Fletcher Priest International Limited
Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 06490823 (England and Wales)
Fletcher Priest International Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Fletcher Priest International Limited
Balance Sheet
As at 31 March 2024
31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
151,069
48,685
Cash at bank and in hand
221,342
151,522
372,411
200,207
Creditors: amounts falling due within one year
4
(323,397)
(190,950)
Net current assets
49,014
9,257
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
49,013
9,256
Total equity
49,014
9,257
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 15 October 2024 and are signed on its behalf by:
E Rae
Director
Company Registration No. 06490823
Fletcher Priest International Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 2
1
Accounting policies
Company information
Fletcher Priest International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Middlesex House, 34/42 Cleveland Street, London, W1T 4JE.
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 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 a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The practice prepares its forecasts on the basis of secured and likely revenues that it expects to achieve, factoring in a probability of success on work not yet secured. These forecasts are on a prudent basis to factor in future uncertainty around securing new projects or possible delays to existing projects. The practice has outperformed its forecasts in recent years and such comparable performance when compared to forecast would provide sufficient cash resources to meet liabilities as they fall due for 12 months from approval of the financial statements. true
The directors will regularly review the position going forward and take further action if required. The practice has no external finance and would seek possible solutions to finance any future cash requirements if required.
Whilst there is inherent uncertainty around future projects, based on these assumptions, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services rendered during the year, and is stated net of VAT. Turnover is recognised when the right to consideration has arisen through the performance under each contract. Consideration accrues as the contract progresses. Turnover is not recognised where the right to receive payment is contingent on events outside the control of the company.
Amounts billed on account of work in progress are included in creditors as deferred income to the extent that they exceed the value of the related work in progress.
Turnover which has accrued but not been invoiced at the balance sheet date is shown as debtors.
1.4
Cash and cash equivalents
Cash and cash equivalents are deposits held at call with banks.
Fletcher Priest International Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.5
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.
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
1.8
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.
Fletcher Priest International Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 3).
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
92,663
21,464
Amounts due from fellow group undertakings
29,520
468
Other debtors
17,457
15,324
139,640
37,256
Amounts falling due after one year:
Other debtors
11,429
11,429
Total debtors
151,069
48,685
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,122
Amounts due to fellow group undertakings
175,851
178,779
Corporation tax
16,248
2,171
Other creditors
115,176
10,000
323,397
190,950
5
Called up share capital
2024
2023
£
£
Issued and fully paid
1 Ordinary shares of £1 each
1
1
6
Audit report information
The financial statements were audited by Moore Kingston Smith LLP. The audit report was unqualified and signed by Jamie Sherman as senior statutory auditor.
Fletcher Priest International Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 5
7
Related party transactions
During the year Fletcher Priest Architects LLP, the parent entity, made a management recharge of £182,492 (2023: £29,731) to the company. Included in creditors at the year end is an amount of £175,851 (2023: £178,779) due to Fletcher Priest Architects LLP.
8
Parent company
The parent entity is Fletcher Priest Architects LLP, an LLP incorporated in England and Wales. There is no ultimate controlling party of the LLP.