Company registration number 10789055 (England and Wales)
FIREBOY-XINTEX UK OPERATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
FIREBOY-XINTEX UK OPERATIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
FIREBOY-XINTEX UK OPERATIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M Hompesch
Mr J Mirabile
Company number
10789055
Registered office
Unit 10 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
FIREBOY-XINTEX UK OPERATIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
$
$
$
$
Fixed assets
Intangible assets
4
422,571
441,632
Tangible assets
5
58,109
68,655
Current assets
Stocks
648,904
696,461
Debtors
6
2,816,607
1,629,518
Cash at bank and in hand
268,292
383,887
3,733,803
2,709,866
Creditors: amounts falling due within one year
7
(807,195)
(386,110)
Net current assets
2,926,608
2,323,756
Total assets less current liabilities
3,407,288
2,834,043
Creditors: amounts falling due after more than one year
8
(429,951)
(465,668)
Net assets
2,977,337
2,368,375
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
2,977,336
2,368,374
Total equity
2,977,337
2,368,375
FIREBOY-XINTEX UK OPERATIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The directors of the company have 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 by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr J Mirabile
Director
Company Registration No. 10789055
The notes on pages 4 to 10 form part of these financial statements
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Fireboy-Xintex UK Operations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Holton Road, Holton Heath Trading Park, Poole, Dorset, BH16 6LT.
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 US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest dollar.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Improvements to property
Straight line over useful economic life
Plant and equipment
25% straight line
Fixtures and fittings
20% or 7 year straight line
Computers
33% straight line
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
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.
1.8
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.
1.9
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.
1.10
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.
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.11
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 profit or loss.
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Goodwill
Determining the economic useful life of goodwill is a judgement performed by the directors at the time of acquisition. Determining whether the goodwill has been impaired requires estimations of the investments' values in use. The value in use calculations require the entity to estimate the future cash flows expected to arise from the investments and suitable discounts rates in order to calculate present values. No impairment loss has been recognised in the current year.
Foreign exchange
Determining the income and expenditure for the company requires the company to determine the currency of the transaction and converting this prevailing rate into USD. This is done using the foreign exchange rates on the day of transaction. At the yearend foreign exchange rate variances charged in the P&L were $43,144 (2022: $35,956).
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
8
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Intangible fixed assets
Goodwill
$
Cost
At 1 January 2023
441,632
Additions
22,567
At 31 December 2023
464,199
Amortisation and impairment
At 1 January 2023
Amortisation charged for the year
41,628
At 31 December 2023
41,628
Carrying amount
At 31 December 2023
422,571
At 31 December 2022
441,632
5
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Total
$
$
$
$
$
Cost
At 1 January 2023
43,634
111,761
104,245
6,307
265,947
Additions
3,673
2,515
92
6,280
Disposals
(2,145)
(40,501)
(1,144)
(43,790)
At 31 December 2023
45,162
114,276
63,744
5,255
228,437
Depreciation and impairment
At 1 January 2023
28,403
60,146
104,244
4,499
197,292
Depreciation charged in the year
5,953
10,304
16,257
Eliminated in respect of disposals
(2,145)
(40,500)
(576)
(43,221)
At 31 December 2023
32,211
70,450
63,744
3,923
170,328
Carrying amount
At 31 December 2023
12,951
43,826
1,332
58,109
At 31 December 2022
15,231
51,615
1
1,808
68,655
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
763,862
433,309
Amounts owed by group undertakings
1,804,931
1,079,032
Other debtors
126,698
5,042
Prepayments and accrued income
121,116
112,135
2,816,607
1,629,518
7
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
404,874
60,749
Corporation tax
199,121
215,379
Other taxation and social security
22,219
Deferred consideration
135,695
70,382
Accruals and deferred income
45,286
39,600
807,195
386,110
8
Creditors: amounts falling due after more than one year
2023
2022
$
$
Deferred consideration
384,311
422,289
Dilapidations
45,640
43,379
429,951
465,668
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary share of $1 each
1
1
1
1
FIREBOY-XINTEX UK OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
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.
Senior Statutory Auditor:
Chris Checkley FCCA
Statutory Auditor:
TC Group
2023-12-312023-01-01false31 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr M HompeschMr J Mirabilefalsefalse107890552023-01-012023-12-3110789055bus:Director12023-01-012023-12-3110789055bus:Director22023-01-012023-12-3110789055bus:RegisteredOffice2023-01-012023-12-31107890552023-12-31107890552022-12-3110789055core:NetGoodwill2023-12-3110789055core:NetGoodwill2022-12-3110789055core:LeaseholdImprovements2023-12-3110789055core:PlantMachinery2023-12-3110789055core:FurnitureFittings2023-12-3110789055core:ComputerEquipment2023-12-3110789055core:LeaseholdImprovements2022-12-3110789055core:PlantMachinery2022-12-3110789055core:FurnitureFittings2022-12-3110789055core:ComputerEquipment2022-12-3110789055core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110789055core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110789055core:CurrentFinancialInstruments2023-12-3110789055core:CurrentFinancialInstruments2022-12-3110789055core:Non-currentFinancialInstruments2023-12-3110789055core:Non-currentFinancialInstruments2022-12-3110789055core:ShareCapital2023-12-3110789055core:ShareCapital2022-12-3110789055core:RetainedEarningsAccumulatedLosses2023-12-3110789055core:RetainedEarningsAccumulatedLosses2022-12-3110789055core:Goodwill2023-01-012023-12-3110789055core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3110789055core:PlantMachinery2023-01-012023-12-3110789055core:FurnitureFittings2023-01-012023-12-3110789055core:ComputerEquipment2023-01-012023-12-31107890552022-01-012022-12-3110789055core:NetGoodwill2022-12-3110789055core:NetGoodwill2023-01-012023-12-3110789055core:LeaseholdImprovements2022-12-3110789055core:PlantMachinery2022-12-3110789055core:FurnitureFittings2022-12-3110789055core:ComputerEquipment2022-12-31107890552022-12-3110789055core:LeaseholdImprovements2023-01-012023-12-3110789055core:Non-currentFinancialInstruments12023-12-3110789055core:Non-currentFinancialInstruments12022-12-3110789055bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110789055bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110789055bus:FRS1022023-01-012023-12-3110789055bus:Audited2023-01-012023-12-3110789055bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP