Company registration number 03982939 (England and Wales)
PETER W. FOSTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
PETER W. FOSTER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PETER W. FOSTER LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,040,000
480,000
Investments
5
15,100
14,164
1,055,100
494,164
Current assets
Debtors
6
550
1,005
Cash at bank and in hand
30,458
16,552
31,008
17,557
Creditors: amounts falling due within one year
7
(119,837)
(51,268)
Net current liabilities
(88,829)
(33,711)
Total assets less current liabilities
966,271
460,453
Provisions for liabilities
(125,940)
Net assets
840,331
460,453
Capital and reserves
Called up share capital
16,280
16,280
Non-distributable profits reserve
8
649,001
288,434
Distributable profit and loss reserves
175,050
155,739
Total equity
840,331
460,453
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
PETER W. FOSTER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2021
31 August 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 August 2022 and are signed on its behalf by:
Mrs F M Freeman
Director
Company Registration No. 03982939
PETER W. FOSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
1
Accounting policies
Company information
Peter W. Foster Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lindisfarne, 6 Aldford Place, Alderley Edge, Cheshire, SK9 7RQ.
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 amounts 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 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 represents amounts receivable for rental income.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
PETER W. FOSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Investment property
2021
£
Fair value
At 1 September 2020
480,000
Additions
73,493
Revaluations
486,507
At 31 August 2021
1,040,000
Investment property comprises of residential properties purchased during the current and previous periods. The fair values of the investment properties have been arrived at on the basis of a valuation carried out by the director.
PETER W. FOSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 5 -
5
Fixed asset investments
2021
2020
£
£
Listed investments
15,100
14,164
Fixed asset investments revalued
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2020
14,164
Valuation changes
1,002
Disposals
(66)
At 31 August 2021
15,100
Carrying amount
At 31 August 2021
15,100
At 31 August 2020
14,164
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
550
1,005
7
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
4,251
2,572
Other creditors
115,586
48,696
119,837
51,268
PETER W. FOSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 6 -
8
Non-distributable profits reserve
2021
2020
£
£
At the beginning of the year
288,434
288,434
Non distributable profits in the year
360,567
-
At the end of the year
649,001
288,434
The non-distributable profit reserve represents a net of tax adjustment for the increase in the value of investment properties.
9
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2019
2020
£
£
Adjustments to prior year
Reanalysis of other reserves
(66,026)
(66,026)
Equity as previously reported
517,785
526,479
Equity as adjusted
451,759
460,453
Analysis of the effect upon equity
Other reserves
(66,026)
(66,026)
Reconciliation of changes in profit for the previous financial period
2020
£
Total adjustments
-
Profit as previously reported
8,694
Profit as adjusted
8,694
Notes to reconciliation
Other reserves
The adjustment made to Other Reserves totalling £66,026 is in relation to funds introduced by the director which were incorrectly categorised as equity. The adjustment corrects the historic treatment and the amounts are now included within the director's current account.