8 9 May 2025 false false false false false false false false false false true true false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,996 3,080 915 3,995 1 916 24,277 16,706 3,472 20,178 4,099 7,571 xbrli:pure xbrli:shares iso4217:GBP 10149754 2024-01-01 2024-12-31 10149754 2024-12-31 10149754 2023-12-31 10149754 2023-01-01 2023-12-31 10149754 2023-12-31 10149754 2022-12-31 10149754 bus:Director2 2024-01-01 2024-12-31 10149754 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 10149754 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 10149754 core:WithinOneYear 2024-12-31 10149754 core:WithinOneYear 2023-12-31 10149754 core:ShareCapital 2024-12-31 10149754 core:ShareCapital 2023-12-31 10149754 core:RetainedEarningsAccumulatedLosses 2024-12-31 10149754 core:RetainedEarningsAccumulatedLosses 2023-12-31 10149754 core:BetweenOneFiveYears 2023-12-31 10149754 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 10149754 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 10149754 bus:SmallEntities 2024-01-01 2024-12-31 10149754 bus:Audited 2024-01-01 2024-12-31 10149754 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10149754 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10149754 bus:FullAccounts 2024-01-01 2024-12-31 10149754 core:ComputerEquipment 2024-12-31 10149754 core:ComputerEquipment 2023-12-31 10149754 core:ComputerEquipment 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 10149754
Fincons Consulting Limited
Filleted Financial Statements
31 December 2024
Fincons Consulting Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1
916
Tangible assets
6
4,099
7,571
-------
-------
4,100
8,487
Current assets
Debtors
7
898,267
677,371
Cash at bank and in hand
575,238
1,519,454
------------
------------
1,473,505
2,196,825
Creditors: amounts falling due within one year
8
( 3,247,386)
( 4,227,726)
------------
------------
Net current liabilities
( 1,773,881)
( 2,030,901)
------------
------------
Total assets less current liabilities
( 1,769,781)
( 2,022,414)
------------
------------
Net liabilities
( 1,769,781)
( 2,022,414)
------------
------------
Capital and reserves
Called up share capital
200,000
200,000
Profit and loss account
( 1,969,781)
( 2,222,414)
------------
------------
Shareholders deficit
( 1,769,781)
( 2,022,414)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
F Moretti
Director
Company registration number: 10149754
Fincons Consulting Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 December 2024, the company had net liabilities of £1,769,781 (2023: £2,022,414) and made a pre-tax profit of £131,313 (2023: profit of £447,956). The company has received written confirmation from the directors of Fincons Group AG, its parent entity, that it will not demand repayment of amounts owed to it for a period of at least 12 months from the date of approval of these accounts and it will continue to financially support the entity. As a result of the above and having considered the company's cash requirements for the year from the date of these accounts, the directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial information.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is recognised on an accruals basis, and is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Tax credits on R&D are recognised in profit and loss in the period in which these are successfully claimed and there is certainty over recovery. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
20% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2024 and 31 December 2024
3,996
-------
Amortisation
At 1 January 2024
3,080
Charge for the year
915
-------
At 31 December 2024
3,995
-------
Carrying amount
At 31 December 2024
1
-------
At 31 December 2023
916
-------
6. Tangible assets
Computer equipment
£
Cost
At 1 January 2024 and 31 December 2024
24,277
--------
Depreciation
At 1 January 2024
16,706
Charge for the year
3,472
--------
At 31 December 2024
20,178
--------
Carrying amount
At 31 December 2024
4,099
--------
At 31 December 2023
7,571
--------
7. Debtors
2024
2023
£
£
Trade debtors
727,017
351,488
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,515
4,515
Other debtors
166,735
321,368
---------
---------
898,267
677,371
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,732
155,466
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,704,874
3,406,390
Social security and other taxes
220,147
228,572
Other creditors
312,633
437,298
------------
------------
3,247,386
4,227,726
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
14,136
42,408
Later than 1 year and not later than 5 years
14,136
--------
--------
14,136
56,544
--------
--------
10. Summary audit opinion
The auditor's report dated 9 May 2025 was unqualified .
The senior statutory auditor was Terrence Bourne , for and on behalf of Moore Kingston Smith LLP .
11. Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 for subsidiaries which are wholly owned not to disclose intra-group transactions and balances with the parent company, whose consolidated accounts can be obtained from the ultimate parent company mentioned in note 12.
12. Controlling party
The ultimate parent undertaking of this company is its parent company, Fincons Group AG , a company incorporated in Switzerland. In the opinion of the directors, there is no one overall controlling party of Fincons Consulting Limited .