1349 Limited
Unaudited Financial Statements
For the year ended 31 March 2023
For Filing with Registrar
Company Registration No. 08466193 (England and Wales)
1349 Limited
Contents
Page
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
1349 Limited
Profit and Loss Account
For the year ended 31 March 2023
Page 1
2023
2022
Notes
£
£
Administrative expenses
(800)
(800)
Interest receivable and similar income
23,542
23,542
Profit before taxation
22,742
22,742
Taxation
Profit/(loss) and other total comprehensive income/(loss) for the financial year
22,742
22,742
Total comprehensive income for the year
22,742
22,742
1349 Limited
Balance Sheet
As at 31 March 2023
Page 2
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,407,000
1,407,000
Current assets
Debtors
4
33,766
34,829
Cash at bank and in hand
2,569
2,212
36,335
37,041
Creditors: amounts falling due within one year
5
(197,524)
(208,680)
Net current liabilities
(161,189)
(171,639)
Net assets
1,245,811
1,235,361
Capital and reserves
Called up share capital
6
375,000
375,000
Own shares
(128,432)
(139,682)
Profit and loss reserves
999,243
1,000,043
Total equity
1,245,811
1,235,361
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 June 2023 and are signed on its behalf by:
P Gilheany
Director
Company Registration No. 08466193
1349 Limited
Statement of Changes in Equity
For the year ended 31 March 2023
Page 3
Share capital
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
375,000
(139,682)
1,000,843
1,236,161
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
22,742
22,742
Dividends
-
-
(23,542)
(23,542)
Balance at 31 March 2022
375,000
(139,682)
1,000,043
1,235,361
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
22,742
22,742
Dividends
-
-
(23,542)
(23,542)
Disposals of own shares
-
11,250
-
11,250
Balance at 31 March 2023
375,000
(128,432)
999,243
1,245,811
1349 Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 4
1
Accounting policies
Company information
1349 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Loom, 14 Gowers Walk, London, E1 8PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Fixed asset investments are stated at cost less provision for diminution in value.
1.3
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.
1.4
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.5
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.
1349 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.8
In accordance with FRS 102 S28 - Employee Benefit Trusts and Other Intermediate Payment Arrangements, the company includes the assets and liabilities of that trust within its balance sheet. In the event of the winding up of the company, neither the shareholders nor the creditors of the company would be entitled to the assets of the employee benefit trust.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1349 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
3
Fixed asset investments
2023
2022
£
£
Investments
1,407,000
1,407,000
The investment represents a 100% shareholding in Forster Lamond Limited.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2022 & 31 March 2023
1,407,000
Carrying amount
At 31 March 2023
1,407,000
At 31 March 2022
1,407,000
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
33,766
34,829
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
196,454
207,620
Corporation tax
270
260
Other creditors
800
800
197,524
208,680
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
375,000
375,000
375,000
375,000
1349 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
7
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
8
Control
There is no ultimate controlling party.