2023-01-012023-12-312023-12-31false07479324FONE MARKET 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FONE MARKET LTD

Registered Number
07479324
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

FONE MARKET LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

MALJI, Shokat

Registered Address

315 Settle Street
Bolton
BL3 3EB

Registered Number

07479324 (England and Wales)
FONE MARKET LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets428,22637,540
28,22637,540
Current assets
Stocks5104,71193,450
Debtors126,366169,151
Cash at bank and on hand67,783161,518
298,860424,119
Creditors amounts falling due within one year6(103,905)(209,340)
Net current assets (liabilities)194,955214,779
Total assets less current liabilities223,181252,319
Creditors amounts falling due after one year7(48,916)(63,828)
Provisions for liabilities9(5,363)(7,133)
Net assets168,902181,358
Capital and reserves
Called up share capital11
Profit and loss account168,901181,357
Shareholders' funds168,902181,358
The financial statements were approved and authorised for issue by the Director on 1 December 2024, and are signed on its behalf by:
MALJI, Shokat
Director
Registered Company No. 07479324
FONE MARKET LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles25
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year34
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 January 2348,1714,83553,006
At 31 December 2348,1714,83553,006
Depreciation and impairment
At 01 January 2312,0423,42415,466
Charge for year9,0322829,314
At 31 December 2321,0743,70624,780
Net book value
At 31 December 2327,0971,12928,226
At 31 December 2236,1291,41137,540
5.Stocks
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2023

2022

££
Finished goods104,71193,450
Total104,71193,450
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables72,70688,908
Bank borrowings and overdrafts10,00010,341
Taxation and social security15,7467,964
Finance lease and HP contracts4,8914,891
Other creditors52797,236
Accrued liabilities and deferred income35-
Total103,905209,340
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts14,21924,240
Other creditors34,69739,588
Total48,91663,828
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts34,69739,588
9.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2023

2022

££
Net deferred tax liability (asset)5,3637,133
Total5,3637,133