Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true32023-06-01false71111 - Architectural activities3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10766396 2023-06-01 2024-05-31 10766396 2022-06-01 2023-05-31 10766396 2024-05-31 10766396 2023-05-31 10766396 2022-06-01 10766396 c:Director1 2023-06-01 2024-05-31 10766396 d:MotorVehicles 2023-06-01 2024-05-31 10766396 d:MotorVehicles 2024-05-31 10766396 d:MotorVehicles 2023-05-31 10766396 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10766396 d:FurnitureFittings 2023-06-01 2024-05-31 10766396 d:FurnitureFittings 2024-05-31 10766396 d:FurnitureFittings 2023-05-31 10766396 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10766396 d:OfficeEquipment 2023-06-01 2024-05-31 10766396 d:OfficeEquipment 2024-05-31 10766396 d:OfficeEquipment 2023-05-31 10766396 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10766396 d:ComputerEquipment 2023-06-01 2024-05-31 10766396 d:ComputerEquipment 2024-05-31 10766396 d:ComputerEquipment 2023-05-31 10766396 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10766396 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10766396 d:Goodwill 2023-06-01 2024-05-31 10766396 d:Goodwill 2024-05-31 10766396 d:Goodwill 2023-05-31 10766396 d:CurrentFinancialInstruments 2024-05-31 10766396 d:CurrentFinancialInstruments 2023-05-31 10766396 d:Non-currentFinancialInstruments 2024-05-31 10766396 d:Non-currentFinancialInstruments 2023-05-31 10766396 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 10766396 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10766396 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 10766396 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 10766396 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 10766396 d:ShareCapital 2024-05-31 10766396 d:ShareCapital 2023-05-31 10766396 d:RetainedEarningsAccumulatedLosses 2024-05-31 10766396 d:RetainedEarningsAccumulatedLosses 2023-05-31 10766396 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 10766396 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 10766396 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 10766396 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 10766396 d:OtherDeferredTax 2024-05-31 10766396 d:OtherDeferredTax 2023-05-31 10766396 c:OrdinaryShareClass1 2023-06-01 2024-05-31 10766396 c:OrdinaryShareClass1 2024-05-31 10766396 c:OrdinaryShareClass1 2023-05-31 10766396 c:OrdinaryShareClass2 2023-06-01 2024-05-31 10766396 c:OrdinaryShareClass2 2024-05-31 10766396 c:OrdinaryShareClass2 2023-05-31 10766396 c:FRS102 2023-06-01 2024-05-31 10766396 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10766396 c:FullAccounts 2023-06-01 2024-05-31 10766396 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10766396 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 10766396 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 10766396 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 10766396 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 10766396 d:HirePurchaseContracts d:MoreThanFiveYears 2024-05-31 10766396 d:HirePurchaseContracts d:MoreThanFiveYears 2023-05-31 10766396 2 2023-06-01 2024-05-31 10766396 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 10766396 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 10766396 d:LeasedAssetsHeldAsLessee 2024-05-31 10766396 d:LeasedAssetsHeldAsLessee 2023-05-31 10766396 d:Goodwill d:OwnedIntangibleAssets 2023-06-01 2024-05-31 10766396 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10766396










FOLIAT ASSOCIATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
FOLIAT ASSOCIATES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOLIAT ASSOCIATES LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Foliat Associates Limited for the year ended 31 May 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Foliat Associates Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Foliat Associates Limited and state those matters that we have agreed to state to the director of Foliat Associates Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foliat Associates Limited and its director for our work or for this report. 

It is your duty to ensure that Foliat Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Foliat Associates Limited. You consider that Foliat Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Foliat Associates Limited. 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 statutory financial statements.

  



James Cowper Kreston
 
Chartered Accountants
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
11 March 2025
Page 1

 
FOLIAT ASSOCIATES LIMITED
REGISTERED NUMBER: 10766396

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
50,000
100,000

Tangible assets
 5 
28,792
39,775

  
78,792
139,775

Current assets
  

Stocks
 6 
710,482
570,112

Debtors: amounts falling due within one year
 7 
131,895
105,617

  
842,377
675,729

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(763,214)
(851,470)

Net current assets/(liabilities)
  
 
 
79,163
 
 
(175,741)

Total assets less current liabilities
  
157,955
(35,966)

Creditors: amounts falling due after more than one year
 10 
(18,260)
(34,143)

Deferred tax
 13 
(3,208)
(5,389)

  
 
 
(3,208)
 
 
(5,389)

Net assets/(liabilities)
  
136,487
(75,498)


Capital and reserves
  

Called up share capital 
 14 
1,000
1,000

Profit and loss account
  
135,487
(76,498)

  
136,487
(75,498)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
FOLIAT ASSOCIATES LIMITED
REGISTERED NUMBER: 10766396

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D G Franklin
Director

Date: 11 March 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Foliat Associates Limited is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is The Vicarage, Chilton Foliat, Hungerford, Berkshire, RG17 0TF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net assets of £136,487 (2023: net liabilities of £75,498). The director has indicated that they are willing to continue to provide funding to support the company, to enable the company to meet its third party liabilities as they fall due, therefore the accounts have been prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
400,000



At 31 May 2024

400,000



Amortisation


At 1 June 2023
300,000


Charge for the year on owned assets
50,000



At 31 May 2024

350,000



Net book value



At 31 May 2024
50,000



At 31 May 2023
100,000

During the year to 31 May 2024 the company acheived a trading profit, however, during the years to 31 May 2023 and 31 May 2022 the company incurred trading losses and the directors have considered whether the goodwill held by the company is impaired. The directors are of the view that the company will remain cash generative going forward and so consider the goodwill to be unimpaired at this stage, although they will review again going forward.



Page 8

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
62,853
3,876
272
8,910
75,911


Additions
-
600
-
2,168
2,768



At 31 May 2024

62,853
4,476
272
11,078
78,679



Depreciation


At 1 June 2023
23,078
3,876
272
8,910
36,136


Charge for the year on owned assets
13,259
150
-
342
13,751



At 31 May 2024

36,337
4,026
272
9,252
49,887



Net book value



At 31 May 2024
26,516
450
-
1,826
28,792



At 31 May 2023
39,775
-
-
-
39,775

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Motor vehicles
26,516
39,775

26,516
39,775

Page 9

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Stocks

2024
2023
£
£

Work in progress
710,482
570,112



7.


Debtors

2024
2023
£
£

Trade debtors
91,030
72,076

Other debtors
40,865
33,541

131,895
105,617



8.


Cash and cash equivalents

2024
2023
£
£

Less: bank overdrafts
(88,729)
(82,230)



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
88,729
82,230

Bank loans
10,000
10,000

Trade creditors
23,748
213,784

Corporation tax
89,934
-

Obligations under finance lease and hire purchase contracts
5,884
5,884

Other creditors
506,090
506,564

Accruals and deferred income
38,829
33,008

763,214
851,470


Page 10

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,000
20,000

Obligations under finance lease and hire purchase contracts
8,260
14,143

18,260
34,143


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
-
10,000

20,000
30,000



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,884
5,884

Between 1-5 years
5,884
5,884

Over 5 years
2,376
8,259

14,144
20,027

Page 11

 
FOLIAT ASSOCIATES LIMITED
 

 
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Deferred taxation




2024
2023


£

£



At beginning of year
(5,389)
7,411


Charged to profit or loss
2,181
(12,800)



At end of year
(3,208)
(5,389)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset differences
(5,788)
(8,224)

Short term timing differences
2,580
2,580

Taxable losses carried forward
-
255

(3,208)
(5,389)


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



750 (2023 - 750) Ordinary A shares of £1.00 each
750
750
250 (2023 - 250) Ordinary B shares of £1.00 each
250
250

1,000

1,000



15.


Related party transactions

At the year end the company owed £333,482 (2023: £382,672) to its director. This amount is interest free and repayable upon demand.
At the year end the company owed £122,047 (2023: £122,047) to its shareholders. These amounts are interest free and repayable upon demand.
At the year end the company was owed £13,200 (2023: £nil) by MCB Project Services Limited, a company under common control.


16.


Controlling party

The company is controlled by its director, by virtue of his majority shareholding.


Page 12