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.
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 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.
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.
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, 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.
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.
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.
The average monthly number of persons employed by the company during the year was:
Included within other creditors is £5,053 (2022: £Nil) in respect of hire purchase obligations which are secured against the assets concerned.
Included within other creditors is £4,632 (2022: £Nil) in respect of hire purchase obligations which are secured against the assets concerned.
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:
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
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.