2 false false false false false false false false false false true false false true true true true 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 635 21,403 xbrli:pure xbrli:shares iso4217:GBP 04872428 2023-01-01 2023-12-31 04872428 2023-12-31 04872428 2022-12-31 04872428 2022-01-01 2022-12-31 04872428 2022-12-31 04872428 2021-12-31 04872428 core:MotorVehicles 2023-01-01 2023-12-31 04872428 bus:Director1 2023-01-01 2023-12-31 04872428 core:MotorVehicles 2022-12-31 04872428 core:MotorVehicles 2023-12-31 04872428 core:AfterOneYear 2023-12-31 04872428 core:AfterOneYear 2022-12-31 04872428 core:WithinOneYear 2023-12-31 04872428 core:WithinOneYear 2022-12-31 04872428 core:ShareCapital 2023-12-31 04872428 core:ShareCapital 2022-12-31 04872428 core:RetainedEarningsAccumulatedLosses 2023-12-31 04872428 core:RetainedEarningsAccumulatedLosses 2022-12-31 04872428 core:MotorVehicles 2022-12-31 04872428 bus:SmallEntities 2023-01-01 2023-12-31 04872428 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04872428 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04872428 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04872428 bus:FullAccounts 2023-01-01 2023-12-31 04872428 core:OfficeEquipment 2023-01-01 2023-12-31 04872428 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 04872428
Financial and Commercial Ltd
Filleted Unaudited Financial Statements
31 December 2023
Financial and Commercial Ltd
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
64,149
70,152
--------
--------
Gross profit
64,149
70,152
Distribution costs
12,651
14,231
Administrative expenses
42,509
29,235
--------
--------
Operating profit
8,989
26,686
Interest payable and similar expenses
7,837
4,878
--------
--------
Profit before taxation
5
1,152
21,808
Tax on profit
517
405
-------
--------
Profit for the financial year and total comprehensive income
635
21,403
-------
--------
All the activities of the company are from continuing operations.
Financial and Commercial Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
3,301
2,680
Current assets
Debtors
7
14,160
13,040
Cash at bank and in hand
47,457
51,941
--------
--------
61,617
64,981
Creditors: amounts falling due within one year
8
24,561
23,845
--------
--------
Net current assets
37,056
41,136
--------
--------
Total assets less current liabilities
40,357
43,816
Creditors: amounts falling due after more than one year
9
37,769
41,863
--------
--------
Net assets
2,588
1,953
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,488
1,853
-------
-------
Shareholders funds
2,588
1,953
-------
-------
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'.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Financial and Commercial Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Mr P Teasdale
Director
Company registration number: 04872428
It has come to our attention that fraudsters have stolen the identity of this company and are offering bogus project and bank finance.
They are using the following web address - www.financialandcommercial.com
We wish to point out we have no connection whatsoever with these people or this website, and our company do not offer finance or arrange loans but provides NED services only. We have notified the authorities and advise you to conduct thorough due diligence before paying any fees to these people.
Financial and Commercial Ltd
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 Willow Force, Chester, CH3 9NH. It has come to our attention that fraudsters have stolen the identity of this company and are offering bogus project and bank finance. They are using the following web address - www.financialandcommercial.com We wish to point out we have no connection whatsoever with these people or this website, and our company do not offer finance or arrange loans but provides NED services only. We have notified the authorities and advise you to conduct thorough due diligence before paying any fees to these people.
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
(a) 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.
(b) Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
(c) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(d) 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.
(e) 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.
(f) 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:
Depreciation MVs
-
20% straight line
Depreciation OE
-
33% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
2,837
4,000
-------
-------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
20,000
20,000
Additions
3,458
3,458
--------
-------
--------
At 31 December 2023
20,000
3,458
23,458
--------
-------
--------
Depreciation
At 1 January 2023
17,320
17,320
Charge for the year
1,680
1,157
2,837
--------
-------
--------
At 31 December 2023
19,000
1,157
20,157
--------
-------
--------
Carrying amount
At 31 December 2023
1,000
2,301
3,301
--------
-------
--------
At 31 December 2022
2,680
2,680
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
8,560
13,040
Other debtors
5,600
--------
--------
14,160
13,040
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
924
405
Social security and other taxes
4,105
4,398
Other creditors
19,532
19,042
--------
--------
24,561
23,845
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,484
6,407
Other creditors
33,285
35,456
--------
--------
37,769
41,863
--------
--------
10. Related party transactions
The company was under the control of the directors who was also the main shareholders throughout the current period. The company owe them £33,235 as at 31 December 2023,(2022 £20,706).