Fibox Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03218542 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Fibox Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J Gallon

T Niemi

SECRETARY:

T Niemi

REGISTERED OFFICE:

Suite 25

Durham Tees Valley Business Centre

Orde Wingate Way

Stockton on Tees

TS19 0GD

REGISTERED NUMBER:

03218542 (England and Wales)

SENIOR STATUTORY AUDITOR:

Craig McBride

AUDITORS:

Davies Tracey

Chartered Accountants and Statutory Auditors

Swan House

Westpoint Road

Teesdale Business Park

Stockton on Tees

TS17 6BP

FIXED ASSETS

Tangible assets

4

-

-

CURRENT ASSETS

Debtors

5

73,226

195,953

Cash at bank and in hand

14,018

30,673

87,244

226,626

CREDITORS

Amounts falling due within one year

6

628,044

701,791

NET CURRENT LIABILITIES

(540,800

)

(475,165

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(540,800

)

(475,165

)

CAPITAL AND RESERVES

Allotted, called up and fully paid share capital

2

2

Retained earnings

(540,802

)

(475,167

)

(540,800

)

(475,165

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 May 2021 and were signed on its behalf by:

S J Gallon - Director

1.	STATUTORY INFORMATION

Fibox Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company is reliant for its working capital on funds provided to it by Fibox Oy Ab, the ultimate holding company.

The consequences for the company, and the group as a whole, of the UK having left the EU have been considered in some detail, both by the company's board and at group level. Necessary preparations were made to ensure that, as far as possible, any disruption has been minimised. The directors do not expect these preparations to materially impact the financial performance of the company. Furthermore, Fibox Oy Ab has agreed to provide Fibox Limited with the necessary working capital for at least one year from the date of signing these financial statements.

As a result of the above these financial statements have been prepared on a going concern basis.

Related party exemption

The company is a wholly owned subsidiary of Fibox Oy Ab. The company has taken advantage of the exemption contained in Financial Reporting Standard 102 and has therefore not disclosed transactions or balances with entities which form part of the group.

Turnover

The company's turnover represents the value of goods and services supplied to customers during the year, exclusive of value added tax.

Fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

over 6 years, over 10 years, over 4 years and over 3-10 years

All fixed assets are initially recorded at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 taxation

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

108,074

DEPRECIATION

At 1 January 2019

and 31 December 2019

108,074

NET BOOK VALUE

At 31 December 2019

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

33,065

96,160

Amounts owed by group undertakings

10,661

84,130

Other debtors

29,500

15,663

73,226

195,953

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

6,564

11,050

Amounts owed to group undertakings

585,416

645,386

Social security and other taxes

18,512

32,917

Accruals and deferred income

17,552

12,438

628,044

701,791

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors also included the following paragraphs:

Basis for qualified opinion

The audit evidence available to us was limited because the company's accounting function was outsourced to its parent company based in Finland throughout the year. We have been unable to obtain necessary information about certain relevant systems and controls over accounting journal entries sufficient to identify and assess the risks of material misstatement in these financial statements.

Material uncertainty related to going concern

We have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the company's ability to continue as a going concern, to include the directors' consideration of the impact of the UK having left the EU. The company incurred a loss of £65,635 during the year ended 31 December 2019 and, at that date, the company's current liabilities exceeded its total assets by £540,800 and it had net liabilities of £540,800. The company is currently supported by its ultimate parent company. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern or ultimate parent company support was withdrawn. Our opinion is not modified in respect of this matter.

Matters required to report by exception

In respect solely of the limitation on our work relating to the assessment of the appropriateness of certain systems and controls relevant to the company's accounting function, we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.

Craig McBride (Senior Statutory Auditor)

for and on behalf of Davies Tracey

8.	OTHER FINANCIAL COMMITMENTS

The company had operating lease commitments at 31 December 2019 of £9,876 (2018 - £30,038).

9.	RELATED PARTY DISCLOSURES

Fibox Oy Ab has provided guarantees in respect of certain leases entered into by the company for the hire of motor vehicles.

10.	ULTIMATE CONTROLLING PARTY

The only group in which the results are consolidated is that headed by Fibox Oy Ab, which is registered in Finland. The consolidated financial statements can be obtained from the following address:

Fibox Oy Ab

Keilaranta 19 D

FI-02150 Espoo

Finland