Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01No description of principal activityfalse2217truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08394387 2023-03-01 2024-02-29 08394387 2022-03-01 2023-02-28 08394387 2024-02-29 08394387 2023-02-28 08394387 c:Director1 2023-03-01 2024-02-29 08394387 c:Director2 2023-03-01 2024-02-29 08394387 c:Director3 2023-03-01 2024-02-29 08394387 c:RegisteredOffice 2023-03-01 2024-02-29 08394387 d:PlantMachinery 2023-03-01 2024-02-29 08394387 d:PlantMachinery 2024-02-29 08394387 d:PlantMachinery 2023-02-28 08394387 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08394387 d:MotorVehicles 2023-03-01 2024-02-29 08394387 d:MotorVehicles 2024-02-29 08394387 d:MotorVehicles 2023-02-28 08394387 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08394387 d:ComputerEquipment 2023-03-01 2024-02-29 08394387 d:ComputerEquipment 2024-02-29 08394387 d:ComputerEquipment 2023-02-28 08394387 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08394387 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08394387 d:CurrentFinancialInstruments 2024-02-29 08394387 d:CurrentFinancialInstruments 2023-02-28 08394387 d:Non-currentFinancialInstruments 2024-02-29 08394387 d:Non-currentFinancialInstruments 2023-02-28 08394387 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08394387 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08394387 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08394387 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08394387 d:ShareCapital 2024-02-29 08394387 d:ShareCapital 2023-02-28 08394387 d:RetainedEarningsAccumulatedLosses 2024-02-29 08394387 d:RetainedEarningsAccumulatedLosses 2023-02-28 08394387 c:FRS102 2023-03-01 2024-02-29 08394387 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08394387 c:FullAccounts 2023-03-01 2024-02-29 08394387 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08394387 d:WithinOneYear 2024-02-29 08394387 d:WithinOneYear 2023-02-28 08394387 d:BetweenOneFiveYears 2024-02-29 08394387 d:BetweenOneFiveYears 2023-02-28 08394387 2 2023-03-01 2024-02-29 08394387 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Company registration number: 08394387







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


F ONE TECHNOLOGIES LTD






































img30a5.png                        

 


F ONE TECHNOLOGIES LTD
 


 
COMPANY INFORMATION


Directors
Mr A R Monaghan 
Mr L K New 
Mr A P Viola 




Registered number
08394387



Registered office
First Floor
Roman Landing

35-37 St Marys Street

Southampton

Hampshire

SO14 3HY




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


F ONE TECHNOLOGIES LTD
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9


 


F ONE TECHNOLOGIES LTD
REGISTERED NUMBER:08394387



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
92,748
72,771

  
92,748
72,771

Current assets
  

Stocks
  
37,760
35,156

Debtors: amounts falling due within one year
 5 
59,829
52,927

Cash at bank and in hand
  
483,141
301,237

  
580,730
389,320

Creditors: amounts falling due within one year
 6 
(385,699)
(312,948)

Net current assets
  
 
 
195,031
 
 
76,372

Total assets less current liabilities
  
287,779
149,143

Creditors: amounts falling due after more than one year
 7 
(71,567)
(72,640)

Provisions for liabilities
  

Deferred tax
  
(29,827)
(25,118)

  
 
 
(29,827)
 
 
(25,118)

Net assets
  
186,385
51,385

Page 1

 


F ONE TECHNOLOGIES LTD
REGISTERED NUMBER:08394387


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
186,285
51,285

  
186,385
51,385


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 by: 




Mr L K New
Director

Date: 17 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

F One Technologies Ltd is a private company limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

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 4

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
5 years straight-line
Motor vehicles
-
25% reducing balance
Computer equipment
-
3-5 years 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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 17).

Page 6

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
53,357
94,670
45,390
193,417


Additions
1,606
55,038
3,468
60,112


Disposals
-
-
(999)
(999)



At 29 February 2024

54,963
149,708
47,859
252,530



Depreciation


At 1 March 2023
24,701
58,099
37,846
120,646


Charge for the year on owned assets
10,490
22,903
6,742
40,135


Disposals
-
-
(999)
(999)



At 29 February 2024

35,191
81,002
43,589
159,782



Net book value



At 29 February 2024
19,772
68,706
4,270
92,748



At 28 February 2023
28,656
36,571
7,544
72,771

Page 7

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
42,567
41,487

Other debtors
3,003
3,612

Prepayments and accrued income
14,259
7,828

59,829
52,927



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
28,148
26,898

Trade creditors
101,152
122,200

Corporation tax
104,543
54,165

Other taxation and social security
84,265
82,418

Obligations under finance lease and hire purchase contracts
19,006
15,224

Other creditors
48,585
12,043

385,699
312,948


Bank loans totaling £28,148 (2023 - £26,898) are secured by way of a fixed and floating charge over the assets of the company.


7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
36,822
65,154

Net obligations under finance leases and hire purchase contracts
34,745
7,486

71,567
72,640


Bank loans totaling £36,822 (2023 - £65,154) are secured by way of a fixed and floating charge over the assets of the company.

Page 8

 


F ONE TECHNOLOGIES LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
47,806
48,551

Later than 1 year and not later than 5 years
150,186
163,827

197,992
212,378


9.


Related party transactions

At the year end date the company owed amounts to the directors of the company totalling £nil (2023 - £10,302). These amounts are unsecured, undated and interest free.

 
Page 9