Company registration number 14500232 (England and Wales)
Fitain Ltd
Unaudited financial statements
For the year ended 5 April 2024
Fitain Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
Fitain Ltd
Statement of financial position
As at 5 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
70,106
51,849
Cash at bank and in hand
37,498
-
0
107,604
51,849
Creditors: amounts falling due within one year
4
(107,166)
(51,687)
Net current assets
438
162
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
338
62
Total equity
438
162

For the financial year ended 5 April 2024 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 year 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 income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr L D Austin
Director
Company registration number 14500232 (England and Wales)
Fitain Ltd
Statement of changes in equity
For the year ended 5 April 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 November 2022
-
0
-
0
-
Period ended 5 April 2023:
Profit and total comprehensive income
-
62
62
Issue of share capital
100
-
100
Balance at 5 April 2023
100
62
162
Year ended 5 April 2024:
Profit and total comprehensive income
-
276
276
Balance at 5 April 2024
100
338
438
Fitain Ltd
Notes to the financial statements
For the year ended 5 April 2024
- 3 -
1
Accounting policies
Company information

Fitain Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.

1.1
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. The principal accounting policies adopted are set out below.

1.2
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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.

1.4
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 income statement 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.

Fitain Ltd
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
4
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
70,106
51,849
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
65
15
Other creditors
107,101
51,672
107,166
51,687
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