Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-312022-06-01false371111 - Architectural activities3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10766396 2022-06-01 2023-05-31 10766396 2021-06-01 2022-05-31 10766396 2023-05-31 10766396 2022-05-31 10766396 2021-06-01 10766396 c:Director1 2022-06-01 2023-05-31 10766396 d:MotorVehicles 2022-06-01 2023-05-31 10766396 d:MotorVehicles 2023-05-31 10766396 d:MotorVehicles 2022-05-31 10766396 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10766396 d:FurnitureFittings 2022-06-01 2023-05-31 10766396 d:FurnitureFittings 2023-05-31 10766396 d:FurnitureFittings 2022-05-31 10766396 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10766396 d:OfficeEquipment 2022-06-01 2023-05-31 10766396 d:OfficeEquipment 2023-05-31 10766396 d:OfficeEquipment 2022-05-31 10766396 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10766396 d:ComputerEquipment 2022-06-01 2023-05-31 10766396 d:ComputerEquipment 2023-05-31 10766396 d:ComputerEquipment 2022-05-31 10766396 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10766396 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 10766396 d:Goodwill 2022-06-01 2023-05-31 10766396 d:Goodwill 2023-05-31 10766396 d:Goodwill 2022-05-31 10766396 d:CurrentFinancialInstruments 2023-05-31 10766396 d:CurrentFinancialInstruments 2022-05-31 10766396 d:Non-currentFinancialInstruments 2023-05-31 10766396 d:Non-currentFinancialInstruments 2022-05-31 10766396 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10766396 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10766396 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10766396 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 10766396 d:ShareCapital 2023-05-31 10766396 d:ShareCapital 2022-05-31 10766396 d:RetainedEarningsAccumulatedLosses 2023-05-31 10766396 d:RetainedEarningsAccumulatedLosses 2022-05-31 10766396 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 10766396 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 10766396 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 10766396 d:TaxLossesCarry-forwardsDeferredTax 2022-05-31 10766396 d:OtherDeferredTax 2023-05-31 10766396 d:OtherDeferredTax 2022-05-31 10766396 c:OrdinaryShareClass1 2022-06-01 2023-05-31 10766396 c:OrdinaryShareClass1 2023-05-31 10766396 c:OrdinaryShareClass1 2022-05-31 10766396 c:OrdinaryShareClass2 2022-06-01 2023-05-31 10766396 c:OrdinaryShareClass2 2023-05-31 10766396 c:OrdinaryShareClass2 2022-05-31 10766396 c:FRS102 2022-06-01 2023-05-31 10766396 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10766396 c:FullAccounts 2022-06-01 2023-05-31 10766396 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10766396 d:Goodwill d:OwnedIntangibleAssets 2022-06-01 2023-05-31 10766396 e:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10766396










FOLIAT ASSOCIATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
FOLIAT ASSOCIATES LIMITED
REGISTERED NUMBER: 10766396

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
100,000
150,000

Tangible assets
 5 
39,775
-

  
139,775
150,000

Current assets
  

Stocks
 6 
570,112
249,905

Debtors: amounts falling due within one year
 7 
105,617
55,101

  
675,729
305,006

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(865,613)
(487,625)

Net current liabilities
  
 
 
(189,884)
 
 
(182,619)

Total assets less current liabilities
  
(50,109)
(32,619)

Creditors: amounts falling due after more than one year
 10 
(20,000)
(30,000)

Deferred tax
 12 
(5,389)
-

  
 
 
(5,389)
 
 
-

Net liabilities
  
(75,498)
(62,619)


Capital and reserves
  

Called up share capital 
 13 
1,000
1,000

Profit and loss account
  
(76,498)
(63,619)

  
(75,498)
(62,619)


Page 1

 
FOLIAT ASSOCIATES LIMITED
REGISTERED NUMBER: 10766396

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D G Franklin
Director

Date: 7 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Foliat Associates Limited is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is The Vicarage, Chilton Foliat, Hungerford, Berkshire, RG17 0TF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net liabilities of £75,498 (2022: net liabilities of £62,619). The director has indicated that they are willing to continue to provide funding to support the company, to enable the company to meet its third party liabilities as they fall due, therefore the accounts have been prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2023
2022
£
£

Wages and salaries
26,820
26,040

26,820
26,040


The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
400,000



At 31 May 2023

400,000



Amortisation


At 1 June 2022
250,000


Charge for the year on owned assets
50,000



At 31 May 2023

300,000



Net book value



At 31 May 2023
100,000



At 31 May 2022
150,000

During the years to May 2023 and 2022 the company incurred trading losses and the directors have considered whether the goodwill held by the company is impaired. The directors are of the view that the company will be cash generative going forward and so consider the goodwill to be unimpaired at this stage, although they will review again going forward.



Page 7

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
9,819
3,876
272
8,910
22,877


Additions
53,034
-
-
-
53,034



At 31 May 2023

62,853
3,876
272
8,910
75,911



Depreciation


At 1 June 2022
9,819
3,876
272
8,910
22,877


Charge for the year on owned assets
13,259
-
-
-
13,259



At 31 May 2023

23,078
3,876
272
8,910
36,136



Net book value



At 31 May 2023
39,775
-
-
-
39,775



At 31 May 2022
-
-
-
-
-


6.


Stocks

2023
2022
£
£

Work in progress
570,112
249,905



7.


Debtors

2023
2022
£
£

Trade debtors
72,076
27,077

Other debtors
33,541
20,613

Deferred taxation
-
7,411

105,617
55,101


Page 8

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Cash and cash equivalents

2023
2022
£
£

Less: bank overdrafts
(82,230)
(50,052)



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
82,230
50,052

Bank loans
10,000
10,000

Trade creditors
213,784
107,650

Obligations under finance lease and hire purchase contracts
20,027
-

Other creditors
506,564
286,915

Accruals and deferred income
33,008
33,008

865,613
487,625



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,000
30,000



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
10,000
20,000

30,000
40,000


Page 9

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
7,411
4,900


Charged to profit or loss
(12,800)
2,511



At end of year
(5,389)
7,411

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset differences
(8,224)
2,098

Short term timing differences
2,580
2,580

Taxable losses carried forward
255
2,733

(5,389)
7,411


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



750 (2022 - 750) Ordinary A shares of £1.00 each
750
750
250 (2022 - 250) Ordinary B shares of £1.00 each
250
250

1,000

1,000



14.


Related party transactions

At the year end the company owed £393,077 to its director (2022: £132,298). This amount is interest free and repayable upon demand.


15.


Controlling party

The company is controlled by its director, by virtue of his majority shareholding.


Page 10