Registered number
02344381
Folio (UK) Limited
Filleted Accounts
30 April 2024
Folio (UK) Limited
Registered number: 02344381
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 4,190 8,380
Current assets
Stocks 940 940
Debtors 5 112,013 97,264
Cash at bank and in hand 359 371
113,312 98,575
Creditors: amounts falling due within one year 6 (218,946) (193,025)
Net current liabilities (105,634) (94,450)
Total assets less current liabilities (101,444) (86,070)
Creditors: amounts falling due after more than one year 7 (11,667) (21,667)
Net liabilities (113,111) (107,737)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (114,111) (108,737)
Shareholder's funds (113,111) (107,737)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Lugg
Director
Approved by the board on 30 January 2025
Folio (UK) Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Going concern
The company has an excess of liabilities over assets at 30th April 2024 and the company's ability to continue trading is dependant on the full support of the company's director and shareholder. The director considers that the company will continue to trade for the foreseeable future as the director and shareholder intend to support the company and accordingly the financial statements are prepared on a going concern basis.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 12,219 128,514 110,582 251,315
At 30 April 2024 12,219 128,514 110,582 251,315
Depreciation
At 1 May 2023 12,219 128,514 102,202 242,935
Charge for the year - - 4,190 4,190
At 30 April 2024 12,219 128,514 106,392 247,125
Net book value
At 30 April 2024 - - 4,190 4,190
At 30 April 2023 - - 8,380 8,380
5 Debtors 2024 2023
£ £
Trade debtors 108,653 93,904
Other debtors 3,360 3,360
112,013 97,264
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 34,087 10,000
Trade creditors 116,167 70,114
Taxation and social security costs 40,813 71,345
Other creditors 27,879 41,566
218,946 193,025
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
8 Controlling party
The company is a fully owned subsidiary of New Folio Limited.
9 Other information
Folio (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 72
Capital Business Park
22 Carlton Road
South Croydon
Surrey
CR2 0BS
Folio (UK) Limited 02344381 false 2023-05-01 2024-04-30 2024-04-30 VT Final Accounts July 2024 J Lugg No description of principal activity 02344381 2022-05-01 2023-04-30 02344381 core:WithinOneYear 2023-04-30 02344381 core:AfterOneYear 2023-04-30 02344381 core:ShareCapital 2023-04-30 02344381 core:RetainedEarningsAccumulatedLosses 2023-04-30 02344381 2023-05-01 2024-04-30 02344381 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02344381 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02344381 bus:Director40 2023-05-01 2024-04-30 02344381 1 2023-05-01 2024-04-30 02344381 2 2023-05-01 2024-04-30 02344381 core:LandBuildings 2023-05-01 2024-04-30 02344381 core:PlantMachinery 2023-05-01 2024-04-30 02344381 core:Vehicles 2023-05-01 2024-04-30 02344381 countries:England 2023-05-01 2024-04-30 02344381 bus:FRS102 2023-05-01 2024-04-30 02344381 bus:FilletedAccounts 2023-05-01 2024-04-30 02344381 2024-04-30 02344381 core:WithinOneYear 2024-04-30 02344381 core:AfterOneYear 2024-04-30 02344381 core:ShareCapital 2024-04-30 02344381 core:RetainedEarningsAccumulatedLosses 2024-04-30 02344381 core:LandBuildings 2024-04-30 02344381 core:PlantMachinery 2024-04-30 02344381 core:Vehicles 2024-04-30 02344381 2023-04-30 02344381 core:LandBuildings 2023-04-30 02344381 core:PlantMachinery 2023-04-30 02344381 core:Vehicles 2023-04-30 iso4217:GBP xbrli:pure