IRIS Accounts Production v26.1.10.61 12975186 director 1.4.24 29.3.25 29.3.25 0 false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 12975186 2024-03-31 12975186 2025-03-29 12975186 2024-04-01 2025-03-29 12975186 2023-03-31 12975186 2023-04-01 2024-03-31 12975186 2024-03-31 12975186 ns15:EnglandWales 2024-04-01 2025-03-29 12975186 ns14:PoundSterling 2024-04-01 2025-03-29 12975186 ns10:Director1 2024-04-01 2025-03-29 12975186 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-29 12975186 ns10:SmallEntities 2024-04-01 2025-03-29 12975186 ns10:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-29 12975186 ns10:SmallCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-29 12975186 ns10:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-29 12975186 ns10:FullAccounts 2024-04-01 2025-03-29 12975186 ns10:RegisteredOffice 2024-04-01 2025-03-29 12975186 ns5:CurrentFinancialInstruments 2025-03-29 12975186 ns5:CurrentFinancialInstruments 2024-03-31 12975186 ns5:Non-currentFinancialInstruments 2025-03-29 12975186 ns5:Non-currentFinancialInstruments 2024-03-31 12975186 ns5:ShareCapital 2025-03-29 12975186 ns5:ShareCapital 2024-03-31 12975186 ns5:RetainedEarningsAccumulatedLosses 2025-03-29 12975186 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 12975186 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-03-31 12975186 ns5:PlantMachinery 2024-03-31 12975186 ns5:ComputerEquipment 2024-03-31 12975186 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-04-01 2025-03-29 12975186 ns5:PlantMachinery 2024-04-01 2025-03-29 12975186 ns5:ComputerEquipment 2024-04-01 2025-03-29 12975186 ns5:LongLeaseholdAssets ns5:LandBuildings 2025-03-29 12975186 ns5:PlantMachinery 2025-03-29 12975186 ns5:ComputerEquipment 2025-03-29 12975186 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-03-31 12975186 ns5:PlantMachinery 2024-03-31 12975186 ns5:ComputerEquipment 2024-03-31 12975186 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-03-31 12975186 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-04-01 2025-03-29 12975186 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2025-03-29 12975186 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-03-31 12975186 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-29 12975186 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 12975186 ns5:MoreThanFiveYears ns5:Non-currentFinancialInstruments 2025-03-29 12975186 ns5:MoreThanFiveYears ns5:Non-currentFinancialInstruments 2024-03-31 12975186 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 12975186 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-29

REGISTERED NUMBER: 12975186 (England and Wales)

| Unaudited Financial Statements |

| for the Period 1 April 2024 to 29 March 2025 |

| for |

| F.o Twenty Two Ltd |

| F.o Twenty Two Ltd (Registered number: 12975186) |

Contents of the Financial Statements

for the Period 1 April 2024 to 29 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| F.o Twenty Two Ltd |

Company Information

for the Period 1 April 2024 to 29 March 2025

| DIRECTOR: | R J Beese

| REGISTERED OFFICE: | 3 Sheen Road

| Richmond Upon Thames

| TW9 1AD

| REGISTERED NUMBER: | 12975186 (England and Wales)

| ACCOUNTANTS: | Richmond Accounting & Advisory Ltd

| 3 Sheen Road

| Richmond upon Thames

| Richmond

| Surrey

| TW9 1AD

| F.o Twenty Two Ltd (Registered number: 12975186) |

Balance Sheet

29 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Fixed assets

Tangible assets | 3 | - |  | 292,829 |  |

Current assets

Stocks | - |  | 9,077 |  |

Debtors | 4 | 49,060 |  | 80,736 |  |

Cash at bank and in hand | 1,164 |  | 43,707 |  |

50,224 |  | 133,520 |  |

Creditors

Amounts falling due within one year | 5 | (1,186,453 | ) | (1,428,314 | ) |

Net current liabilities | (1,136,229 | ) | (1,294,794 | ) |

Total assets less current liabilities | (1,136,229 | ) | (1,001,965 | ) |

Creditors

Amounts falling due after more than one year | 6 | (287,109 | ) | (516,796 | ) |

Provisions for liabilities | - |  | (71,026 | ) |

Net liabilities | (1,423,338 | ) | (1,589,787 | ) |

Capital and reserves

Called up share capital | 1,000 |  | 1,000 |  |

Retained earnings | 7 | (1,424,338 | ) | (1,590,787 | ) |

(1,423,338 | ) | (1,589,787 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 March 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| F.o Twenty Two Ltd (Registered number: 12975186) |

Balance Sheet - continued

29 March 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit And Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 July 2026 and were signed by:

R J Beese - Director

| F.o Twenty Two Ltd (Registered number: 12975186) |

Notes to the Financial Statements

for the Period 1 April 2024 to 29 March 2025

1. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| REVENUE

| 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:

| Rendering of services

| 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:

| o the amount of revenue can be measured reliably;

| o it is probable that the Company will receive the consideration due under the contract;

| o the stage of completion of the contract at the end of the reporting period can be measured

| reliably; and

| o the costs incurred and the costs to complete the contract can be measured reliably.

| TANGIBLE FIXED ASSETS

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

| Depreciation is provided on the following basis:

| Leasehold improvements - Over the remaining term of the lease

| Plant and machinery - 15% reducing balance

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| DILAPIDATIONS

| The Company has recognised a provision for dilapidations due to the requirement to return the operating site back to its original condition at the end of the rental lease.

| STOCKS

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If stock is 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.

| F.o Twenty Two Ltd (Registered number: 12975186) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 29 March 2025

1. | ACCOUNTING POLICIES - continued

| CURRENT AND DEFERRED TAXATION

| 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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

| o 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

| o 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.

| OPERATING LEASES: THE COMPANY AS LESSEE

| Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| PENSIONS

| DEFINED CONTRIBUTION PENSION PLAN

| 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.

| F.o Twenty Two Ltd (Registered number: 12975186) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 29 March 2025

1. | ACCOUNTING POLICIES - continued

| GOING CONCERN

| The director has considered the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. During the year, the company ceased trading activities and the Company's underlying trading site,FO Liverpool, was successfully transitioned to a franchise model on 01 May 2024. However, the director expects the company to be able to meet its obligations as they fall due and has no current intention to place the company into liquidation. Accordingly, the financial statements have been prepared on the going concern basis.

| FINANCE COSTS

| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| BORROWING COSTS

| All borrowing costs are recognised in profit or loss in the year in which they are incurred.

| EXCEPTIONAL ITEMS

| Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

| DEBTORS

| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| CREDITORS

| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| PROVISIONS FOR LIABILITIES

| Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

| Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

| Increases in provisions are generally charged as an expense to profit or loss.

| RESTATE

| Previous year figures have been restated/reclassed/regrouped wherever necessary.

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was NIL (2024 - 51 ).

| F.o Twenty Two Ltd (Registered number: 12975186) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 29 March 2025

3. | TANGIBLE FIXED ASSETS

| Leasehold |  | Plant and |  | Computer |

| improvements |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | (10,000 | ) | 299,344 |  | 3,485 |  | 292,829 |  |

| Disposals | 10,000 |  | (299,344 | ) | (3,485 | ) | (292,829 | ) |

| At 29 March 2025 | - |  | - |  | - |  | - |  |

| DEPRECIATION

| Charge for period | - |  | (7,378 | ) | 176 |  | (7,202 | ) |

| Eliminated on disposal | - |  | 7,378 |  | (176 | ) | 7,202 |  |

| At 29 March 2025 | - |  | - |  | - |  | - |  |

| NET BOOK VALUE

| At 29 March 2025 | - |  | - |  | - |  | - |  |

| At 31 March 2024 | (10,000 | ) | 299,344 |  | 3,485 |  | 292,829 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

| Plant and

| machinery

£ |

| COST

| At 1 April 2024 | 4,195 |  |

| Disposals | (4,195 | ) |

| At 29 March 2025 | - |  |

| NET BOOK VALUE

| At 29 March 2025 | - |  |

| At 31 March 2024 | 4,195 |  |

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 47,620 |  | - |  |

| Prepayments and accrued income | 1,440 |  | 1,551 |  |

| Prepayments | - |  | 79,185 |  |

49,060 |  | 80,736 |  |

| F.o Twenty Two Ltd (Registered number: 12975186) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 29 March 2025

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other loans | 229,688 |  | 229,688 |  |

| Trade creditors | 70,082 |  | 3,895 |  |

| Amounts owed to group undertakings | 882,898 |  | 892,635 |  |

| Social security and other tax | - |  | 6,523 |  |

| VAT | 3,785 |  | 29,812 |  |

| Other creditors | - |  | (150 | ) |

| Wages payable | - |  | 33,395 |  |

| Laser Quest Equipment Lease

| Purchase | - |  | 34,020 |  |

| Accruals and deferred income | - |  | 14,155 |  |

| Accrued expenses | - |  | 184,341 |  |

1,186,453 |  | 1,428,314 |  |

6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other loans - 1-2 years | 287,109 |  | 516,796 |  |

7. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | (1,590,787 | ) |

| Profit for the period | 166,449 |  |

| At 29 March 2025 | (1,424,338 | ) |

8. | PENSION COMMITMENTS

| 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 £272 (2024 - £1,290). No pension contributions were outstanding at the balance sheet date (2024: £150). The prior year balance was included within creditors.

9. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is F.O Ventures Ltd, a company incorporated and registered in England and Wales. The ultimate parent company is MFT Capital Ltd, a company incorporated and registered in England and Wales. The Address of the ultimate parent company's registered office is 3 Sheen Road, Richmond Upon Thames, England, TW9 1AD.

| The director considers MFT Capital Ltd, a company incorporated in England and Wales, to be the controlling party of the Company. The results of the Company are shown within the Consolidated Financial Statements of MFT Capital Ltd. Copies of the Group accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.