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Registration number: 11763789

Foundry Collective Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Foundry Collective Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Foundry Collective Ltd

(Registration number: 11763789)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Cash at bank and in hand

 

7,756

57

Creditors: Amounts falling due within one year

4

(10,282)

(3,015)

Total assets less current liabilities

 

(2,526)

(2,958)

Provisions for liabilities

589

-

Net liabilities

 

(1,937)

(2,958)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(2,037)

(3,058)

Shareholders' deficit

 

(1,937)

(2,958)

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

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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 17 January 2025
 

.........................................
Ms K A Harris
Director

 

Foundry Collective Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Holly Lodge
15A Coach Drive
Hitchin
Hertfordshire
SG4 9AP

These financial statements were authorised for issue by the director on 17 January 2025.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net liabilities of £1,937 (2023 - £2,958) and retained losses of £1,937 (2023 - £2,958). The director has pledged to continue to financially support the company for the foreseeable future. On this basis, the director feels it is appropriate to prepare these financial statements on a going concern basis.

 

Foundry Collective Ltd

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price.

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.

 

Foundry Collective Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

4

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

600

1,250

Other creditors

9,682

1,765

10,282

3,015

5

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

6

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Ms K A Harris

Directors Loan Account

(1,765)

41

(7,958)

(9,682)

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Ms K A Harris

Directors Loan Account

(3,176)

5,000

(3,589)

(1,765)

 

Foundry Collective Ltd

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

This loan is provided interest free and is repayable on demand.

7

Ultimate Controlling Party

The ultimate controlling party is Kelly Anne Harris, by virtue of their shareholding.