Fount UK Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 13871139 (England and Wales)
Fount UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Fount UK Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
652,295
619,522
Cash at bank and in hand
101,657
12,889
753,952
632,411
Creditors: amounts falling due within one year
4
(708,437)
(617,672)
Net current assets
45,515
14,739
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
45,415
14,639
Total equity
45,515
14,739

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

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 9 September 2024 and are signed on its behalf by:
V H Jacobs
Director
Company Registration No. 13871139
Fount UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Fount UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

Fount UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments

Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Fount UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
7
5
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,338
-
0
Amounts owed by group undertakings
630,287
606,782
Prepayments and accrued income
16,670
12,740
652,295
619,522
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
686,093
597,706
Corporation tax
7,219
3,875
Accruals and deferred income
15,125
16,091
708,437
617,672
Fount UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Related party transactions

The disclosure exemption conferred by FRS 102 Section 33.12A has been utilised, whereby the company has not disclosed transactions with its parent company or any wholly owned subsidiary of the group.

7
Parent company

The immediate and ultimate parent undertaking is Fount Global Inc, a company incorporated and registered in the USA.

2023-12-312023-01-01false04 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityV H JacobsE H Bastrup-Birkfalsefalse138711392023-01-012023-12-31138711392023-12-31138711392022-12-3113871139core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113871139core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113871139core:ShareCapital2023-12-3113871139core:ShareCapital2022-12-3113871139core:RetainedEarningsAccumulatedLosses2023-12-3113871139core:RetainedEarningsAccumulatedLosses2022-12-3113871139bus:Director12023-01-012023-12-31138711392022-01-252022-12-3113871139core:CurrentFinancialInstruments2023-12-3113871139core:CurrentFinancialInstruments2022-12-3113871139bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113871139bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3113871139bus:FRS1022023-01-012023-12-3113871139bus:AuditExemptWithAccountantsReport2023-01-012023-12-3113871139bus:Director22023-01-012023-12-3113871139bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP