Company Registration No. SC322098 (Scotland)
FMLY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FMLY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FMLY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
25,185
37,109
Current assets
Debtors
6
665,473
836,686
Cash at bank and in hand
57,850
55,868
723,323
892,554
Creditors: amounts falling due within one year
7
(491,443)
(684,650)
Net current assets
231,880
207,904
Total assets less current liabilities
257,065
245,013
Creditors: amounts falling due after more than one year
8
-
0
(4,632)
Provisions for liabilities
9
(5,975)
(8,981)
Net assets
251,090
231,400
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
250,990
231,300
Total equity
251,090
231,400

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 25 June 2025
Christopher Stewart
Director
Company Registration No. SC322098
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

FMLY Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocate's Close, EDINBURGH, EH1 1ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director hatrues reviewed cash flow forecasts and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The turnover shown in the profit and loss account represents the invoices, net of value added tax, raised in the year for services rendered.

1.4
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 bases:

Plant and machinery
33% Straight Line
Computer equipment
33% Straight Line
Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The director does not consider any estimates or judgements to be significant.

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
10
11
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(3,006)
9,043
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
50,123
Disposals
(5,671)
At 30 June 2024
44,452
Depreciation and impairment
At 1 July 2023
13,014
Depreciation charged in the year
11,924
Eliminated in respect of disposals
(5,671)
At 30 June 2024
19,267
Carrying amount
At 30 June 2024
25,185
At 30 June 2023
37,109
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,563
4,420
Amounts owed by related parties
58,666
71,017
Amounts owed by group undertakings
200,516
249,085
Other debtors
401,728
512,164
665,473
836,686
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140,881
90,291
Amounts owed to group undertakings
228,876
494,967
Taxation and social security
100,228
79,172
Other creditors
21,458
20,220
491,443
684,650

Included within other creditors is £4,632 (2023: £5,053) in respect of hire purchase obligations which are secured against the assets concerned.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
4,632

Included within other creditors is £nil (2023: £4,632) in respect of hire purchase obligations which are secured against the assets concerned.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
5,975
8,981
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The statutory auditor was James Hamilton.
The auditor was Johnston Carmichael LLP.
FMLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
27,877
13
Related party transactions

As at 30 June 2024, the immediate parent company is CSG Projects Limited. The ultimate parent company and the smallest and largest group in which the results are consolidated is CSG Commercial Limited, a company registered in Scotland. The accounts of CSG Commercial Limited can be obtained from the Companies House online register at https://www.gov.uk/government/organisations/companies-house. The ultimate controlling party is Christopher Stewart.

During the year, services of £507,183 (2023: £259,455) were provided to Lateral City Limited. At the year-end £27,795 (2023: £21,924) was due from Lateral City Limited.

During the year, services of £5,473 (2023: £21,627) were provided to Crisp Investment Limited. At the year-end £657 (2023: £607) was due from Crisp Investment Limited.

During the year, services of £3,293 (2023: £6,618) were provided to CSG Hamilton Place Limited. At the year-end £14,553 (2023: £21,686) was due from CSG Hamilton Place Limited.

During the year, services of £185,252 (2023: £184,411) were provided to St Andrew Square (Property) Limited. At the year-end £17,866 (2023: £12,309) was due from St Andrew Square (Property) Limited

During the year, services of £32,843 (2023: £60,218) were provided to CSG Queensferry Limited. At the year-end £2,466 (2023: £5,717) was due from CSG Queensferry Limited.

During the year, services of £242,412 (2023: £107,816) were provided to Inverleith Place Limited. At the year-end £nil (2023: £8,774) was due from Inverleith Place Limited.

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

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