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COMPANY REGISTRATION NUMBER: 06207702
Fifteen Holdings Ltd
Filleted Unaudited Financial Statements
29 February 2024
Fifteen Holdings Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
3,061
8,162
Investments
7
184,420
204,615
---------
---------
187,481
212,777
Current assets
Debtors
8
274,354
132,446
Cash at bank and in hand
3,642
911
---------
---------
277,996
133,357
Creditors: amounts falling due within one year
9
333,694
255,873
---------
---------
Net current liabilities
55,698
122,516
---------
---------
Total assets less current liabilities
131,783
90,261
Creditors: amounts falling due after more than one year
10
12,245
22,558
Provisions
Taxation including deferred tax
582
1,551
---------
--------
Net assets
118,956
66,152
---------
--------
Fifteen Holdings Ltd
Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
393
393
Profit and loss account
118,563
65,759
---------
--------
Shareholders funds
118,956
66,152
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr M Graham
Mr R K Adams
Director
Director
Mr M R Adams
Director
Company registration number: 06207702
Fifteen Holdings Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Marcus House, Park Hall Business Village, Longton, Stoke-on-Trent, Staffs, ST3 5XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
199,500
151,790
Dividends proposed after the year end and not recognised as a liability
16,000
199,500
---------
---------
6. Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 March 2023
25,098
25,098
Disposals
( 12,549)
( 12,549)
--------
--------
At 29 February 2024
12,549
12,549
--------
--------
Depreciation
At 1 March 2023
16,936
16,936
Charge for the year
1,020
1,020
Disposals
( 8,468)
( 8,468)
--------
--------
At 29 February 2024
9,488
9,488
--------
--------
Carrying amount
At 29 February 2024
3,061
3,061
--------
--------
At 28 February 2023
8,162
8,162
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 29 February 2024
----
At 28 February 2023
8,162
-------
7. Investments
Shares in group undertakings
Other investments other than loans
Other loans
Total
£
£
£
£
Cost
At 1 March 2023
181,275
2
93,403
274,680
Additions
6,597
6,597
---------
----
---------
---------
At 29 February 2024
181,275
2
100,000
281,277
---------
----
---------
---------
Impairment
At 1 March 2023
70,065
70,065
Revaluations
26,792
26,792
---------
----
---------
---------
At 29 February 2024
96,857
96,857
---------
----
---------
---------
Carrying amount
At 29 February 2024
84,418
2
100,000
184,420
---------
----
---------
---------
At 28 February 2023
111,210
2
93,403
204,615
---------
----
---------
---------
The company owns 100% of the issued share capital of 15 Digital Developers Ltd, Fifteen Communications Ltd, Fifteen Group Ltd ang Pegasus Fire and Security Ltd.
Aggregate capital and reserves
15 Digital Developers Ltd (26,971) (28,156)
Fifteen Group Ltd 349,188 194,856
Fifteen Communications Ltd 2239 1,838
Pegasus Fire & Security Ltd 69,014 73,993
Profit and (loss) for the year
15 Digital Developers Ltd 1,185 (31,655 )
Fifteen Group Ltd 254,332 190,088
Fifteen Communications Ltd 401 1,038
Pegasus Fire & Security Ltd (1,971) 62,577
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
During the year the company acquired a 20% ordinary shareholding of CGS Developments (111SS) Ltd and made a interest free loan to the company of £100,000.
8. Debtors
2024
2023
£
£
Trade debtors
105,844
365
Other debtors
168,510
132,081
---------
---------
274,354
132,446
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
1,853
-------
----
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,250
9,938
Trade creditors
107,293
139,109
Corporation tax
1,853
Social security and other taxes
34,685
24,164
Other creditors
179,613
82,662
---------
---------
333,694
255,873
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,245
22,558
--------
--------
11. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
1,973
----
-------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
78,542
76,254
--------
--------
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Graham
32,723
51,671
( 38,904)
45,490
Mr I W Walker
18,157
69,364
( 61,404)
26,117
Mr R K Adams
38,804
82,415
( 81,424)
39,795
Mr M R Adams
18,455
65,613
( 61,404)
22,664
---------
---------
---------
---------
108,139
269,063
( 243,136)
134,066
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Graham
61,475
( 28,752)
32,723
Mr I W Walker
13,960
53,109
( 48,912)
18,157
Mr R K Adams
42,170
45,540
( 48,906)
38,804
Mr M R Adams
13,421
53,982
( 48,948)
18,455
--------
---------
---------
---------
69,551
214,106
( 175,518)
108,139
--------
---------
---------
---------
14. Related party transactions
The company was under the control of the directors throughout the current and previous years. The directors and shareholders of this company either as individuals or together control the following companies. Transaction will Subsidiary Companies are: Fifteen Group Ltd. Services were provided to Fifteen Group amounted to £219,511 during the year A dividend of £200,000 was received from Fifteen Group Ltd. The company is owed £100,844 By Fifteen Group Ltd and owes fifteen group Ltd £255,070 Pegasus Fire & Security Ltd. The company provided services of £5,000 during the year. Pegasus Fire and Security Ltd owes £5,000 to fifteen Holdings Ltd and is owed £28,531.18 by Fifteen Holdings Ltd The balances on the directors loan accounts are interest free and repayable on demand. A dividend of £199,500 was paid to the directors during the year.