FYB CONSULTING LTD
Company registration number 07305228 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FYB CONSULTING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FYB CONSULTING LTD
BALANCE SHEET
AS AT
28 NOVEMBER 2024
28 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
295,150
223,029
Biological assets
4
24,076
21,600
Investment property
5
2,030,000
1,739,505
2,349,226
1,984,134
Current assets
Debtors
6
52,432
136,214
Cash at bank and in hand
6,924
90,997
59,356
227,211
Creditors: amounts falling due within one year
7
(288,239)
(310,438)
Net current liabilities
(228,883)
(83,227)
Total assets less current liabilities
2,120,343
1,900,907
Creditors: amounts falling due after more than one year
8
(8,533)
Provisions for liabilities
(107,722)
Net assets
2,004,088
1,900,907
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
9
315,938
105,204
Distributable profit and loss reserves
1,688,149
1,795,702
Total equity
2,004,088
1,900,907
FYB CONSULTING LTD
BALANCE SHEET (CONTINUED)
AS AT
28 NOVEMBER 2024
28 November 2024
- 2 -
For the financial year ended 28 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
Mr N Blackburn
Director
Company registration number 07305228 (England and Wales)
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
FYB Consulting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Llys Fynydd, Llanarmon Road, Llanferres, Mold, Denbighshire, CH7 5TA.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
10% Reducing balance
Computers
25% Straight line
Motor vehicles
17.5% Reducing balance
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.
During the period end the method of depreciation on plant and machinery, computers and motors vehicles was changed. The revised method better reflects the useful life of the assets together with their residual value on disposal.
The change in depreciation method is a change in accounting estimate and is accounted for in the period of change and in subsequent periods.
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
lower of cost and estimated selling price less costs to complete and sell; or
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Sheep
Not depreciated
The directors consider that the cost value of livestock is not materially different to its residual value and therefore is not depreciated.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 29 November 2023
149,563
188,992
659
9,150
348,364
Additions
53,267
28,672
81,939
At 28 November 2024
202,830
217,664
659
9,150
430,303
Depreciation and impairment
At 29 November 2023
121,682
605
3,048
125,335
Depreciation charged in the year
8,696
54
1,068
9,818
At 28 November 2024
130,378
659
4,116
135,153
Carrying amount
At 28 November 2024
202,830
87,286
5,034
295,150
At 28 November 2023
149,563
67,310
54
6,102
223,029
4
Biological assets
Sheep
£
Cost
At 29 November 2023
21,600
Additions - purchases
6,400
Disposals
(7,884)
Revaluation
3,960
At 28 November 2024
24,076
Depreciation and impairment
At 29 November 2023 and 28 November 2024
Carrying amount
At 28 November 2024
24,076
At 28 November 2023
21,600
5
Investment property
2024
£
Fair value
At 29 November 2023
1,739,506
Additions
7,136
Revaluations
283,358
At 28 November 2024
2,030,000
FYB CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2024
5
Investment property
(Continued)
- 7 -
The directors have reviewed the valuations of investment properties and revalued the properties on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,938
3,750
Other debtors
48,494
132,464
52,432
136,214
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,796
1,790
Taxation and social security
6,372
Other creditors
251,443
302,276
288,239
310,438
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
8,533
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
105,204
-
Non distributable profits in the year
210,734
105,204
At the end of the year
315,938
105,204