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Registration number: 12367779

FEV Finance Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

FEV Finance Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

FEV Finance Ltd

Company Information

Directors:

A Kerr

P Kerr

Registered office:

1st Floor Frameworks
2 Sheen Road
Richmond
England
TW9 1AE

Registered number:

12367779

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

FEV Finance Ltd

(Registration number: 12367779)
Balance Sheet as at 30 April 2024

Note

30.04.24

30.04.23

   

£

£

£

£

CURRENT ASSETS

   

 

Debtors

4

 

473,160

 

7,733,970

Cash at bank and in hand

   

7,598

 

18,151

   

480,758

 

7,752,121

CREDITORS

   

 

Creditors within 1yr

5

 

5,999

 

7,277,114

Net assets

   

474,759

 

475,007

Capital and reserves

   

 

Called up share capital

 

1

 

1

Profit and loss account

 

474,758

 

475,006

Shareholders' funds

   

474,759

 

475,007

For the financial 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.

These financial statements have 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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 February 2025 and signed on its behalf by:
 

A Kerr
Director

   
     
 

FEV Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
1st Floor Frameworks
2 Sheen Road
Richmond
England
TW9 1AE

These financial statements were authorised for issue by the Board on 18 February 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 except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Net interest income: interest income and expense are recognised in the income statement for all interest-bearing financial instruments using the effective interest method, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument.

Fee and commission income and expense: fees and commissions receivable which are not an integral part of the effective interest rate are recognised as income as the company fulfils its performance obligations.

Other dividend income is recognised when the right to receive payment is established.
 

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

FEV Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

FEV Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4.

Debtors

Current

Note

30.04.24
£

30.04.23
£

Amounts owed by related parties

6

473,160

7,733,970

   

473,160

7,733,970

5.

Creditors

Creditors: amounts falling due within one year

Note

30.04.24
£

30.04.23
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6

-

7,237,197

Taxation and social security

 

-

33,918

Accruals and deferred income

 

5,999

5,999

 

5,999

7,277,114

6.

Related party transactions

Summary of transactions with parent

An amount of £0.00 (2021: £7,237,197) is owed to the parent company, in respect of a loan. Interest is accrued at 0.5% per annum and the loan is repayable within 30 days of demand by the parent company.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

7,733,970

7,733,970

Repaid

(7,297,197)

(7,297,197)

Interest transactions

36,387

36,387

At end of period

473,160

473,160

7.

Parent and ultimate parent undertaking

The company's immediate parent is Cloudy Systems Ltd, incorporated in England & Wales.