49,834

51,284

Amounts owed to associates

11

2,006

2,561

PAYE and NIC

 

46,219

27,642

VAT

 

52,598

63,246

Accruals and deferred income

 

1,875

39,145

Other creditors

 

22,561

33,123

 

246,665

289,822

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

132,715

138,377

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

10,000

10,000

10,000

10,000

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

40,602

92,428

Other borrowings

92,113

45,949

132,715

138,377

All amounts outstanding at 31 March 2024 are repayable within 5 years.

2024
£

2023
£

Current loans and borrowings

Bank borrowings

51,826

49,303

Other borrowings

19,746

23,518

71,572

72,821

Other borrowings are subject to a fixed and floating charge.

 

Fieldalter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

At start of period

147,178

147,178

Repaid

(11,254)

(11,254)

Interest transactions

11,254

11,254

At end of period

147,178

147,178

2023

Parent
£

Total
£

At start of period

197,178

197,178

Repaid

(59,360)

(59,360)

Interest transactions

9,360

9,360

At end of period

147,178

147,178

Terms of loans to related parties

Loan to Fieldalter Management Holdings Limited. The loan is subject to a market rate of interest. There is no fixed repayment date.
 

In addition there is a net amount owed to the Company's ultimate parent of £1,582 (2023: £2,137) and immediate parent of £424 (2023: £424) included in Current Liabilities. These amounts are non interest bearing and repayable/receivable on demand.

12

Parent and ultimate parent undertaking

The company's immediate parent is Fieldalter Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Fieldalter Management Holdings Limited, incorporated in England and Wales.