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Unaudited Financial Statements |
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for the Year Ended 30 June 2022 |
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for |
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F.C.S. European Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 June 2022 |
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for |
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F.C.S. European Limited |
F.C.S. European Limited (Registered number: 04623663) |
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Contents of the Financial Statements |
for the year ended 30 June 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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F.C.S. European Limited |
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Company Information |
for the year ended 30 June 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
F.C.S. European Limited (Registered number: 04623663) |
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Balance Sheet |
30 June 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Fair value reserve | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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.C.S. European Limited (Registered number: 04623663) |
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Balance Sheet - continued |
30 June 2022 |
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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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F.C.S. European Limited (Registered number: 04623663) |
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Notes to the Financial Statements |
for the year ended 30 June 2022 |
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1. | STATUTORY INFORMATION |
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F.C.S. European Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for the investment property. |
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The financial statements are presented in Sterling (£) and prepared to 30th June each year. |
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Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Significant judgements and estimates |
The only significant account judgement and estimation relates to the value of the investment property, which the directors have estimated based on the market conditions and the exchange rate as at the date of transition to FRS102 section 1A, and in the following years do not feel that the property's carrying value is materially different to that stated in the financial statements. |
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Turnover |
Turnover represents the invoiced short term rental charges, not under an operating lease, stated net of any discounts, rebates or sales taxes. The turnover is wholly attributable to the company's one investment property. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures & Fittings - 25% Reducing balance |
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Investment property |
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the income statement. |
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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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F.C.S. European Limited (Registered number: 04623663) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
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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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Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad or doubtful debts except where the effect of discounting would be immaterial, in which case they are stated at cost less impairment losses for doubtful debts. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 July 2021 |
and 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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F.C.S. European Limited (Registered number: 04623663) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2021 |
and 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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To determine fair value of the investment property, the directors have based their assessment on similar properties and the general market conditions as at 30th June, 2022. The directors have agreed that their estimated value is appropriate at the year end. |
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Fair value at 30 June 2022 is represented by: |
£ |
Valuation in 2020 | 186,000 |
Valuation in 2019 | 116,306 |
Cost | 497,694 |
800,000 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
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7. | FINANCIAL RISK MANAGEMENT |
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The company has some exposure to foreign currency, credit, liquidity, cash flow and interest rate risks. These risks are limited by the company's financial management policies and practices described below. |
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Foreign currency risk |
All of the companies transactions are denominated in euros and so therefore all transactions are subject to foreign current risk. The company operates a euro bank account, paying all suppliers in euros to mitigate this as far as possible. |
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Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. The directors manage liquidity between secured bank financing and interest free, unsecured, related party borrowings. |
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The company holds no derivative financial instruments at either year end. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 602 | 602 |
F.C.S. European Limited (Registered number: 04623663) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2021 |
and 30 June 2022 |
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10. | RELATED PARTY DISCLOSURES |
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At the year end, the company owed £669,120 (2021 - £659,138) to those with significant control. |