Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-313false2022-11-01No description of principal activity5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09166556 2022-11-01 2023-10-31 09166556 2021-11-01 2022-10-31 09166556 2023-10-31 09166556 2022-10-31 09166556 c:Director2 2022-11-01 2023-10-31 09166556 d:PlantMachinery 2022-11-01 2023-10-31 09166556 d:PlantMachinery 2023-10-31 09166556 d:PlantMachinery 2022-10-31 09166556 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09166556 d:CurrentFinancialInstruments 2023-10-31 09166556 d:CurrentFinancialInstruments 2022-10-31 09166556 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09166556 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09166556 d:ShareCapital 2023-10-31 09166556 d:ShareCapital 2022-10-31 09166556 d:RetainedEarningsAccumulatedLosses 2023-10-31 09166556 d:RetainedEarningsAccumulatedLosses 2022-10-31 09166556 c:OrdinaryShareClass1 2022-11-01 2023-10-31 09166556 c:OrdinaryShareClass1 2023-10-31 09166556 c:OrdinaryShareClass1 2022-10-31 09166556 c:FRS102 2022-11-01 2023-10-31 09166556 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 09166556 c:FullAccounts 2022-11-01 2023-10-31 09166556 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09166556 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 09166556 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 09166556 2 2022-11-01 2023-10-31 09166556 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09166556














FABRX LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2023

 
FABRX LIMITED
REGISTERED NUMBER:09166556

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note

FIXED ASSETS
  

Tangible assets
 4 
33,872
36,399

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
251,996
298,588

Cash at bank and in hand
 6 
301,503
25,674

  
553,499
324,262

Creditors: amounts falling due within one year
 7 
(135,778)
(148,786)

NET CURRENT ASSETS
  
 
 
417,721
 
 
175,476

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(8,468)
-

NET ASSETS
  
£443,125
£211,875


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
443,025
211,775

  
£443,125
£211,875


The directors consider 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 directors acknowledge their 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 income and retained earnings 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: 



___________________________
W P Lindsay
Director

Date: 10 October 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
FABRX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Fabrx Limited is a private limited company incorporated in England and Wales.
The registered number of the Company is 09166556.
The Company is limited by shares and the address of its registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business is London Bioscience Innovation Centre, London, NW1 0NH.

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

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 2

 
FABRX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

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:

Plant and machinery
-
15%

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.

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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 Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
FABRX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

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.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
FABRX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 5).

Page 5

 
FABRX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Plant and machinery



Cost or valuation


At 1 November 2022
74,900


Additions
9,017



At 31 October 2023

83,917



Depreciation


At 1 November 2022
38,501


Charge for the year on owned assets
11,544



At 31 October 2023

50,045



Net book value



At 31 October 2023
£33,872



At 31 October 2022
£36,399


5.


Debtors

2023
2022


Trade debtors
157,122
206,309

Other debtors
18,084
32,535

Prepayments and accrued income
76,790
59,744

£251,996
£298,588



6.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£301,503
£25,674


Page 6

 
FABRX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
18,663
-

Corporation tax
22,856
49,551

Other taxation and social security
13,395
-

Other creditors
76,824
95,520

Accruals and deferred income
4,040
3,715

£135,778
£148,786


IIncluded within other creditors are loans from the directors/shareholders of £75,000 (2022 - £93,000)
which can be converted to share capital at the unanimous agreement of the shareholders


8.


Deferred taxation




2023





Charged to profit or loss
8,468



At end of year
£8,468

The deferred taxation balance is made up as follows:

2023
2022


Accelerated capital allowances
£8,468
£-


9.


Share capital

2023
2022
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
£100
£100



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £38,207 (2022 - £4,569). Contributions totalling £221 (2022 - £917) were payable to the fund at the balance sheet date and are included in creditors.

Page 7