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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2019 |
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FULTON NETWORK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2019 |
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FOR |
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FULTON NETWORK LIMITED |
FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FULTON NETWORK LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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BALANCE SHEET |
30 DECEMBER 2019 |
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2019 | 2018 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Fulton Network Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable from principal activities, net of value added tax and trade discounts. |
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Revenue from the sale of cars 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 costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost |
comprises direct materials and, where applicable, direct labour costs and those overheads that have been |
incurred in bringing the stocks to their present location and condition. |
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Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost |
and cost, adjusted where applicable for any loss of service potential. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of |
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss |
in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to |
the contractual provisions of the instrument. |
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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. |
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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. |
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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. |
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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. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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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. |
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Employee benefits |
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. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee’s services |
are received. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 31 December 2018 |
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Additions |
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At 30 December 2019 |
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DEPRECIATION |
At 31 December 2018 |
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Charge for year |
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At 30 December 2019 |
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NET BOOK VALUE |
At 30 December 2019 |
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At 30 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
as restated |
£ | £ |
Other creditors |
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FULTON NETWORK LIMITED (REGISTERED NUMBER: 02724626) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2019 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | as restated |
£ | £ |
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Ordinary | £1 | 100,000 | 100,000 |
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Ordinary B | £1 | 100,000 | 100,000 |
200,000 | 200,000 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | POST BALANCE SHEET EVENTS |
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There have been no significant events affecting the Company since the reporting date which require amendment to, or disclosure in, the financial statements. |
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The board continues to monitor the outbreak of coronavirus and its impact on the Company. The directors have determined that the situation has not had a material impact on the Company's financial statements |