Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Bolor-Erdene Jargalsaikhan 22/01/2024 19/11/2023 F M Notte 06/11/2020 28 November 2024 The principal activity of the company during the financial year was artistic creation. 13001808 2024-02-29 13001808 bus:Director1 2024-02-29 13001808 bus:Director2 2024-02-29 13001808 2023-02-28 13001808 core:CurrentFinancialInstruments 2024-02-29 13001808 core:CurrentFinancialInstruments 2023-02-28 13001808 core:ShareCapital 2024-02-29 13001808 core:ShareCapital 2023-02-28 13001808 core:RetainedEarningsAccumulatedLosses 2024-02-29 13001808 core:RetainedEarningsAccumulatedLosses 2023-02-28 13001808 core:OtherPropertyPlantEquipment 2023-02-28 13001808 core:OtherPropertyPlantEquipment 2024-02-29 13001808 2023-03-01 2024-02-29 13001808 bus:FilletedAccounts 2023-03-01 2024-02-29 13001808 bus:SmallEntities 2023-03-01 2024-02-29 13001808 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13001808 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13001808 bus:Director1 2023-03-01 2024-02-29 13001808 bus:Director2 2023-03-01 2024-02-29 13001808 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 13001808 2022-03-01 2023-02-28 13001808 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 13001808 (England and Wales)

FMN LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

FMN LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

FMN LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
FMN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
Director Bolor-Erdene Jargalsaikhan (Appointed 19 November 2023, Resigned 22 January 2024)
F M Notte
Registered office 168 Shoreditch High Street 2nd Floor
London
E1 6RA
United Kingdom
Company number 13001808 (England and Wales)
Accountant Kreston Reeves LLP
2nd Floor
168 Shoreditch High Street
London
E1 6RA
FMN LIMITED

BALANCE SHEET

As at 29 February 2024
FMN LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,225 17,640
13,225 17,640
Current assets
Debtors 4 387,246 381,116
Cash at bank and in hand 5 26,533 29,765
413,779 410,881
Creditors: amounts falling due within one year 6 ( 152,666) ( 217,201)
Net current assets 261,113 193,680
Total assets less current liabilities 274,338 211,320
Net assets 274,338 211,320
Capital and reserves
Called-up share capital 100 100
Profit and loss account 274,238 211,220
Total shareholder's funds 274,338 211,320

For the financial 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.

Director's responsibilities:

The financial statements of FMN Limited (registered number: 13001808) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

F M Notte
Director
FMN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
FMN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FMN Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 168 Shoreditch High Street 2nd Floor, London, E1 6RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 24,570 24,570
Additions 2,159 2,159
At 29 February 2024 26,729 26,729
Accumulated depreciation
At 01 March 2023 6,930 6,930
Charge for the financial year 6,574 6,574
At 29 February 2024 13,504 13,504
Net book value
At 29 February 2024 13,225 13,225
At 28 February 2023 17,640 17,640

4. Debtors

2024 2023
£ £
Trade debtors 1,388 59
Other debtors 385,858 381,057
387,246 381,116

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 26,533 29,765

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 500 9,200
Taxation and social security 46,444 42,181
Other creditors 105,722 165,820
152,666 217,201

7. Contingencies

Contingent liabilities

The company has provided a guarantee for a bank loan of £507,865 on behalf of Dragon Armoury Creative Limited, a connected company due to Finbarr Notte being director and ultimate controlling party of the company. The balance sheet is secured on the investment held in Dragon Armoury Creative Limited. No provision is considered necessary as the director considers Dragon Armoury Creative Limited will have the ongoing financial resources to repay their debt and it is therefore unlikely that this company will incur any liability.

8. Related party transactions

During the year the company loaned Dragon Armoury Creative Limited £4,800 (2023: £380,709), a company controlled by F M Notte, the director and shareholder of the company. At the date of the balance sheet the amount outstanding was £385,509 (2023: £380,709). During the year the company paid rental fees of £33,600 (2023: £11,500) to Dragon Armoury Creative. At the balance sheet date the amount outstanding was £Nil (2023: £11,500). During the year the company had a loan account with its director, at the year end the company owed the director £99,222 (2023: £160,352).