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COMPANY REGISTRATION NUMBER: 13763187
FC Management Ltd
Filleted Unaudited Financial Statements
31 December 2023
FC Management Ltd
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
FC Management Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
60,198
60,197
Current assets
Cash at bank and in hand
100
100
Creditors: amounts falling due within one year
5
( 39,243)
( 25,018)
--------
--------
Net current liabilities
( 39,143)
( 24,918)
--------
--------
Total assets less current liabilities
21,055
35,279
Creditors: amounts falling due after more than one year
6
( 12,547)
--------
--------
Net assets
21,055
22,732
--------
--------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
20,955
22,632
--------
--------
Shareholders funds
21,055
22,732
--------
--------
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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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 25 September 2024 , and are signed on behalf of the board by:
Mr F Clerey
Director
Company registration number: 13763187
FC Management 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 31 Grange Gardens, Llantwit Major, CF61 2XB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
60,197
Additions
1
--------
At 31 December 2023
60,198
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
60,198
--------
At 31 December 2022
60,197
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
25,113
168
ITS Loan
13,277
24,000
Other creditors
853
850
--------
--------
39,243
25,018
--------
--------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
ITS Loan
12,547
----
--------
The loan from Insite Technical Services Ltd is secured by a fixed charge over the investment in LMR Resourcing Limited.
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50
50
50
50
Ordinary A shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
8. Related party transactions
Throughout the current year and previous period the company was under the control of Mr F Clerey , the managing director, and his wife Mrs R Clerey by virtue of their combined interest in 100% of the issued share capital. During the year the company paid dividends totalling £79,992 (2022 - £64,384) to the shareholders.