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COMPANY REGISTRATION NUMBER: SC499452
FourM Limited
Filleted Unaudited Abridged Financial Statements
30 April 2024
FourM Limited
Abridged Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
125,970
250,738
Tangible assets
7
43,781
43,969
Fixed Asset Investments
8
51
51
---------
---------
169,802
294,758
Current assets
Work in progress
73,990
44,020
Debtors
368,827
374,525
Cash at bank and in hand
61,123
159,142
---------
---------
503,940
577,687
Creditors: amounts falling due within one year
288,710
411,716
---------
---------
Net current assets
215,230
165,971
---------
---------
Total assets less current liabilities
385,032
460,729
Provisions for liabilities
Deferred taxation
9,284
9,284
---------
---------
Net assets
375,748
451,445
---------
---------
FourM Limited
Abridged Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
9
3
3
Profit and loss account
375,745
451,442
---------
---------
Shareholders funds
375,748
451,445
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Graham McLelland Director
Company registration number: SC499452
FourM Limited
Notes to the Abridged Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Fixed asset investments
Investments held as fixed assets are stated at cost, together with subsequent capital contributions, less any provisions for impairment in value.
Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed asset investment.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
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
The turnover shown in the profit and loss account represents accountancy and related services provided to clients during the period, exclusive of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10-33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% reducing balance
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Work in progress
Work in progress is measured at the lower of cost and the estimated recoverable amount of work undertaken, but not billed at the year end.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs). At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date. Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 38 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
52,000
43,480
Deferred tax:
Origination and reversal of timing differences
3,547
--------
--------
Tax on profit
52,000
47,027
--------
--------
6. Intangible assets
£
Cost
At 1 May 2023
901,706
Additions
1,200
---------
At 30 April 2024
902,906
---------
Amortisation
At 1 May 2023
650,968
Charge for the year
125,968
---------
At 30 April 2024
776,936
---------
Carrying amount
At 30 April 2024
125,970
---------
At 30 April 2023
250,738
---------
7. Tangible assets
£
Cost
At 1 May 2023
189,181
Additions
14,320
---------
At 30 April 2024
203,501
---------
Depreciation
At 1 May 2023
145,212
Charge for the year
14,508
---------
At 30 April 2024
159,720
---------
Carrying amount
At 30 April 2024
43,781
---------
At 30 April 2023
43,969
---------
8. Fixed asset investments
£
Cost
At 1 May 2023 and 30 April 2024
85,051
--------
Impairment
At 1 May 2023 and 30 April 2024
85,000
--------
Carrying amount
At 30 April 2024
51
--------
At 30 April 2023
51
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
88,049
86,016
Later than 1 year and not later than 5 years
131,335
205,387
---------
---------
219,384
291,403
---------
---------
11. Related party transactions
The company was under the control of the directors throughout the current and previous year. As a result of transactions with certain directors and connected individuals, the company is due to pay £2,973 (2023 - £91,455) to certain of the directors and connected individuals. These amounts do not attract interest and there are no set repayment terms.