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Registered number: 13557289
Fibre Finance Group Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 August 2024
Hanberry and Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—8
Page 1
Company Information
Directors Mr Daniel Fozard
Mr William Stephenson
Company Number 13557289
Registered Office 3, Bakery Court
London End
Beaconsfield
HP9 2FN
Accountants Hanberry and Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2024.
Directors
The directors who held office during the year were as follows:
Mr Daniel Fozard
Mr William Stephenson
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.
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 Daniel Fozard
Director
Mr William Stephenson
Director
14/01/2025
Page 2
Page 3
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 August 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
14/01/2025
Hanberry and Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 684,203 368,741
GROSS PROFIT 684,203 368,741
Administrative expenses (406,709 ) (196,105 )
Other operating income - 3,630
OPERATING PROFIT AND PROFIT BEFORE TAXATION 277,494 176,266
Tax on Profit (73,125 ) (40,645 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 204,369 135,621
The notes on pages 7 to 8 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,216 4,289
3,216 4,289
CURRENT ASSETS
Debtors 5 42,012 35,650
Cash at bank and in hand 74,917 10,897
116,929 46,547
Creditors: Amounts Falling Due Within One Year 6 (87,681 ) (50,141 )
NET CURRENT ASSETS (LIABILITIES) 29,248 (3,594 )
TOTAL ASSETS LESS CURRENT LIABILITIES 32,464 695
NET ASSETS 32,464 695
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 32,364 595
SHAREHOLDERS' FUNDS 32,464 695
For the year ending 31 August 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Daniel Fozard
Director
Mr William Stephenson
Director
14/01/2025
The notes on pages 7 to 8 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 September 2022 100 19,597 19,697
Profit for the year and total comprehensive income - 135,621 135,621
Dividends paid - (154,623) (154,623)
As at 31 August 2023 and 1 September 2023 100 595 695
Profit for the year and total comprehensive income - 204,369 204,369
Dividends paid - (172,600) (172,600)
As at 31 August 2024 100 32,364 32,464
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Page 7
Notes to the Financial Statements
1. General Information
Fibre Finance Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13557289 . The registered office is 3, Bakery Court, London End, Beaconsfield, HP9 2FN.
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. 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.
2.3. 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% reducing balance
2.4. 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 company'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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 September 2023 5,888
As at 31 August 2024 5,888
Depreciation
As at 1 September 2023 1,599
Provided during the period 1,073
As at 31 August 2024 2,672
Net Book Value
As at 31 August 2024 3,216
As at 1 September 2023 4,289
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 37,012 30,650
Other debtors 5,000 5,000
42,012 35,650
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 72,970 40,645
Other taxes and social security 2,940 23
Other creditors 6,298 4,000
Accruals and deferred income 5,130 5,130
Directors' loan accounts 343 343
87,681 50,141
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Post Balance Sheet Events
The company changed it's name from Fibre Finance Group Limited to Fibre Payments Limited on 14 November 2023. The name reverted to Fibre Finance Group Limited on 25 June 2024.
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