Company registration number 11818516 (England and Wales)
FOLK MARKETING CONSULTANCY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
FOLK MARKETING CONSULTANCY LTD
BALANCE SHEET
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,521
18,041
Current assets
Debtors
4
238,097
98,034
Cash at bank and in hand
90,591
156,044
328,688
254,078
Creditors: amounts falling due within one year
5
(249,379)
(226,598)
Net current assets
79,309
27,480
Total assets less current liabilities
106,830
45,521
Creditors: amounts falling due after more than one year
6
(29,213)
(38,333)
Provisions for liabilities
(6,880)
Net assets
70,737
7,188
Capital and reserves
Called up share capital
7
3
2
Profit and loss reserves
70,734
7,186
Total equity
70,737
7,188
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 July 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.
FOLK MARKETING CONSULTANCY LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 September 2023 and are signed on its behalf by:
Ms J J Walker
Director
The notes on pages 3 - 5 form part of these financial statements.
Company Registration No. 11818516
FOLK MARKETING CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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1
Accounting policies
Company information
Folk Marketing Consultancy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor (Front) Charles House, 148 Great Charles Street, Birmingham, B3 3HT.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life.
Fixtures and fittings
25% Straight Line
Computers
33.33% Straight Line
1.4
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current or deferred taxation assets and liabilities are not discounted.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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.
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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FOLK MARKETING CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
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1.6
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
33,898
Additions
22,257
At 31 July 2023
56,155
Depreciation and impairment
At 1 August 2022
15,857
Depreciation charged in the year
12,777
At 31 July 2023
28,634
Carrying amount
At 31 July 2023
27,521
At 31 July 2022
18,041
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
204,866
93,013
Other debtors
33,231
5,021
238,097
98,034
FOLK MARKETING CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,217
10,000
Trade creditors
11,544
18,544
Taxation and social security
128,495
118,355
Other creditors
98,123
79,699
249,379
226,598
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,213
38,333
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
152
152
2
2
Ordinary B Shares of 1p each
152
48
1
-
304
200
3
2
104 Ordinary B shares of £0.01 were allocated and fully paid for cash at par during the year.
8
Operating lease commitments
Lessee
Total operating lease commitments amount to £128,773 (2022: £3,280)
9
Related party transactions
Transactions with related parties
During the year the company advanced £12,900 to a party related by common appointment. This loan is interest free, has no repayment terms and was outstanding at the year-end.