Company Registration No. 06644453 (England and Wales)
Four C Limited
Unaudited financial statements
for the year ended 31 December 2019
Pages for filing with the Registrar
Four C Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Four C Limited
Balance sheet
As at 31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
99
99
Current assets
Debtors
5
28,200
1,257,606
Investments
6
21,637
21,637
Cash at bank and in hand
18,688
1,615,921
68,525
2,895,164
Creditors: amounts falling due within one year
7
(58,524)
(215,355)
Net current assets
10,001
2,679,809
Total assets less current liabilities
10,100
2,679,908
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
10,000
2,679,808
Total equity
10,100
2,679,908
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 December 2019 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.
T
he member has 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.
Four C Limited
Balance sheet (continued)
As at 31 December 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 3 September 2020 and are signed on its behalf by:
Stuart Peters
Director
Company Registration No. 06644453
Four C Limited
Notes to the financial statements
For the year ended 31 December 2019
Page 3
1
Accounting policies
Company information
Four C Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
.
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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue is recognised in line with contracts setting out the provision of services over set periods, and is accrued or deferred as appropriate if that period falls over the year end.
1.3
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
.
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 4
1.4
Cash at bank and in hand
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.
1.5
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors, 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 creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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 creditors
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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
1
Accounting policies (continued)
Page 5
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.8
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Fixed asset investments
2019
2018
£
£
Investments
99
99
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
3
Fixed asset investments (continued)
Page 6
Fixed asset investments not carried at market value
The value of the investments is determined by reference to cost.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 31 December 2019
99
Carrying amount
At 31 December 2019
99
At 31 December 2018
99
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered
Class of
% Held
office
shares held
Direct
Zirrintza S.L
Spain
Ordinary
99.91
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
68,751
Other debtors
28,200
1,188,855
28,200
1,257,606
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2019
Page 7
6
Current asset investments
2019
2018
£
£
Other investments
21,637
21,637
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,800
18,926
Corporation tax
48,724
139,145
Other taxation and social security
-
18,534
Other creditors
5,000
38,750
58,524
215,355
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary share of £1 each
100
100
9
Directors' transactions
At 31 December 2019 a Director owed the Company £28,198 (2018: £197,872). During the year the Company received a net advances of £169,673. The loan balance was settled post year end.
During the year ended 31 December 2019 a director received dividends of £2,878,602.