ACCOUNTS - Final Accounts preparation

FOCUS REPORTS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-06-302021-06-302false2020-07-01No description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07676770 2020-07-01 2021-06-30 07676770 2019-07-01 2020-06-30 07676770 2021-06-30 07676770 2020-06-30 07676770 c:Director1 2020-07-01 2021-06-30 07676770 c:Director2 2020-07-01 2021-06-30 07676770 c:RegisteredOffice 2020-07-01 2021-06-30 07676770 d:FurnitureFittings 2020-07-01 2021-06-30 07676770 d:FurnitureFittings 2021-06-30 07676770 d:FurnitureFittings 2020-06-30 07676770 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 07676770 d:ComputerEquipment 2020-07-01 2021-06-30 07676770 d:ComputerEquipment 2021-06-30 07676770 d:ComputerEquipment 2020-06-30 07676770 d:ComputerEquipment d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 07676770 d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 07676770 d:CurrentFinancialInstruments 2021-06-30 07676770 d:CurrentFinancialInstruments 2020-06-30 07676770 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 07676770 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 07676770 d:ShareCapital 2021-06-30 07676770 d:ShareCapital 2020-06-30 07676770 d:RetainedEarningsAccumulatedLosses 2021-06-30 07676770 d:RetainedEarningsAccumulatedLosses 2020-06-30 07676770 c:FRS102 2020-07-01 2021-06-30 07676770 c:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 07676770 c:FullAccounts 2020-07-01 2021-06-30 07676770 c:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 iso4217:GBP xbrli:pure

Company registration number: 07676770

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 JUNE 2021

	FOCUS REPORTS LIMITED


FOCUS REPORTS LIMITED

COMPANY INFORMATION

Directors	F Boucheseiche
	D Viola


Registered number	07676770


Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9LT


Accountants	Menzies LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9LT


FOCUS REPORTS LIMITED REGISTERED NUMBER:07676770

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

		2021		2020
Note		$		$

Fixed assets
Tangible assets	4		6,685		7,963
			6,685		7,963
Current assets
Debtors: amounts falling due within one year	5	585,236		478,465
Cash at bank and in hand		1,356,064		1,459,664
		1,941,300		1,938,129
Creditors: amounts falling due within one year	6	(209,906)		(230,379)
Net current assets			1,731,394		1,707,750
Total assets less current liabilities			1,738,079		1,715,713

Net assets			1,738,079		1,715,713

Capital and reserves
Called up share capital	100,000	100,000
Profit and loss account	1,638,079	1,615,713
	1,738,079	1,715,713

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2022.

D Viola

Director

The notes on pages 2 to 5 form part of these financial statements.

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FOCUS REPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1.	General information

Focus Reports Limited is a private company, limited by shares, registered in England and Wales, registration number 07676770. The registered office is stated on the company information page.
The company does not have a trading address.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this. The directors are working to ensure the safety of their employees and maintaining the continuity of their operations as far as they are able, whilst adhering to Government advice. The pandemic has had a financial impact on the company. However, the directors have taken all relevant measures to ensure they are able to safeguard cashflow, tenants, and supply chains to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. The directors believe that the actions they have taken should enable them to continue in operational existence.

2.3

Foreign currency translation

Functional and presentation currency

The financial statements are presented in US dollars which is the functional currency of the company and rounded to the nearest $.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated through an advertising agency specialising in the global pharmaceutical, oil & gas, energy and healthcare sectors and measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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FOCUS REPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	over 10 years
				Equipment	-	3 yrs straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 3


FOCUS REPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

4.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	$	$	$
Cost or valuation
At 1 July 2020	8,993	1,148	10,141
At 30 June 2021	8,993	1,148	10,141
Depreciation
At 1 July 2020	1,799	379	2,178
Charge for the year on owned assets	899	379	1,278
At 30 June 2021	2,698	758	3,456
Net book value
At 30 June 2021	6,295	390	6,685
At 30 June 2020	7,194	769	7,963

Debtors

					2021	2020
					$	$


Trade debtors	17,875	254,248
Other debtors	567,031	217,267
Prepayments and accrued income	330	6,950
	585,236	478,465

6.	Creditors: Amounts falling due within one year
		2021	2020
		$	$

Trade creditors	-	859
Corporation tax	5,548	28,634
Other taxation and social security	5,384	-
Other creditors	31,191	31,191
Accruals and deferred income	167,783	169,695
	209,906	230,379

Page 4


FOCUS REPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

7.	Related party transactions
	At the year end the company was owed $207,736 from Pharmaboardroom Limited a company under common control. No interest was charged on this balance. At the year end the company was owed $358,045 from Petrovka SASU a company under common control. No interest was charged on this balance.

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