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Registration number: 08482284

FIS360 Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

FIS360 Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

FIS360 Ltd

Company Information

Directors

FJ Allison

DL Bowering

GC Short

Registered office

11 Riverview
The Embankment Business Park
Stockport
Cheshire
Stockport
SK4 3GN

Accountants

McKellens Ltd
Chartered Accountants
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

FIS360 Ltd

(Registration number: 08482284)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,967

20,539

Current assets

 

Debtors

5

139,880

95,094

Cash at bank and in hand

 

114,372

191,993

 

254,252

287,087

Creditors: Amounts falling due within one year

6

(84,411)

(70,681)

Net current assets

 

169,841

216,406

Total assets less current liabilities

 

185,808

236,945

Provisions for liabilities

(5,135)

(5,135)

Net assets

 

180,673

231,810

Capital and reserves

 

Called up share capital

100

1

Retained earnings

180,573

231,809

Shareholders' funds

 

180,673

231,810

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 May 2024 and signed on its behalf by:
 

.........................................
FJ Allison
Director

   
     
 

FIS360 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
11 Riverview
The Embankment Business Park
Stockport
Cheshire
Stockport
SK4 3GN

These financial statements were authorised for issue by the Board on 10 May 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.

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.

Tax

The tax expense for the period comprises 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.

 

FIS360 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

FIS360 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

37,607

37,607

Additions

7,344

7,344

At 31 December 2023

44,951

44,951

Depreciation

At 1 January 2023

17,068

17,068

Charge for the year

11,916

11,916

At 31 December 2023

28,984

28,984

Carrying amount

At 31 December 2023

15,967

15,967

At 31 December 2022

20,539

20,539

 

FIS360 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

120,563

91,834

Amounts owed by related parties

2,000

-

Prepayments

 

17,317

3,260

 

139,880

95,094

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

23,411

8,979

Taxation and social security

19,128

42,721

Accruals and deferred income

37,376

14,448

Other creditors

4,496

4,533

84,411

70,681

7

Parent and ultimate parent undertaking

The company's immediate parent is FIS360 Holdings Ltd, incorporated in England.