REGISTERED NUMBER:
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Firth Profiles IP Limited |
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Financial Statements |
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for the Period 9 December 2019 to 31 July 2020 |
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REGISTERED NUMBER:
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Firth Profiles IP Limited |
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Financial Statements |
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for the Period 9 December 2019 to 31 July 2020 |
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Firth Profiles IP Limited (Registered number: 12353797) |
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Contents of the Financial Statements |
for the period 9 December 2019 to 31 July 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Firth Profiles IP Limited |
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Company Information |
for the period 9 December 2019 to 31 July 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
Firth Profiles IP Limited (Registered number: 12353797) |
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Balance Sheet |
31 July 2020 |
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Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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CURRENT ASSETS |
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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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Firth Profiles IP Limited (Registered number: 12353797) |
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Balance Sheet - continued |
31 July 2020 |
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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 director and authorised for issue on
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Firth Profiles IP Limited (Registered number: 12353797) |
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Notes to the Financial Statements |
for the period 9 December 2019 to 31 July 2020 |
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1. | STATUTORY INFORMATION |
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Firth Profiles IP Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern - Coronavirus Pandemic |
The director has considered the risks and uncertainties arising from the coronavirus pandemic which began to take effect on a global scale from February 2020 onwards. The director has taken account of trading expectations for the remainder of 2020 and into 2021 together with the company's cash resources and whilst the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability, the director believes that in view of the above assessment, the company should be able to operate within the level of its financial facilities. Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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The turnover shown in the income statement represents royalty income which is included on a receivable basis calculated on sales of products arising during each accounting period as reported by the licensee. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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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 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 ae 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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Firth Profiles IP Limited (Registered number: 12353797) |
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Notes to the Financial Statements - continued |
for the period 9 December 2019 to 31 July 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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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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 period 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL. |
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4. | INTANGIBLE FIXED ASSETS |
Trademarks |
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COST |
Additions |
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At 31 July 2020 |
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AMORTISATION |
Amortisation for period |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
VAT |
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Prepayments and accrued income |
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Firth Profiles IP Limited (Registered number: 12353797) |
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Notes to the Financial Statements - continued |
for the period 9 December 2019 to 31 July 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
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Tax |
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Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | £1 | 50,000 |
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50,000 Ordinary shares of £1 were issued during the period
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8. | POST BALANCE SHEET EVENTS |
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On 10 August 2020 the company issued a further 20,000 ordinary shares at par value. |