Company Registration No. 10354575 (England and Wales)
FENIX INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
FENIX INTERNATIONAL LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
FENIX INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
21,721
14,602
Investments
4
765
-
22,486
14,602
Current assets
Trade and other receivables
5
28,777,070
4,180,237
Cash and cash equivalents
7,294,363
1,033,889
36,071,433
5,214,126
Current liabilities
6
(31,667,969)
(4,841,875)
Net current assets
4,403,464
372,251
Total assets less current liabilities
4,425,950
386,853
Provisions for liabilities
(4,127)
(2,482)
Net assets
4,421,823
384,371
Equity
Called up share capital
100
100
Retained earnings
4,421,723
384,271
Total equity
4,421,823
384,371
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 20 October 2020 and are signed on its behalf by:
Mr G Stokely
Director
Company Registration No. 10354575
FENIX INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
As restated for the period ended 30 November 2018:
Balance at 1 December 2017
100
419,140
419,240
Restatement due to VAT adjustment
-
(154,574)
(154,574)
As restated
100
264,566
264,666
Period ended 30 November 2018:
Restated Profit and total comprehensive income for the period
-
1,483,705
1,483,705
Dividends
-
(1,364,000)
(1,364,000)
Balance at 30 November 2018
100
384,271
384,371
Year ended 30 November 2019:
Profit and total comprehensive income for the year
-
4,037,452
4,037,452
Balance at 30 November 2019
100
4,421,723
4,421,823
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information
Fenix International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4th Floor, Imperial House, 8 Kean Street, London, WC2B 4AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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
Prior period adjustment
During the year adjustments have been noted which affect previous years financial statements. Detailed analysis is included within the Prior Year Adjustment note.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, 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
services provided is recognised as subscribers make payments for access to the website content.
1.4
Research and development expenditure
Research expenditure is written off against profits 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
.
1.5
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
3 years straight line
Fixtures and fittings
3 years straight line
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
.
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Non-current investments
Interests in subsidiaries 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.
1.7
Impairment of non-current 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.
1.8
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.
1.9
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.
Financial instruments are recognised in the company's statement of financial position 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.
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include trade and other receivables 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 trade and other payables, 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
paymen
ts 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 payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
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.
1.11
Taxation
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 income statement 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.
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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 non-current 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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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 lease
s
asset are consumed.
1.15
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
11
4
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 7 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 December 2018
17,294
Additions
14,196
At 30 November 2019
31,490
Depreciation and impairment
At 1 December 2018
2,692
Depreciation charged in the year
7,077
At 30 November 2019
9,769
Carrying amount
At 30 November 2019
21,721
At 30 November 2018
14,602
4
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
765
-
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2018
-
Additions
765
At 30 November 2019
765
Carrying amount
At 30 November 2019
765
At 30 November 2018
-
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 8 -
5
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,375,762
-
Other receivables
24,401,308
4,180,237
28,777,070
4,180,237
6
Current liabilities
2019
2018
as restated
£
£
Trade payables
18,262,546
430,545
Corporation tax
585,869
282,641
Other taxation and social security
7,215,831
2,059,577
Other payables
5,603,723
2,069,112
31,667,969
4,841,875
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Christopher Mantel.
The auditor was Alliotts LLP.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
26,000
76,767
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 9 -
9
Events after the reporting date
On 11 March 2020, the World Health Organisation declared the Coronavirus (COVID-19) outbreak to be a pandemic in recognition of its rapid spread across the globe.
Many governments are taking increasingly stringent steps to help contain or delay the spread of the virus. Currently, there is a significant increase in economic uncertainty which is, for example, evidenced by more volatile asset prices and currency exchange rates.
For the company’s 3
0 November
2019 financial statements, the Coronavirus outbreak and the related impacts are considered non-adjusting events. Consequently, there is no impact on the recognition and measurement of assets and liabilities. Due to the uncertainty of the outcome of the current events, the company cannot reasonably estimate the impact these events will have on the company’s financial position, results of operations or cash flows in the future.
The director
s
will continue to monitor the impact of the Coronavirus on the activities of the company.
10
Related party transactions
Remuneration of key management personnel
2019
2018
£
£
Aggregate compensation
227,600
667,333
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Professional services received
2019
2018
£
£
Other related parties
5,826,458
188,092
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Other related parties
3,092,146
-
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
10
Related party transactions
(Continued)
- 10 -
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
4,375,762
-
Other related parties
7,832,062
397,783
FENIX INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 11 -
11
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2017
2018
Notes
£
£
Adjustments to prior year
VAT provision in respect of prior years
1
(190,832)
(1,888,245)
Restatement of agency income
2
-
-
Corporation tax impact of adjustments
3
36,258
358,766
Total adjustments
(154,574)
(1,529,479)
Equity as previously reported
419,240
1,913,850
Equity as adjusted
264,666
384,371
Reconciliation of changes in profit for the previous financial period
2018
Notes
£
Adjustments to prior year
VAT provision in respect of prior years
1
(1,697,413)
Restatement of agency income
2
-
Corporation tax impact of adjustments
3
322,508
Total adjustments
(1,374,905)
Profit as previously reported
2,858,610
Profit as adjusted
1,483,705
Notes to reconciliation
1) VAT adjustment
Adjustment to reflect VAT impact on previously stated income in respect of VAT assessment.
2) Income restatement re: agency income
Income has previously been noted gross with a cost of sale against creator payments. Upon further review and consultation the directors consider that income should be treated on an agency basis, therefore income and associated cost of sale has been amended for the prior year to reflect this change in treatment. There is £nil effect on overall retained profit and profit margins for prior years in respect of this adjustment.
3) Corporation Tax impact of adjustments
Corporation tax impact of profit and loss adjustments.
2019-11-30
2018-12-01
false
19 October 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
This audit opinion is unqualified
Mr G Stokely
Mr L Radvinsky
Mr G Stokely
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