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COMPANY REGISTRATION NUMBER: 07955777
FIDUCI-CORP (UK) SERVICES LIMITED
Unaudited Financial Statements
31 December 2023
FIDUCI-CORP (UK) SERVICES LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Director's report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
FIDUCI-CORP (UK) SERVICES LIMITED
Director's Report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was the offering of accounting and corporate support services.
Director
The director who served the company during the year was as follows:
Mrs Elena Drakos
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 August 2024 and signed on behalf of the board by:
Mrs Elena Drakos
Director
FIDUCI-CORP (UK) SERVICES LIMITED
Income Statement
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
961,647
953,473
Cost of sales
( 37,444)
( 47,957)
---------
---------
Gross profit
924,203
905,516
Administrative expenses
( 625,121)
( 334,482)
Other operating income
166
---------
---------
Operating profit
299,248
571,034
Other interest receivable and similar income
53,615
3,345
---------
---------
Profit before taxation
5
352,863
574,379
Tax on profit
( 85,652)
( 110,744)
---------
---------
Profit for the financial year
267,211
463,635
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
FIDUCI-CORP (UK) SERVICES LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
22,581
29,533
Current assets
Debtors
7
455,399
431,581
Cash at bank and in hand
2,269,815
2,012,597
------------
------------
2,725,214
2,444,178
Creditors: amounts falling due within one year
8
250,227
243,354
------------
------------
Net current assets
2,474,987
2,200,824
------------
------------
Total assets less current liabilities
2,497,568
2,230,357
------------
------------
Net assets
2,497,568
2,230,357
------------
------------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
10
2,496,568
2,229,357
------------
------------
Shareholders funds
2,497,568
2,230,357
------------
------------
These financial statements have been prepared 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'.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act 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 29 August 2024 , and are signed on behalf of the board by:
Mrs Elena Drakos
Director
Company registration number: 07955777
FIDUCI-CORP (UK) SERVICES LIMITED
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
1,000
1,765,722
1,766,722
Profit for the year
463,635
463,635
-------
------------
------------
Total comprehensive income for the year
463,635
463,635
At 31 December 2022
1,000
2,229,357
2,230,357
Profit for the year
267,211
267,211
-------
------------
------------
Total comprehensive income for the year
267,211
267,211
-------
------------
------------
At 31 December 2023
1,000
2,496,568
2,497,568
-------
------------
------------
FIDUCI-CORP (UK) SERVICES 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 St Georges House, 6th Floor, 15 Hanover Square, London, W1S 1HS, UK.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 5 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
9,733
9,455
-------
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
2,091
92,458
94,549
Additions
2,781
2,781
-------
--------
--------
At 31 December 2023
2,091
95,239
97,330
-------
--------
--------
Depreciation
At 1 January 2023
1,761
63,255
65,016
Charge for the year
209
9,524
9,733
-------
--------
--------
At 31 December 2023
1,970
72,779
74,749
-------
--------
--------
Carrying amount
At 31 December 2023
121
22,460
22,581
-------
--------
--------
At 31 December 2022
330
29,203
29,533
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
430,301
406,889
Prepayments and accrued income
22,892
22,327
Other debtors
2,206
2,365
---------
---------
455,399
431,581
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
99,558
101,310
Accruals and deferred income
23,160
2,101
Corporation tax
85,573
110,712
Social security and other taxes
24,918
14,111
Shareholder account credit balance
15,973
15,120
Other creditors
1,045
---------
---------
250,227
243,354
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Related party transactions
The company was under the control of Mrs Elena Drakos throughout the current and previous year. Mrs Elena Drakos is the sole director.