Company Registration No. SC322098 (Scotland)
FMLY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FMLY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
FMLY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
37,109
599
Current assets
Debtors
6
836,686
689,067
Cash at bank and in hand
55,868
193,585
892,554
882,652
Creditors: amounts falling due within one year
7
(684,650)
(660,630)
Net current assets
207,904
222,022
Total assets less current liabilities
245,013
222,621
Creditors: amounts falling due after more than one year
8
(4,632)
-
0
Provisions for liabilities
9
(8,981)
-
0
Net assets
231,400
222,621
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
231,300
222,521
Total equity
231,400
222,621

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 24 October 2024
Christopher Stewart
Director
Company Registration No. SC322098
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

FMLY Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocate's Close, EDINBURGH, EH1 1ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have reviewed cash flow forecasts and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

1.3
Turnover

The turnover shown in the profit and loss account represents the invoices, net of value added tax, raised in the year for services rendered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33% Straight Line
Computer equipment
33% Straight Line
Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants are recognised in accordance with the performance model. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The director's do not consider any estimates or judgements to be significant.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
11
10
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
9,043
(46)
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
7,325
Additions
43,905
Disposals
(1,107)
At 30 June 2023
50,123
Depreciation and impairment
At 1 July 2022
6,726
Depreciation charged in the year
7,395
Eliminated in respect of disposals
(1,107)
At 30 June 2023
13,014
Carrying amount
At 30 June 2023
37,109
At 30 June 2022
599
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,420
11,897
Amounts owed by related parties
71,017
150,917
Amounts owed by group undertakings
249,085
212,871
Other debtors
512,164
313,320
836,686
689,005
Deferred tax asset
-
0
62
836,686
689,067
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
90,291
22,813
Amounts owed to group undertakings
494,967
531,706
Taxation and social security
79,172
91,611
Other creditors
20,220
14,500
684,650
660,630

Included within other creditors is £5,053 (2022: £Nil) in respect of hire purchase obligations which are secured against the assets concerned.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,632
-
0

Included within other creditors is £4,632 (2022: £Nil) in respect of hire purchase obligations which are secured against the assets concerned.

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8,981
-
0
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The statutory auditor was James Hamilton.
The auditor was Johnston Carmichael LLP.
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
27,877
24,500
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
13
Related party transactions

As at 30 June 2023, the immediate parent company is CSG Projects Limited. The ultimate parent company and the smallest and largest group in which the results are consolidated is CSG Commercial Limited, a company registered in Scotland. The accounts of CSG Commercial Limited can be obtained from the Registrar of Companies, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh EH3 9FF. The ultimate controlling party is Christopher Stewart.

During the year, services of £259,455 (2022: £240,098) were provided to Lateral City Limited. At 30 June 2023, £21,924 (2022: £16,032) was due from Lateral City Limited.

During the year, services of £21,627 (2022: £12,755) were provided to Crisp Investment Limited. At the year-end £607 (2022: £407) was due from Crisp Investment Limited.

During the year, services of £6,618 (2022: £14,890) were provided to CSG Hamilton Place Limited. CSG Hamilton Place repaid £104,332 during the year. At the year-end £21,686 (2022: £119,400) was due from CSG Hamilton Place Limited.

During the year, services of £184,411 (2022: £151,742) were provided to St Andrew Square (Property) Limited. At the year end, £12,309 (2022: £15,353 due to) was due from St Andrew Square (Property) Limited

During the year, services of £60,218 (2022: £12,565) were provided to CSG Queensferry Limited. At the year-end £5,717 (2022: £15,078) was due from CSG Queensferry Limited.

During the year, services of £107,816 (2022: £74,751) were provided to Inverleith Place Limited. At the year-end £8,774 (2022: £nil) was due from Inverleith Place Limited.

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

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