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Registration number: 03528953

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

for
 

Filgroup Ltd

 

Filgroup Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Filgroup Ltd

Company Information

Director:

MS Lawson

Registered office:

Kopshop
6 Old London Road
Kingston Upon Thames
Surrey
KT2 6QF

Registered number:

03528953

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Filgroup Ltd

(Registration number: 03528953)
Balance Sheet as at 31 March 2024

Note

31.03.24

31.03.23

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

19,208

 

21,609

Tangible assets

5

 

2,007

 

3,728

Investment property

6

 

157,600

 

157,600

Other financial assets

7

 

663,627

 

617,618

   

842,442

 

800,555

CURRENT ASSETS

   

 

Stocks

8

128,250

 

128,250

 

Debtors

9

12,401

 

17,837

 

Cash at bank and in hand

 

23,780

 

40,416

 

 

164,431

 

186,503

 

CREDITORS

   

 

Creditors within 1yr

10

564,954

 

403,682

 

Net current liabilities

   

(400,523)

 

(217,179)

Total assets less current liabilities

   

441,919

 

583,376

Creditors
Amounts falling due after more than one year

10

 

13,091

 

22,626

Net assets

   

428,828

 

560,750

CAPITAL AND RESERVES

   

 

Called up share capital

 

800

 

800

Profit and loss account

 

428,028

 

559,950

Shareholders' funds

   

428,828

 

560,750

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Filgroup Ltd

(Registration number: 03528953)
Balance Sheet as at 31 March 2024 (continued)

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 August 2024
 

.........................................
MS Lawson
Director

   
     
 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kopshop
6 Old London Road
Kingston Upon Thames
Surrey
KT2 6QF

These financial statements were authorised for issue by the director on 5 August 2024.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover represents the sale of properties and rental income.

Tax

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Computer equipments

33% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
 

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 2).

 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4.

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

24,010

24,010

At 31 March 2024

24,010

24,010

Amortisation

At 1 April 2023

2,401

2,401

Amortisation charge

2,401

2,401

At 31 March 2024

4,802

4,802

Carrying amount

At 31 March 2024

19,208

19,208

At 31 March 2023

21,609

21,609

 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5.

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

5,233

9,758

14,991

At 31 March 2024

5,233

9,758

14,991

Depreciation

At 1 April 2023

5,233

6,030

11,263

Charge for the year

-

1,721

1,721

At 31 March 2024

5,233

7,751

12,984

Carrying amount

At 31 March 2024

-

2,007

2,007

At 31 March 2023

-

3,728

3,728

6.

Investment properties

31.03.24
£

At 1 April

157,600

At 31 March 2023

157,600

The properties were revalued at the year on an open market basis by the director(s).

 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7.

Fixed Asset Investments

Listed Investments
£

FIXED ASSET INVESTMENTS

Cost or valuation

At 1 April 2023

617,618

Additions

66,353

Disposals

(68,326)

Fair value adjustments

47,982

At 31 March 2024

663,627

Carrying amount

At 31 March 2024

663,627

8.

Stocks

31.03.24
£

31.03.23
£

Property

128,250

128,250

9.

Debtors

Current

31.03.24
£

31.03.23
£

Other debtors

12,401

17,837

 

12,401

17,837

Include in other debtors is an amount owed by company under common control. No interest or repayment terms have been set.

 

Filgroup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10.

Creditors

Creditors: amounts falling due within one year

Note

31.03.24
£

31.03.23
£

Due within one year

 

Loans and borrowings

10,183

10,648

Taxation and social security

 

2,573

1,389

Accruals and deferred income

 

5,800

3,850

Other creditors

 

546,398

387,795

 

564,954

403,682

Include in other creditors is an amount owed by company under common control. No interest or repayment terms have been set.

Creditors: amounts falling due after more than one year

31.03.24
£

31.03.23
£

Due after one year

Bank loans

13,091

22,626