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Registered number: 06617857
FTS Managed Services Limited
Unaudited Financial Statements
For the Period 1 January 2023 to 30 June 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06617857
30 June 2024 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 32,621 51,678
Investments 4 33,166 16,410
65,787 68,088
CURRENT ASSETS
Debtors 5 100 28,600
Cash at bank and in hand 3,398 24,274
3,498 52,874
Creditors: Amounts Falling Due Within One Year 6 (28,729 ) (79,011 )
NET CURRENT ASSETS (LIABILITIES) (25,231 ) (26,137 )
TOTAL ASSETS LESS CURRENT LIABILITIES 40,556 41,951
Creditors: Amounts Falling Due After More Than One Year 7 (38,474 ) (24,952 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (10,000 )
NET ASSETS 2,082 6,999
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 1,982 6,899
SHAREHOLDERS' FUNDS 2,082 6,999
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For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Edward Bodiam
Director
26 March 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received, net of discounts and value added taxes. Turnover is recognised at the point of invoice.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Fixtures and fittings 25% reducing balance
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.

Assets acquired under hire purchase contracts are depreciated over their useful lives.

Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.

Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Financial Instruments
Debtors and creditors which are due within one year are recorded at transaction price, less any impairment. 
1.6. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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1.7. Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax 
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
1.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2. Average Number of Employees
30 June 2024 31 December 2022
Average number of employees, including directors, during the year 2 2
2 2
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3. Tangible Assets
Plant and machinery Motor vehicles Fixtures and fittings Total
£ £ £ £
Cost
As at 1 January 2023 1,583 56,090 3,848 61,521
Additions - - 517 517
As at 30 June 2024 1,583 56,090 4,365 62,038
Depreciation
As at 1 January 2023 62 7,415 2,366 9,843
Provided during the period 570 18,253 751 19,574
As at 30 June 2024 632 25,668 3,117 29,417
Net Book Value
As at 30 June 2024 951 30,422 1,248 32,621
As at 1 January 2023 1,521 48,675 1,482 51,678
4. Investments
Other
£
Cost
As at 1 January 2023 16,410
Additions 5,971
Disposals (20,678 )
Revaluations 31,463
As at 30 June 2024 33,166
Provision
As at 1 January 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 33,166
As at 1 January 2023 16,410
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5. Debtors
30 June 2024 31 December 2022
£ £
Due within one year
Trade debtors - 28,500
Other debtors 100 100
100 28,600
6. Creditors: Amounts Falling Due Within One Year
30 June 2024 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,418 38,583
Bank loans and overdrafts 10,268 9,890
Other creditors 5,135 8,226
Taxation and social security 4,908 22,312
28,729 79,011
7. Creditors: Amounts Falling Due After More Than One Year
30 June 2024 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 17,538 -
Bank loans 20,936 24,952
38,474 24,952
8. Obligations Under Finance Leases and Hire Purchase
30 June 2024 31 December 2022
£ £
The maturity of these amounts is as follows:
Within one year 8,418 38,583
Between one and five years 17,538 -
25,956 38,583
25,956 38,583
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9. General Information
FTS Managed Services Limited is a private company, limited by shares, incorporated in England & Wales, the registered number is 06617857 . The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
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