FOS International (UK) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07053941

FOS INTERNATIONAL (UK) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

FOS INTERNATIONAL (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	–	2,667
Tangible assets	6	326,844	334,707
		----------	----------
		326,844	337,374

Current assets

Debtors	7	130,669	148,902
Cash at bank and in hand		164,356	130,193
		----------	----------
		295,025	279,095

Creditors: amounts falling due within one year	8	55,705		57,333
		----------		----------
Net current assets			239,320	221,762
			----------	----------
Total assets less current liabilities			566,164	559,136

Creditors: amounts falling due after more than one year	9		8,266	18,289

Provisions

Taxation including deferred tax	3,897	5,401
	----------	----------
Net assets	554,001	535,446
	----------	----------

FOS INTERNATIONAL (UK) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	400,100	400,100
Profit and loss account	153,901	135,346
	----------	----------
Shareholders funds	554,001	535,446
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 July 2025 , and are signed on behalf of the board by:

B K Kim
Director

Company registration number: 07053941

FOS INTERNATIONAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the statement of comprehensive income represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buildings	-	2% Straight line with a 50% Residual Value
Fixtures and fittings	-	15% reducing balance
Plant and machinery	-	15% reducing balance
Office Interiors	-	10% straight line

	Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	20,000
	---------
Amortisation
At 1 January 2024	17,333
Charge for the year	2,667
	---------
At 31 December 2024	20,000
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	2,667
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Office interiors	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	303,670	10,559	806	25,304	43,043	383,382
Additions	–	–	–	–	2,018	2,018
	----------	---------	----	---------	---------	----------
At 31 Dec 2024	303,670	10,559	806	25,304	45,061	385,400
	----------	---------	----	---------	---------	----------
Depreciation
At 1 Jan 2024	12,147	4,834	438	9,841	21,415	48,675
Charge for the year	3,037	859	55	2,530	3,400	9,881
	----------	---------	----	---------	---------	----------
At 31 Dec 2024	15,184	5,693	493	12,371	24,815	58,556
	----------	---------	----	---------	---------	----------
Carrying amount
At 31 Dec 2024	288,486	4,866	313	12,933	20,246	326,844
	----------	---------	----	---------	---------	----------
At 31 Dec 2023	291,523	5,725	368	15,463	21,628	334,707
	----------	---------	----	---------	---------	----------

7. Debtors

	2024	2023
	£	£
Trade debtors	7,995	–
Other debtors	122,674	148,902
	----------	----------
	130,669	148,902
	----------	----------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	4,972	5,879
Corporation tax	6,621	16,627
Social security and other taxes	31,715	22,854
Other creditors	2,397	1,973
	---------	---------
	55,705	57,333
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	8,266	18,289
	-------	---------

10. Related party transactions

There were no other transactions with related parties were undertaken as such as are required to be disclosed under FRS102 (Section 1A).

11. Controlling party

The company is wholly owned by FOS International Limited, a company registered in the Republic of Korea. The ultimate controlling party is Mr B Kim, by virtue of his interest in the parent company.