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Registered Number: 08076508
England and Wales

 

 

 

FINCOLE TECHNOLOGIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Directors Mr A Tajwer
Mrs T K Tajwer
Registered Number 08076508
Registered Office Unit 2
2-4 Westferry Road
London
E14 8JT
Accountants IAC Accountants Limited
Regal Court Business Centre
42-44 High Street
Slough, England
SL1 1EL
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 9,921    8,127 
Tangible fixed assets 4 569,385    570,968 
Investments 5 1,994   
581,300    579,095 
Current assets      
Debtors: amounts falling due within one year 6 219,681    222,006 
Cash at bank and in hand 87,190    63,193 
306,871    285,199 
Creditors: amount falling due within one year 7 (171,336)   (282,415)
Net current assets 135,535    2,784 
 
Total assets less current liabilities 716,835    581,879 
Creditors: amount falling due after more than one year 8 (26,733)   (32,966)
Net assets 690,102    548,913 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 690,002    548,813 
Shareholders' funds 690,102    548,913 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 December 2024 and were signed on its behalf by:


-------------------------------
Mr A Tajwer
Director
2
General Information
Fincole Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 08076508, registration address Unit 2, 2-4 Westferry Road, London, E14 8JT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using 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.

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.

Current and deferred tax assets and liabilities are not discounted.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 10 years.
Trade Mark
Trade Mark is stated at cost less amortization. Amortization is calculated on a straight line basis over the estimated expected useful economic life of the Trade Mark of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Land and Buildings 1% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 2).
3.

Intangible fixed assets

Cost Trade Mark   Software Development   Total
  £   £   £
At 01 June 2023 10,159      10,159 
Additions   3,122    3,122 
Disposals    
At 31 May 2024 10,159    3,122    13,281 
Amortisation
At 01 June 2023 2,032      2,032 
Charge for year 1,016    312    1,328 
On disposals    
At 31 May 2024 3,048    312    3,360 
Net book values
At 31 May 2024 7,111    2,810    9,921 
At 31 May 2023 8,127      8,127 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 June 2023 555,508    28,200    3,743    587,451 
Additions   1,309    1,734    3,043 
Disposals      
At 31 May 2024 555,508    29,509    5,477    590,494 
Depreciation
At 01 June 2023   14,085    2,398    16,483 
Charge for year   3,856    770    4,626 
On disposals      
At 31 May 2024   17,941    3,168    21,109 
Net book values
Closing balance as at 31 May 2024 555,508    11,568    2,309    569,385 
Opening balance as at 01 June 2023 555,508    14,115    1,345    570,968 


Land and Buildings cost includes £555,508 for the purchase of Land for development of software house and hence not depreciated. Depreciation will be provided once building is ready.

5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 June 2023  
Additions 1,994    1,994 
Transfer to/from tangible fixed assets  
Disposals  
At 31 May 2024 1,994    1,994 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 55,000    37,900 
Other Debtors 164,681    184,106 
219,681    222,006 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   52,800 
Taxation and Social Security 83,599    64,419 
Other Creditors 87,737    165,196 
171,336    282,415 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 26,733    32,966 
26,733    32,966 

9.

Related Party Transactions

Creditors due within one year include an amount of £3,450 (2023 - £9,069) due to the director.  This loan is repayable on demand. 

Debtors due within one year include an interest free amount of £164,681 (2023 - £182,450) due from connected companies in which the director has controlling interest.
3