FYB CONSULTING LTD
Company registration number 07305228 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FYB CONSULTING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FYB CONSULTING LTD
BALANCE SHEET
AS AT
28 NOVEMBER 2023
28 November 2023
- 1 -
28 November 2023
30 November 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
223,029
202,059
Biological assets
4
21,600
-
Investment property
5
1,739,505
1,529,679
1,984,134
1,731,738
Current assets
Debtors
6
136,214
769,777
Cash at bank and in hand
90,997
20,981
227,211
790,758
Creditors: amounts falling due within one year
7
(310,438)
(252,433)
Net current (liabilities)/assets
(83,227)
538,325
Total assets less current liabilities
1,900,907
2,270,063
Creditors: amounts falling due after more than one year
8
(171,495)
Provisions for liabilities
(21,781)
Net assets
1,900,907
2,076,787
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
9
105,204
Distributable profit and loss reserves
1,795,702
2,076,786
Total equity
1,900,907
2,076,787
FYB CONSULTING LTD
BALANCE SHEET (CONTINUED)
AS AT
28 NOVEMBER 2023
28 November 2023
- 2 -
For the financial period ended 28 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr N Blackburn
Director
Company registration number 07305228 (England and Wales)
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
FYB Consulting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Llys Fynydd, Llanarmon Road, Llanferres, Mold, Denbighshire, CH7 5TA.
1.1
Reporting period
The period has been shortened by one day to 28 November 2023, as a result of this and the lengthening of the accounts in the prior period the comparatives are not directly comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
10% Reducing balance
Computers
25% Straight line
Motor vehicles
17.5% Reducing balance
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.
During the period end the method of depreciation on plant and machinery, computers and motors vehicles was changed. The revised method better reflects the useful life of the assets together with their residual value on disposal.
The change in depreciation method is a change in accounting estimate and is accounted for in the period of change and in subsequent periods.
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
lower of cost and estimated selling price less costs to complete and sell; or
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Sheep
Not depreciated
The directors consider that the cost value of livestock is not materially different to its residual value and therefore is not depreciated.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
149,563
160,656
659
9,150
320,028
Additions
28,336
28,336
At 28 November 2023
149,563
188,992
659
9,150
348,364
Depreciation and impairment
At 1 December 2022
115,776
440
1,753
117,969
Depreciation charged in the period
5,906
165
1,295
7,366
At 28 November 2023
121,682
605
3,048
125,335
Carrying amount
At 28 November 2023
149,563
67,310
54
6,102
223,029
At 30 November 2022
149,563
44,880
219
7,397
202,059
4
Biological assets
Sheep
£
Cost
At 1 December 2022
Additions - purchases
23,926
Disposals
(3,870)
Revaluation
1,544
At 28 November 2023
21,600
Depreciation and impairment
At 1 December 2022 and 28 November 2023
Carrying amount
At 28 November 2023
21,600
At 30 November 2022
5
Investment property
2023
£
Fair value
At 1 December 2022
1,529,679
Additions
69,434
Revaluations
140,392
At 28 November 2023
1,739,505
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
5
Investment property
(Continued)
- 7 -
The directors have reviewed the valuations of investment properties and revalued the properties on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,750
4,725
Other debtors
132,464
765,052
136,214
769,777
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
93,352
Trade creditors
1,790
1,790
Taxation and social security
6,372
153,668
Other creditors
302,276
3,623
310,438
252,433
The bank loan is secured via fixed charges on freehold property of the company and floating charge over all other assets.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
171,495
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the period
-
-
Non distributable profits in the period
105,204
-
At the end of the period
105,204
-
10
Prior period adjustment
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
10
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
31 August
30 November
2021
2022
£
£
Adjustments to prior period
Understated proceeds on the sale of fixed asset investments
-
93,389
Equity as previously reported
1,368,196
1,983,398
Equity as adjusted
1,368,196
2,076,787
Analysis of the effect upon equity
Profit and loss reserves
-
93,389
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior period
Understated proceeds on the sale of fixed asset investments
93,389
Profit as previously reported
624,602
Profit as adjusted
717,991