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Registered number: 03275564










FPP DESIGN LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FPP DESIGN LIMITED
REGISTERED NUMBER: 03275564

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
69,330
91,083

  
69,330
91,083

Current assets
  

Debtors
 5 
1,616,889
1,203,370

Cash at bank and in hand
 6 
40,008
179,091

  
1,656,897
1,382,461

Creditors: amounts falling due within one year
 7 
(975,028)
(756,215)

Net current assets
  
 
 
681,869
 
 
626,246

Total assets less current liabilities
  
751,199
717,329

  

Net assets
  
751,199
717,329


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
741,199
707,329

  
751,199
717,329


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2024.




................................................
W E Rodger
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
FPP DESIGN LIMITED
REGISTERED NUMBER: 03275564
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Page 2

 
FPP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private limited company, which is incorporated and registered in England and Wales (company number: 03275564). The address of its registered office is Felton House, The Courtyard, 1 Dinsdale Place, Sandyford, Newcastle upon Tyne, NE2 1BD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources but uses an overdraft facility to manage its working capital requirements, and the overdraft facilities are currently not being fully utilised. 
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sales represents revenue earned under projects for the provision of brand communication services. Revenue is recognised as income when, and to the extent that, the company obtained the right to consideration in exchange for its performance in respect of those projects. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
FPP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

L/Term leasehold property
-
Over the period of the lease
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

  
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 4

 
FPP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the average exchange rate for the year.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and retained earnings.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Pensions

Defined contribution pension plan
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Page 5

 
FPP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 48 (2023 - 49).


4.


Tangible fixed assets





L/Term Leasehold Property
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
62,395
24,450
199,880
142,929
429,654


Additions
-
-
1,055
12,059
13,114



At 31 March 2024

62,395
24,450
200,935
154,988
442,768



Depreciation


At 1 April 2023
62,395
21,254
161,902
93,020
338,571


Charge for the year on owned assets
-
799
12,903
21,165
34,867



At 31 March 2024

62,395
22,053
174,805
114,185
373,438



Net book value



At 31 March 2024
-
2,397
26,130
40,803
69,330



At 31 March 2023
-
3,196
37,978
49,909
91,083

Page 6

 
FPP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£



Trade debtors
1,294,952
883,627

Amounts owed by group undertakings
900
900

Other debtors
44,833
36,930

Prepayments and accrued income
201,792
199,841

Amounts recoverable on long term contracts
74,412
59,692

Tax recoverable
-
22,380

1,616,889
1,203,370


Amounts owed by group undertakings are interest free and repayable on demand. 


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
40,008
179,091

Less: bank overdrafts (note 7)
(52,579)
-

(12,571)
179,091



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
52,579
-

Bank loans
-
83,348

Trade creditors
389,775
168,381

Amounts owed to group undertakings
94,120
94,120

Other taxation and social security
81,252
98,651

Accruals and deferred income
357,302
311,715

975,028
756,215


Amounts owed to group undertakings are interest free and repayable on demand. 
The bank loan is secured by a fixed and floating charge over all of the assets of the company.

Page 7

 
FPP DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
209,936
181,460

Later than 1 year and not later than 5 years
61,665
107,491

271,601
288,951


9.


Related party transactions

Advantage has been taken of the exemption granted by Financial Reporting Standard 102 Section 33 "Related Party Disclosures" not to disclose transactions and balances with the parent company on the basis that the entity is a wholly-owned subsidiary.


10.


Controlling party

The ultimate parent undertaking is FPP Group Limited, a company registered in England and Wales whose registered office is Felton House, The Courtyard, 1 Dinsdale Place, Sandyford, Newcastle upon Tyne, NE2 1BD.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 7 November 2024 by Michael Parry (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

Page 8