Registration number:
Famatel UK Limited
for the
Year Ended 31 December 2024
Famatel UK Limited
Contents
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Company Information |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Famatel UK Limited
Company Information
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Directors |
Mr C J L Navarro Mr R Pratt |
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Company secretary |
Mrs M Pratt |
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Registered office |
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Bankers |
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Auditors |
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Famatel UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Famatel UK Limited
(Registration number: 08187888)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
85,119 |
85,119 |
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Retained earnings |
511,041 |
441,589 |
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Shareholders' funds |
596,160 |
526,708 |
Approved and authorised by the
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Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Unit 34 to 36 Buckingham Road
Lynx Crescent
Weston Industrial Estate
Weston Super Mare
Somerset
BS24 9BG
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The Company's functional and presentational currency is GBP.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company will be able to continue in that period to meet liabilities as they fall due. In reaching this conclusion, the directors have made enquiries of the parent company and received a letter from the parent company which confirms the parent’s intention to continue to provide the financial and non-financial support which this company may require. While the letter confirms only the current intention of the parent company, the directors have no reason to believe any such support, if it is required, will not be received.
Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
-The company recognises revenue when:
-The amount of revenue can be reliably measured;
- It is probable that future economic benefits will flow to the entity;
- And specific criteria have been met for each of the company's activities.
Turnover for 2023 has been restated from the amount previously reported for the year. For the year ended 31 December 2024, rebates payable to customers are presented within turnover as for any other sales discount. The 2023 comparatives have therefore been restated, for consistency, to reclassify rebates of £42,886 which were previously presented as costs in cost of sales. The effect is to reduce both turnover and cost of sales for 2023 but this presentational change has no overall impact on net profit for 2023.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% reducing balance |
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Office equipment |
33% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Invoice Discounting Facility
The company utilises an invoice discounting facility. Under this arrangement, the company receives advances from a finance provider against selected trade debtors. Trade debtors subject to the facility remain recognised in the balance sheet, as the company retains the significant risks and rewards of ownership, including credit risk and collection responsibilities. The corresponding liability to the finance provider is presented within loans and borrowings under current liabilities. Cash received under the facility is included within cash and cash equivalents.
Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Preference shares are classified as equity where they are redeemable but only at the option of the company, and where the company has no financial liability obligation or liability in respect of the preference shares.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Significant Accounting Estimates and Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Impairment of stocks
As explained in the related accounting policy, stocks are assessed for impairment at each reporting date. The book value of stock as at the year-end is shown net of a £70,918 provision for older and slow moving stocks (2023: nil). The estimate is based on data for each stock line regarding the age of stock, movements in the year under review, movements since the year-end, and management’s forecasts of future demand.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Goods for resale |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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85,019 |
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85,019 |
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The ordinary shares have full voting rights, rights to dividends, and rights to any equity / capital, for example on the winding up of the company. The ordinary shares are not redeemable.
The preference shares do not have voting rights and entitle the holder to dividends only at the option of the directors. The preference shares confer no right to any additional participation in the profits of the company. Holders of preference shares have the right to repayment of their capital ahead of the ordinary shareholders. The preference shares are redeemable but only at the option of the company. Since the company has no year-end obligation or liability in respect of the preference shares, the instruments are classified as equity.
Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Invoice discounting facility |
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- |
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Balances owed under the invoice discounting facility are secured via fixed and floating charges over the company's assets.
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
42,947 |
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Related party transactions |
Labour services are provided by a third party which is owned and controlled by R Pratt, a director of this company, and his spouse. Total charges including labour and other charges payable for the year were £476,855 (2023: £379,746) and the total amount owed to the related company at the year-end, and included in trade creditors, was £110,658 (2023: £78,494).
Included with Other creditors is an amount of £33,874 (2023: £48,129) owed to a director of the company. In addition, there is a balance of £43,068 (2023: £43,068) owed to a director’s spouse within the same year-end balance.
As shown in the creditors note, there is also a balance of £82,774 (2023: £111,196) owed to the parent company at the year-end. The reduction in the liability reflects the net effect of increases for charges of £449,971 payable to the parent company (and its related entities) in the year, and deductions for payments made.
Famatel UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is