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Registered number: 12954043
Fentexa Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Elsby and Company Ltd
Contents
Page
Directors' Report 1—2
Consolidated Statement of Income and Retained Earnings 3
Consolidated Balance Sheet 4—5
Company Balance Sheet 6—7
Notes to the Financial Statements 8—12
Page 1
Directors' Report
The directors present their report and the financial statements for the year ended 31 October 2024.
Directors
The directors who held office during the year were as follows:
Miss E Cook
Mr J Gallagher
Mr D Hornsby
Mr E Cawsey Resigned 26/09/2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr J Gallagher
Director
16th January 2025
Page 2
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Consolidated Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 4,967,438 3,874,589
Cost of sales (4,125,996 ) (3,018,128 )
GROSS PROFIT 841,442 856,461
Administrative expenses (557,842 ) (420,598 )
OPERATING PROFIT 283,600 435,863
Other interest receivable and similar income 3,157 899
PROFIT BEFORE TAXATION 286,757 436,762
Tax on Profit (76,746 ) (101,277 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 210,011 335,485
RETAINED EARNINGS
As at 1 November 2023 490,715 310,973
Dividends paid (175,209) (155,743)
As at 31 October 2024 525,517 490,715
The notes on pages 8 to 12 form part of these financial statements.
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Consolidated Balance Sheet
Registered number: 12954043
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,170 20,936
53,170 20,936
CURRENT ASSETS
Debtors 6 676,027 627,556
Cash at bank and in hand 254,965 231,863
930,992 859,419
Creditors: Amounts Falling Due Within One Year 7 (445,232 ) (384,286 )
NET CURRENT ASSETS (LIABILITIES) 485,760 475,133
TOTAL ASSETS LESS CURRENT LIABILITIES 538,930 496,069
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,293 ) (5,234 )
NET ASSETS 525,637 490,835
CAPITAL AND RESERVES
Called up share capital 8 120 120
Profit and Loss Account 525,517 490,715
SHAREHOLDERS' FUNDS 525,637 490,835
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For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr J Gallagher
Director
16th January 2025
The notes on pages 8 to 12 form part of these financial statements.
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Page 6
Company Balance Sheet
Registered number: 12954043
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,170 20,936
Investments 5 925 -
54,095 20,936
CURRENT ASSETS
Debtors 6 751,331 627,556
Cash at bank and in hand 182,057 231,863
933,388 859,419
Creditors: Amounts Falling Due Within One Year 7 (434,287 ) (384,286 )
NET CURRENT ASSETS (LIABILITIES) 499,101 475,133
TOTAL ASSETS LESS CURRENT LIABILITIES 553,196 496,069
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,293 ) (5,234 )
NET ASSETS 539,903 490,835
CAPITAL AND RESERVES
Called up share capital 8 120 120
Profit and Loss Account 539,783 490,715
SHAREHOLDERS' FUNDS 539,903 490,835
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 224,277 (2023: £ 335,485 profit).
For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Gallagher
Director
16th January 2025
The notes on pages 8 to 12 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fentexa Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12954043 . The registered office is 128 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 October 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
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2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
Computer Equipment 33% on cost
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 5
Company
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
5 5
4. Tangible Assets
Group
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2023 14,878 15,693 30,571
Additions 33,427 12,801 46,228
As at 31 October 2024 48,305 28,494 76,799
...CONTINUED
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Depreciation
As at 1 November 2023 1,656 7,979 9,635
Provided during the period 7,907 6,087 13,994
As at 31 October 2024 9,563 14,066 23,629
Net Book Value
As at 31 October 2024 38,742 14,428 53,170
As at 1 November 2023 13,222 7,714 20,936
Company
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2023 14,878 15,693 30,571
Additions 33,428 12,801 46,229
As at 31 October 2024 48,306 28,494 76,800
Depreciation
As at 1 November 2023 1,656 7,979 9,635
Provided during the period 7,908 6,087 13,995
As at 31 October 2024 9,564 14,066 23,630
Net Book Value
As at 31 October 2024 38,742 14,428 53,170
As at 1 November 2023 13,222 7,714 20,936
5. Investments
Company
Subsidiaries
£
Cost
As at 1 November 2023 -
Additions 925
As at 31 October 2024 925
Provision
As at 1 November 2023 -
As at 31 October 2024 -
...CONTINUED
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Net Book Value
As at 31 October 2024 925
As at 1 November 2023 -
The company's investment at the Balance Sheet date in the share capital is for Fentexa Services Private Ltd.
6. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 599,735 532,504 591,510 532,504
Amounts owed by group undertakings - 24,251 89,724 24,251
Other debtors 76,292 70,801 70,097 70,801
676,027 627,556 751,331 627,556
7. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 287,644 226,274 287,645 226,274
Other creditors 11,476 3,289 5,863 3,289
Taxation and social security 146,112 154,723 140,779 154,723
445,232 384,286 434,287 384,286
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
200 Ordinary A shares of £ 0.10 each 20 20
120 120
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