1 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,570 1,570 1,570 1,570 1,690,699 174,970 94,320 1,959,989 1,959,989 1,690,699 xbrli:pure xbrli:shares iso4217:GBP 03925728 2022-03-01 2023-02-28 03925728 2023-02-28 03925728 2022-02-28 03925728 2021-03-01 2022-02-28 03925728 2022-02-28 03925728 core:FurnitureFittings 2022-03-01 2023-02-28 03925728 bus:Director1 2022-03-01 2023-02-28 03925728 core:FurnitureFittings 2022-02-28 03925728 core:WithinOneYear 2023-02-28 03925728 core:WithinOneYear 2022-02-28 03925728 core:AfterOneYear 2023-02-28 03925728 core:AfterOneYear 2022-02-28 03925728 core:ShareCapital 2023-02-28 03925728 core:ShareCapital 2022-02-28 03925728 core:RetainedEarningsAccumulatedLosses 2023-02-28 03925728 core:RetainedEarningsAccumulatedLosses 2022-02-28 03925728 core:CostValuation core:Non-currentFinancialInstruments 2022-02-28 03925728 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-02-28 03925728 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-02-28 03925728 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 03925728 core:Non-currentFinancialInstruments 2023-02-28 03925728 core:Non-currentFinancialInstruments 2022-02-28 03925728 bus:SmallEntities 2022-03-01 2023-02-28 03925728 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03925728 bus:FullAccounts 2022-03-01 2023-02-28 03925728 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 03925728 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 03925728
Forty Nine Ltd
Filleted Unaudited Financial Statements
28 February 2023
Forty Nine Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Investment property
6
1,959,989
1,690,699
Current assets
Debtors
7
8,082
17,189
Cash at bank and in hand
3,638
3,748
--------
--------
11,720
20,937
Creditors: amounts falling due within one year
8
41,674
8,850
--------
--------
Net current liabilities/assets
29,954
12,087
------------
------------
Total assets less current liabilities
1,930,035
1,702,786
Creditors: amounts falling due after more than one year
9
745,900
564,511
Provisions
Taxation including deferred tax
158,042
100,658
------------
------------
Net assets
1,026,093
1,037,617
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
10
1,025,993
1,037,517
------------
------------
Shareholders funds
1,026,093
1,037,617
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Forty Nine Ltd
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mrs B J Sinclair
Director
Company registration number: 03925728
Forty Nine Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurst House, High Street, Ripley, Surrey, GU23 6AY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total amount receivable by the company in the ordinary course of business from the rental of property. Rental income is accrued on a time basis, by reference to the agreements entered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery etc
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 3 ).
5. Tangible assets
Plant and machinery etc
Total
£
£
Cost
At 1 March 2022
1,570
1,570
Disposals
( 1,570)
( 1,570)
-------
-------
At 28 February 2023
-------
-------
Depreciation
At 1 March 2022
1,570
1,570
Disposals
( 1,570)
( 1,570)
-------
-------
At 28 February 2023
-------
-------
Carrying amount
At 28 February 2023
-------
-------
At 28 February 2022
-------
-------
6. Investment property
Investment property
£
Cost
At 1 March 2022
1,690,699
Additions
174,970
Revaluations
94,320
------------
At 28 February 2023
1,959,989
------------
Depreciation
At 1 March 2022 and 28 February 2023
------------
Carrying amount
At 28 February 2023
1,959,989
------------
At 28 February 2022
1,690,699
------------
Cost or valuation at 28 February 2023 is represented by:
2023
£
Cost
1,013,585
Revaluations
946,404
------------
Valuation
1,959,989
------------
Investment property was valued on an open market basis on 28 February 2023 by the directors.
The historical cost of the investment properties, included above at a valuation of £1,959,989 (2022: £1,690,699)
7. Debtors
2023
2022
£
£
Other debtors
8,082
17,189
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
199
Corporation tax
2,257
Social security and other taxes
664
Other creditors
41,475
5,929
--------
-------
41,674
8,850
--------
-------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
745,900
564,511
---------
---------
Amounts falling due in more than five years:
2023 2022
£ £
Repayable by instalments
Bank loans 745,900 564,511
--------- ---------
10. Reserves
Distrib-utable reserves Revaluation reserve Deferred tax Total P&L reserve
£ £ £ £
Opening balance 1 Mar 2021 320,468 385,483 (13,226) 692,725
Movements (34,377) 466,601 (87,432) 344,792
--------- --------- --------- ------------
Closing balance 28 Feb 2022 286,091 852,084 (100,658) 1,037,517
--------- --------- --------- ------------
Opening balance 1 Mar 2022 286,091 852,084 (100,658) 1,037,517
Movements (48,460) 94,320 (57,384) (11,524)
--------- --------- --------- ------------
Closing balance 28 Feb 2023 237,631 946,404 (158,042) 1,025,993
--------- --------- --------- ------------
The total amount of distributable reserves as at 28 February 2023 was £237,631 (2022:£286,091). The fair value reserve, which under FRS 102 1A has been combined with the profit and loss reserve, is part of non-distributable reserves. The deferred tax provision, which has been recognised under FRS 102 1A, is also part of non-distributable reserves.