42 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 55,000 55,000 xbrli:pure xbrli:shares iso4217:GBP 05711050 2023-03-01 2024-02-29 05711050 2024-02-29 05711050 2023-02-28 05711050 2022-03-01 2023-02-28 05711050 2023-02-28 05711050 2022-02-28 05711050 core:NetGoodwill 2023-03-01 2024-02-29 05711050 core:LandBuildings core:LongLeaseholdAssets 2023-03-01 2024-02-29 05711050 core:FurnitureFittings 2023-03-01 2024-02-29 05711050 core:MotorVehicles 2023-03-01 2024-02-29 05711050 bus:Director1 2023-03-01 2024-02-29 05711050 bus:Director2 2023-03-01 2024-02-29 05711050 bus:Director4 2023-03-01 2024-02-29 05711050 bus:Director3 2023-03-01 2024-02-29 05711050 core:NetGoodwill 2024-02-29 05711050 core:LandBuildings 2023-02-28 05711050 core:FurnitureFittings 2023-02-28 05711050 core:MotorVehicles 2023-02-28 05711050 core:LandBuildings 2024-02-29 05711050 core:FurnitureFittings 2024-02-29 05711050 core:MotorVehicles 2024-02-29 05711050 core:WithinOneYear 2024-02-29 05711050 core:WithinOneYear 2023-02-28 05711050 core:AfterOneYear 2024-02-29 05711050 core:AfterOneYear 2023-02-28 05711050 bus:AllOrdinaryShares 2023-03-01 2024-02-29 05711050 bus:AllOrdinaryShares 2022-03-01 2023-02-28 05711050 core:ShareCapital 2024-02-29 05711050 core:ShareCapital 2023-02-28 05711050 core:RetainedEarningsAccumulatedLosses 2024-02-29 05711050 core:RetainedEarningsAccumulatedLosses 2023-02-28 05711050 core:BetweenOneFiveYears 2024-02-29 05711050 core:BetweenOneFiveYears 2023-02-28 05711050 core:FurnitureFittings 2023-02-28 05711050 core:MotorVehicles 2023-02-28 05711050 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-02-29 05711050 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-02-28 05711050 bus:Director1 2022-03-01 2023-02-28 05711050 bus:Director4 2022-03-01 2023-02-28 05711050 bus:SmallEntities 2023-03-01 2024-02-29 05711050 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05711050 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05711050 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05711050 bus:FullAccounts 2023-03-01 2024-02-29 05711050 core:ComputerEquipment 2023-03-01 2024-02-29 05711050 core:ComputerEquipment 2023-02-28 05711050 core:ComputerEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 05711050
Fifteen Group Limited
Filleted Unaudited Financial Statements
29 February 2024
Fifteen Group Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
229,553
224,542
Current assets
Stocks
8
337,187
200,557
Debtors
9
1,170,031
1,081,311
Cash at bank and in hand
140,871
356,246
------------
------------
1,648,089
1,638,114
Creditors: amounts falling due within one year
10
1,395,564
1,324,034
------------
------------
Net current assets
252,525
314,080
---------
---------
Total assets less current liabilities
482,078
538,622
Creditors: amounts falling due after more than one year
11
127,570
143,062
Provisions
Taxation including deferred tax
62,580
46,372
---------
---------
Net assets
291,928
349,188
---------
---------
Fifteen Group Limited
Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
291,828
349,088
---------
---------
Shareholders funds
291,928
349,188
---------
---------
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 income and retained earnings 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 R K Adams
Mr M R Adams
Director
Director
Mr M Graham
Director
Company registration number: 05711050
Fifteen Group Limited
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, 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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold Property
-
100% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2023: 31 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
200,000
100,000
Dividends proposed after the year end and not recognised as a liability
60,000
200,000
---------
---------
6. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
55,000
--------
Amortisation
At 1 March 2023 and 29 February 2024
55,000
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
--------
7. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
2,000
89,154
268,449
83,200
442,803
Additions
10,351
62,970
13,068
86,389
Disposals
( 23,591)
( 23,591)
-------
--------
---------
--------
---------
At 29 February 2024
2,000
99,505
331,419
72,677
505,601
-------
--------
---------
--------
---------
Depreciation
At 1 March 2023
2,000
58,444
88,432
69,385
218,261
Charge for the year
6,580
61,106
13,692
81,378
Disposals
( 23,591)
( 23,591)
-------
--------
---------
--------
---------
At 29 February 2024
2,000
65,024
149,538
59,486
276,048
-------
--------
---------
--------
---------
Carrying amount
At 29 February 2024
34,481
181,881
13,191
229,553
-------
--------
---------
--------
---------
At 28 February 2023
30,710
180,017
13,815
224,542
-------
--------
---------
--------
---------
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
172,106
---------
At 28 February 2023
176,408
---------
8. Stocks
2024
2023
£
£
Raw materials and consumables
237,187
200,557
Work in progress
100,000
---------
---------
337,187
200,557
---------
---------
9. Debtors
2024
2023
£
£
Trade debtors
940,814
970,111
Prepayments and accrued income
52,474
15,973
Other debtors
176,743
95,227
------------
------------
1,170,031
1,081,311
------------
------------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
44,391
30,381
Trade creditors
660,025
591,585
Corporation tax
72,831
71,424
Social security and other taxes
191,542
137,197
Other creditors
426,775
493,447
------------
------------
1,395,564
1,324,034
------------
------------
Within other creditors Nil(2023 £209,144) is secured against trade debtors.
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,037
22,222
Other creditors
115,533
120,840
---------
---------
127,570
143,062
---------
---------
12. 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
67,444
61,793
Later than 1 year and not later than 5 years
127,082
133,738
---------
---------
194,526
195,531
Less: future finance charges
( 21,540)
( 22,970)
---------
---------
Present value of minimum lease payments
172,986
172,561
---------
---------
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 R K Adams
76,387
( 76,387)
Mr M R Adams
14,663
( 14,663)
Mr I W Walker
19,310
( 19,310)
Mr M Graham
48,994
( 48,994)
----
---------
---------
----
159,354
( 159,354)
----
---------
---------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R K Adams
164,104
( 164,104)
Mr M R Adams
Mr I W Walker
Mr M Graham
6,895
( 6,895)
----
---------
---------
----
170,999
( 170,999)
----
---------
---------
----
14. Related party transactions
The company was under the control of Mr R Adams, Mr M Adams, Mr I Walker and Mr M Graham during the year. The company has transactions with other companies under common control as follows: 15 Digital Developers Ltd. The company received goods and service of £156,000. At the year end, £20,329 was owed by 15 Digital Developers Ltd Fifteen Holdings Ltd. The company incurred charges of £194,011 from Fifteen Holdings Ltd A dividend of £200,000 was paid to Fifteen Holdings Ltd during the year. The company owed £105,84 to Fifteen Holdings Ltd and was owed £255,070 by Fifteen Holdings Ltd Fifteen Communications Ltd. The company incurred Charges of £52,600 from Fifteen Communications Ltd At the year end, £25,00 was owing to Fifteen Communications Ltd and was owed £18075 by Fifteen Communications Ltd. Pegasus Fire & Security Ltd. All of the directors in Fifteen Group Ltd are directors in Pegasus Fire & Security Ltd. The company incurred charges of £35,000 from Pegasus Fire & Security Ltd. At the year end, £144,448 was owing to Pegasus Fire & Security Ltd At the year end, £66,400 was owed ByPegasus Fire & Security Ltd
15. Controlling party
The company is a 100% subsidiary of Fifteen Holdings Ltd Whose registered office is Marcus House Park Hall Village Stoke-on-Trent Staffs ST3 5XA.