Company registration number 04918279 (England and Wales)
FEELFINE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
FEELFINE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FEELFINE LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,850
4,469
Tangible assets
5
14,519
28,781
Investment property
6
89,604
89,604
108,973
122,854
Current assets
Debtors
7
33,118
18,439
Cash at bank and in hand
30,770
7,615
63,888
26,054
Creditors: amounts falling due within one year
8
(162,497)
(128,561)
Net current liabilities
(98,609)
(102,507)
Total assets less current liabilities
10,364
20,347
Creditors: amounts falling due after more than one year
9
(10,000)
(16,000)
Net assets
364
4,347
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
164
4,147
Total equity
364
4,347
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FEELFINE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr S M Smith
Director
Company Registration No. 04918279
FEELFINE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Feelfine Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Other income in the prior year relates to (government) grants, representing interest payable covered by the government in relation to the BBLS loan received during the year for the first 12 months of the loan term.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Cryptocurrency
Enter amortisation rate via StatDB - cd999270
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33%
Motor vehicles
3 years 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 profit or loss.
FEELFINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial assets
Basic financial assets, which include 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.8
Taxation
The tax expense represents the tax currently payable.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FEELFINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
Cryptocurrency
£
Cost or valuation
At 1 November 2022
4,469
Revaluation
381
At 31 October 2023
4,850
Amortisation and impairment
At 1 November 2022 and 31 October 2023
Carrying amount
At 31 October 2023
4,850
At 31 October 2022
4,469
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
2,291
2,291
Accumulated amortisation
229
-
Carrying value
2,062
2,291
FEELFINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
8,810
41,863
50,673
Depreciation and impairment
At 1 November 2022
7,988
13,904
21,892
Depreciation charged in the year
308
13,954
14,262
At 31 October 2023
8,296
27,858
36,154
Carrying amount
At 31 October 2023
514
14,005
14,519
At 31 October 2022
822
27,959
28,781
6
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
89,604
Investment property is measured at the fair value based on the purchase price on 28 October 2022.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,900
Amounts owed by group undertakings
2,000
Other debtors
21,218
18,439
33,118
18,439
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,000
6,000
Corporation tax
2,801
5,717
Other taxation and social security
6,796
1,319
Other creditors
146,900
115,525
162,497
128,561
FEELFINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,000
16,000
10
Loans and overdrafts
2023
2022
£
£
Bank loans
16,000
22,000
Other loans
143,800
89,775
159,800
111,775
Payable within one year
149,800
95,775
Payable after one year
10,000
16,000
Included within creditors is a loan secured by fixed charges over the property. The loan is interest only at a rate of 8.00% and will be fully repaid within 12 months of the year end.
The BBLS term is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 2.50% from the 13th month.