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REGISTERED NUMBER: 09899833 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

F. INITIATIVES LIMITED

F. INITIATIVES LIMITED (REGISTERED NUMBER: 09899833)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


F. INITIATIVES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: X F Cazabon
F A R Boute





REGISTERED OFFICE: 1 Poultry
London
EC2R 8EJ





REGISTERED NUMBER: 09899833 (England and Wales)





AUDITORS: BDO Northern Ireland
Metro Building
1st Floor
6-9 Donegall Square South
Belfast
BT1 5JA

F. INITIATIVES LIMITED (REGISTERED NUMBER: 09899833)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 11,119 13,020

CURRENT ASSETS
Work in progress 558,031 1,206,032
Debtors 5 591,393 671,419
Cash at bank 159,320 139,464
1,308,744 2,016,915
CREDITORS
Amounts falling due within one year 6 3,678,785 3,179,557
NET CURRENT LIABILITIES (2,370,041 ) (1,162,642 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,358,922

)

(1,149,622

)

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings (2,368,922 ) (1,159,622 )
SHAREHOLDERS' FUNDS (2,358,922 ) (1,149,622 )

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





X F Cazabon - Director


F. INITIATIVES LIMITED (REGISTERED NUMBER: 09899833)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

F. Initiatives Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on the going concern basis as the directors are satisfied that the ongoing financial support from F. Iniciativas I+D+I, S.L.the parent company, will continue for a period in excess of 12 months and 1 day following the sign off of the audit report.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents an agreed percentage charged on the payment or tax relief received from HMRC on submitted R&D claims, as well as the movement in the WIP balance as at the year end. The percentage used to determine the amount to be charged is based upon the terms and conditions stipulated in individual contracts. In most cases the turnover is recognised upon receipt of R&D refunds from HMRC.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following method:

Plant and machinery etc - 50% on cost

Work in progress
Work in progress is recognised upon completion and forwarding of claims to be submitted to clients. It is recognised at the same value as sales. On the receipt of the refund from HMRC, WIP balances will be released as sales.

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.


F. INITIATIVES LIMITED (REGISTERED NUMBER: 09899833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
Basic financial instruments are measured at amortised cost. The company does not have any other financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 26,574
Additions 10,731
At 31 December 2024 37,305
DEPRECIATION
At 1 January 2024 13,554
Charge for year 12,632
At 31 December 2024 26,186
NET BOOK VALUE
At 31 December 2024 11,119
At 31 December 2023 13,020

F. INITIATIVES LIMITED (REGISTERED NUMBER: 09899833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 482,733 607,373
Amounts owed by group undertakings 54,148 12,799
Other debtors 54,512 51,247
591,393 671,419

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts - 350,000
Trade creditors 35,115 23,803
Amounts owed to group undertakings 3,391,479 2,583,483
Taxation and social security 172,228 139,658
Other creditors & accruals 79,963 82,613
3,678,785 3,179,557

The bank loan was fully repaid during the period.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 321,747 227,541
Between one and five years 45,653 342,401
367,400 569,942

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

The ordinary shares hold full and equal rights to participate in voting in all circumstances and in dividends and in capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel V W Harra (Senior Statutory Auditor)
for and on behalf of BDO Northern Ireland

F. INITIATIVES LIMITED (REGISTERED NUMBER: 09899833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Frederic Boute by virtue of his 100% shareholding of Thaly S.A.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Thaly S.A, a company incorporated in Belgium. F. Iniciativas I+D+I, S.L. is the smallest and largest entity preparing group financial statements which includes results and net assets of the company. Copies of the consolidated financial statements of F. Iniciativas I+D+I, S.L. are available from Recinto Industrial Colonia Guell, Calle A, Edificio Filaturas 4-1 08690 Santa Coloma de Cervello, Barcelona, Spain.