Registrar
Registration number:
11:FS Foundry Limited
for the Year Ended 31 December 2023
11:FS Foundry Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
11:FS Foundry Limited
Company Information
Directors |
D M Brear J Campbell D Morris |
Registered office |
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Bankers |
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Auditors |
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11:FS Foundry Limited
(Registration number: 11418349)
Balance Sheet as at 31 December 2023
Note |
31 December |
31 December |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
11 |
11 |
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Share premium reserve |
6,999,999 |
6,999,999 |
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Retained earnings |
(7,942,280) |
(7,535,999) |
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Shareholders' deficit |
(942,270) |
(535,989) |
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.
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
Director
11:FS Foundry Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The Company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
These financial statements are presented in Sterling (£), which is the Company's functional currency.
Going concern
The financial statements have been prepared on a going concern basis, which presumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of operations. The Company reported a loss for the financial year of £406,281 (2022: £1,381,078).
At the balance sheet date, the Company’s current liabilities exceeded its current assets by £942,270 (2022: £535,989). At the balance sheet date, the Company owed £991,964 (2022: 519,921) to its Parent Company.
After the year end 11:FS Group Limited (the Parent Company) sold its shareholding to 11:FS Holdings Limited as part of an organisational restructure. 11:FS Holdings Limited has confirmed its intention to continue supporting the Company for the next 12 months from the date of the accounts approval. Prior to the date of approval, confirmation of external funding for 11:FS Holdings Limited was received. This supports the Parent Company's intention to continue trading, and it is considered to be in a position to support the Company if required.
Audit report
We also drawn your attention to note 10 in the financial statements which details non-adjusting events after the financial period. This has also been considered in relation to the Company's status as a going concern at the year end.
Our opinion is not modified in this respect.
11:FS Foundry Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of financial technology services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
3 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Share capital
Ordinary shares are classified as equity.
11:FS Foundry Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Financial instruments
Classification
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
11:FS Foundry Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
31 December |
31 December |
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Trade debtors |
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- |
Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
31 December |
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Due within one year |
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Trade creditors |
- |
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Amounts owed to Group undertakings |
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Taxation and social security |
- |
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Other creditors |
- |
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Accruals and deferred income |
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11:FS Foundry Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
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No. |
£ |
No. |
£ |
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11 |
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11 |
Related party transactions |
Summary of transactions with parent
During the year the Company has made sales of £Nil (2022: £208,174) and received goods and services to the value of £102,361 (2022: £461,392) from the Parent Company.
At the balance sheet date the amount due to the Parent Company was £991,964 (2022: (£519,921).
Parent and ultimate parent undertaking |
The company's immediate parent and ultimate controlling party is
These financial statements are available upon request from www.companieshouse.gov.uk
Non adjusting events after the financial period |
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