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REGISTERED NUMBER: 08845192 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FFX TRADING LTD

FFX TRADING LTD (REGISTERED NUMBER: 08845192)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


FFX TRADING LTD (REGISTERED NUMBER: 08845192)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 453,504 406,588

CURRENT ASSETS
Debtors 5 66,922 241,827
Cash at bank and in hand 272,456 79,546
339,378 321,373
CREDITORS
Amounts falling due within one year 6 188,110 176,526
NET CURRENT ASSETS 151,268 144,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

604,772

551,435

CREDITORS
Amounts falling due after more than one year 7 (199,723 ) (218,925 )

PROVISIONS FOR LIABILITIES 9 (33,077 ) (7,081 )
NET ASSETS 371,972 325,429

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 371,872 325,329
371,972 325,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:



Mr S S Phagura - Director


FFX TRADING LTD (REGISTERED NUMBER: 08845192)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Ffx Trading Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08845192

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

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 despatch 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 costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 25% on reducing balance
Motor vehicle - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


FFX TRADING LTD (REGISTERED NUMBER: 08845192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2023 256,305 20,269 182,827 459,401
Additions 30,000 1,396 83,552 114,948
Disposals - - (30,461 ) (30,461 )
At 31 January 2024 286,305 21,665 235,918 543,888
DEPRECIATION
At 1 February 2023 - 12,253 40,560 52,813
Charge for year - 2,004 35,567 37,571
At 31 January 2024 - 14,257 76,127 90,384
NET BOOK VALUE
At 31 January 2024 286,305 7,408 159,791 453,504
At 31 January 2023 256,305 8,016 142,267 406,588

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 7,393
Other debtors 66,922 234,434
66,922 241,827

FFX TRADING LTD (REGISTERED NUMBER: 08845192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,830 19,030
Trade creditors 14,037 41,819
Taxation and social security 115,531 81,807
Other creditors 46,712 33,870
188,110 176,526

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 199,723 218,925

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 132,430 139,800

Bank loan is secured by way of fixed charge on the property and other assets of the company and contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 33,077 7,081

Deferred
tax
£   
Balance at 1 February 2023 7,081
Provided during year 25,996
Balance at 31 January 2024 33,077

10. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £7,839 (£94,800) due from connected companies under common control.This amount is interest-free and recoverable on demand.

Included in other creditors less than one year is an amount of £10,100 (2023: £17,800) due to a connected company under common control. The amount is interest-free and repayable on demand.