Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 10,340 | 15,433 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand | 5 |
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| 214,879 | 89,879 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets/(liabilities) | 68,104 | (37,170) | ||
| Total assets less current liabilities | 78,444 | (21,737) | ||
| Provision for liabilities | (
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| Net assets/(liabilities) |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds/(deficit) |
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Director's responsibilities:
The financial statements of Fourthline Limited (registered number:
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K Maplesden
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Fourthline Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Arkwright House, Parsonage Gardens, Manchester, M3 2LF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the director has reached their conclusion.
The Company has Total assets less current assets of £78,444 (2023: -£21,737), and net assets of £75,861 (2023: -£24,796) at 30 September 2024.
The Company currently meets its working capital requirements through its cash balances and invoice discounting facility. The director believes the company has sufficient facilities to trade through the next 12 month period. Therefore, the director believes it is appropriate to prepare the accounts to 30 September 2024 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
| Office equipment |
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| Computer equipment |
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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 profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Office equipment | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 October 2023 |
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| At 30 September 2024 |
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| Accumulated depreciation | |||||
| At 01 October 2023 |
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| Charge for the financial year |
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| At 30 September 2024 |
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| Net book value | |||||
| At 30 September 2024 | 27 | 10,313 | 10,340 | ||
| At 30 September 2023 | 40 | 15,393 | 15,433 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Corporation tax |
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| Other taxation and social security |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| Less: Bank overdrafts |
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| 33,101 | (34,144) |
| 2024 | 2023 | ||
| £ | £ | ||
| Bank overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2024 | 2023 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,052 (2023: £8,985) Contributions totalling £10 (2023: £1,224) were payable to the fund at the balance sheet date and are included in other creditors.
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Director's loan account | 111,096 | 15,586 |
During the year the director of the company was advanced £127,751 (2023: £22,187) by the company and repaid £33,397 (2023: £6,601). At the year end the director owed the company £111,096 (2023: £15,586). The maximum outstanding in the year was £111,096 (2023: £15,586). Interest of £1,156 (2023: £134) was charged on the loan in the year.