Company No:
Contents
DIRECTOR | Mr L C Wills |
REGISTERED OFFICE | Leanne House |
6 Avon Close | |
Weymouth | |
DT4 9UX | |
United Kingdom |
COMPANY NUMBER | 04416094 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Leanne House | |
6 Avon Close | |
Weymouth | |
Dorset | |
DT4 9UX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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338,590 | 4,223 | |||
Current assets | ||||
Debtors |
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Cash at bank and in hand |
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21,175 | 25,519 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (307,773) | 19,049 | ||
Total assets less current liabilities | 30,817 | 23,272 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Firestan Ltd (registered number:
Mr L C Wills
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Firestan Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Plant and machinery |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the director, on an open market value for existing use basis.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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The company is run and administered by the director for whom no formal contract of service is in place.
Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 |
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At 31 May 2023 |
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Accumulated depreciation | |||
At 01 June 2022 |
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Charge for the financial year |
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At 31 May 2023 |
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Net book value | |||
At 31 May 2023 |
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At 31 May 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 June 2022 |
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Additions | 335,000 |
As at 31 May 2023 |
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Valuation
The investment properties class of fixed assets were adjusted on 31 May 2023 to fair value by the director who is
internal to the company. The basis of this valuation was open market value.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 335,000 | 0 |
2023 | 2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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Transactions with the entity's director
The Directors loan account is interest free and repayable on demand.
At 1 June 2022, the balance owed by the director was £9,723. During the year, £nil was advanced to the director,
and £335,000 was repaid by the director. At 31 May 2023, the balance owed to the director was £325,277.
At 1 June 2021, the balance owed to the director was £59,782. During the year, £69,677 was advanced to the director,
and £172 was repaid by the director. At 31 May 2022, the balance owed by the director was £9,723.