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Registration number: 02319874

Focus Executive Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Focus Executive Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Focus Executive Limited

(Registration number: 02319874)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

35,898

18,574

Investment property

5

1,500,000

1,500,000

 

1,535,898

1,518,574

Current assets

 

Debtors

6

941

842

Cash at bank and in hand

 

1,285

14,430

 

2,226

15,272

Creditors: Amounts falling due within one year

7

(39,458)

(45,963)

Net current liabilities

 

(37,232)

(30,691)

Total assets less current liabilities

 

1,498,666

1,487,883

Provisions for liabilities

(150,537)

(147,224)

Net assets

 

1,348,129

1,340,659

Capital and reserves

 

Called up share capital

301

301

Other reserves

881,661

881,661

Retained earnings

466,167

458,697

Shareholders' funds

 

1,348,129

1,340,659

 

Focus Executive Limited

(Registration number: 02319874)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 August 2023 and signed on its behalf by:
 

.........................................
Mr A Foster-Fletcher
Director

 

Focus Executive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Adbury Pines
Adbury Holt
Newtown
Newbury
Berkshire
RG20 9BW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents all income derived from the properties owned during the period. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Focus Executive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for rental services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Focus Executive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

1,311

32,659

33,970

Additions

500

36,000

36,500

Disposals

-

(32,659)

(32,659)

At 30 April 2023

1,811

36,000

37,811

Depreciation

At 1 May 2022

801

14,595

15,396

Charge for the year

362

5,266

5,628

Eliminated on disposal

-

(19,111)

(19,111)

At 30 April 2023

1,163

750

1,913

Carrying amount

At 30 April 2023

648

35,250

35,898

At 30 April 2022

510

18,064

18,574

5

Investment properties

2023
£

At 1 May

1,500,000

There has been no valuation of investment property by an independent valuer.

 

Focus Executive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

2023
£

2022
£

Prepayments

941

842

941

842

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

18,145

Taxation and social security

 

4,764

7,597

Other creditors

 

34,694

20,221

 

39,458

45,963

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

18,145

9

Related party transactions

Other transactions with directors

At the period end date, the company owed key managemet personel £29,508 (2022 - £12,880).