Company Registration No. 06055654 (England and Wales)
Facit UK Limited
Unaudited accounts
for the year ended 31 January 2025
Facit UK Limited
Unaudited accounts
Contents
Facit UK Limited
Statement of financial position
as at 31 January 2025
Tangible assets
37,384
56,150
Cash at bank and in hand
528,027
1,056,410
Creditors: amounts falling due within one year
(97,023)
(892,592)
Net current assets
496,199
412,428
Total assets less current liabilities
533,583
468,578
Creditors: amounts falling due after more than one year
(17,708)
(45,240)
Provisions for liabilities
Net assets
506,980
423,338
Called up share capital
444
444
Capital redemption reserve
556
556
Profit and loss account
505,980
422,338
Shareholders' funds
506,980
423,338
For the year ending 31 January 2025 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by
Bruce David Bell
Director
Company Registration No. 06055654
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
Facit UK Limited is a private company, limited by shares, registered in England and Wales, registration number 06055654. The registered office is 300 ST. JOHN STREET, LONDON, EC1V 4PA, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
1. Basis of Preparation
The financial statements have been prepared on the going concern basis of accounting. In adopting this basis, the Directors have considered the Company’s financial position and confirmed that the Company is currently solvent and has sufficient cash resources to meet its liabilities as they fall due for the foreseeable future, which is considered to be at least the next twelve months from the date of approval of these financial statements.
2. Strategic Review and Material Uncertainty
Notwithstanding the Company's current robust financial position, the Directors have initiated a strategic review regarding the future ownership and operation of the business. The Directors have a current intention not to continue trading the business themselves.
The available strategic options currently being considered by the Directors are:
• Option A: The sale of the Company's shares to an interested third party who intends to continue the trade and operations of the business, or
• Option B: In the event that a successful sale of the Company’s shares is not achieved, the Directors intend to proceed with a Members' Voluntary Liquidation (MVL), which would result in the distribution of its net assets to the shareholders.
The Directors are actively pursuing the sale (Option A) and believe that this represents a realistic alternative to a cessation of trade, thereby supporting the continued use of the going concern basis for these financial statements.
However, the completion of a sale is not within the sole control of the Directors and is subject to external factors, including negotiations, due diligence and contract finalisation. This reliance on a successful sale of the Company to a new owner who will continue its operations constitutes a material uncertainty that may cast significant doubt on the Company continuing as a going concern.
The financial statements have been prepared on the going concern basis as the Directors believe the sale to a continuing third party is a realistic and achievable option. The financial statements therefore do not include the adjustments that would be necessary if the Company were unable to continue as a going concern and was consequently required to prepare its financial statements on a basis other than going concern. These adjustments could include writing down asset values to their recoverable amount, providing for further liabilities that might arise, and reclassifying fixed assets and long-term liabilities as current.
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.
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
When cash inflows are deferred and represent a financial agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and reward 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period.
The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
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.
Basic financial assets
Basic financial assets, which include 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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Expenditure on research and development is written off in the year in which it is incurred.
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are 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 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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2024
98,703
14,643
27,592
140,938
Additions
-
2,110
2,202
4,312
Disposals
(3,806)
(14,448)
(14,597)
(32,851)
At 31 January 2025
94,897
2,305
15,197
112,399
At 1 February 2024
53,352
14,352
17,084
84,788
Charge for the year
18,937
271
3,575
22,783
On disposals
(3,621)
(14,338)
(14,597)
(32,556)
At 31 January 2025
68,668
285
6,062
75,015
At 31 January 2025
26,229
2,020
9,135
37,384
At 31 January 2024
45,351
291
10,508
56,150
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
20,833
36,458
Amounts falling due within one year
Deferred tax asset
-
7,342
Accrued income and prepayments
38,660
56,579
Other debtors
14,665
34,087
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
16,907
49,066
Obligations under finance leases and hire purchase contracts
10,625
10,625
Trade creditors
11,227
449,424
Taxes and social security
21,282
74,946
Deferred income
32,000
291,642
Facit UK Limited
Notes to the Accounts
for the year ended 31 January 2025
7
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
17,708
28,333
8
Operating lease commitments
2025
2024
At 31 January 2025 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
36,159
135,604
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
-
193
-
193
This loan was interest free and repayable on demand. It was repaid on 30 September 2025.
10
Average number of employees
During the year the average number of employees was 8 (2024: 8).