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Registration number: 11201575

FHS Accounting Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

FHS Accounting Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

FHS Accounting Limited

(Registration number: 11201575)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,699

17,304

Tangible assets

5

1,346

1,795

 

23,045

19,099

Current assets

 

Debtors

6

115,478

59,285

Cash at bank and in hand

 

22,114

28,680

 

137,592

87,965

Creditors: Amounts falling due within one year

7

(81,835)

(64,193)

Net current assets

 

55,757

23,772

Total assets less current liabilities

 

78,802

42,871

Creditors: Amounts falling due after more than one year

7

(73,458)

(38,115)

Net assets

 

5,344

4,756

Capital and reserves

 

Called up share capital

100

100

Retained earnings

5,244

4,656

Shareholders' funds

 

5,344

4,756

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

 

FHS Accounting Limited

(Registration number: 11201575)
Balance Sheet as at 29 February 2024

.........................................
Miss K Cheadle
Director

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite G18
Genesis Centre
Innovation Way
Stoke on Trent
ST6 4BF

These financial statements were authorised for issue by the Board on 17 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

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 based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Impairment

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.

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 are largely independent of the cash inflows from other assets or groups of assets.
 

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Recognition and measurement
A financial asset or financial liability is recognised only when the company 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis or similar credit risk characteristics.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

28,754

28,754

Additions acquired separately

8,079

8,079

At 29 February 2024

36,833

36,833

Amortisation

At 1 March 2023

11,451

11,451

Amortisation charge

3,683

3,683

At 29 February 2024

15,134

15,134

Carrying amount

At 29 February 2024

21,699

21,699

At 28 February 2023

17,304

17,304

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

5,314

5,314

At 29 February 2024

5,314

5,314

Depreciation

At 1 March 2023

3,519

3,519

Charge for the year

449

449

At 29 February 2024

3,968

3,968

Carrying amount

At 29 February 2024

1,346

1,346

At 28 February 2023

1,795

1,795

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

11,311

11,716

Amounts owed by related parties

8

32,952

28,022

Other debtors

 

71,215

19,547

   

115,478

59,285

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12,662

7,667

Trade creditors

 

967

582

Taxation and social security

 

55,958

42,769

Other creditors

 

12,248

13,175

 

81,835

64,193

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

73,458

38,115

8

Related party transactions

(i) Details of directors loan balances are disclosed in advances. All transactions undertaken with directors were under normal market conditions and/or not material,
(ii) At the balance sheet date fellow subsidiaries owed the company a total of £32,951 (2023 - £28,022). All transactions undertaken with subsidiaries were under normal market conditions and/or not material.

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Directors loan

(18,348)

(188,295)

136,624

(70,019)

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Directors loan

(15,462)

(116,753)

113,866

(18,348)

         
       

 

 

FHS Accounting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Parent and ultimate parent undertaking

F & C Holdings Limited is the company's ultimate parent undertaking. The parent undertaking's registered office is c/o FHS, Genesis Centre, Innovation Way, Stoke on Trent, ST6 4BF.

 The company's immediate parent is F & C Holdings Limited, incorporated in England & Wales.