Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-313No description of principal activity2022-06-01false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08912416 2022-06-01 2023-05-31 08912416 2021-06-01 2022-05-31 08912416 2023-05-31 08912416 2022-05-31 08912416 c:Director1 2022-06-01 2023-05-31 08912416 d:MotorVehicles 2022-06-01 2023-05-31 08912416 d:MotorVehicles 2023-05-31 08912416 d:MotorVehicles 2022-05-31 08912416 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08912416 d:OfficeEquipment 2022-06-01 2023-05-31 08912416 d:OfficeEquipment 2023-05-31 08912416 d:OfficeEquipment 2022-05-31 08912416 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08912416 d:ComputerEquipment 2022-06-01 2023-05-31 08912416 d:ComputerEquipment 2023-05-31 08912416 d:ComputerEquipment 2022-05-31 08912416 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08912416 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08912416 d:CurrentFinancialInstruments 2023-05-31 08912416 d:CurrentFinancialInstruments 2022-05-31 08912416 d:Non-currentFinancialInstruments 2023-05-31 08912416 d:Non-currentFinancialInstruments 2022-05-31 08912416 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08912416 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 08912416 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08912416 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 08912416 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 08912416 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 08912416 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 08912416 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 08912416 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 08912416 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 08912416 d:ShareCapital 2023-05-31 08912416 d:ShareCapital 2022-05-31 08912416 d:CapitalRedemptionReserve 2023-05-31 08912416 d:CapitalRedemptionReserve 2022-05-31 08912416 d:RetainedEarningsAccumulatedLosses 2023-05-31 08912416 d:RetainedEarningsAccumulatedLosses 2022-05-31 08912416 c:OrdinaryShareClass1 2022-06-01 2023-05-31 08912416 c:OrdinaryShareClass1 2023-05-31 08912416 c:OrdinaryShareClass1 2022-05-31 08912416 c:FRS102 2022-06-01 2023-05-31 08912416 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08912416 c:FullAccounts 2022-06-01 2023-05-31 08912416 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08912416 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 08912416 d:HirePurchaseContracts d:WithinOneYear 2022-05-31 08912416 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 08912416 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-05-31 08912416 2 2022-06-01 2023-05-31 08912416 6 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08912416









FORTUNE GREEN CAPITAL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
FORTUNE GREEN CAPITAL LTD
REGISTERED NUMBER: 08912416

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
59,453
79,270

Fixed asset investments
  
104
104

  
59,557
79,374

Current assets
  

Debtors: amounts falling due within one year
 6 
274,821
476,784

Cash at bank and in hand
 7 
2,519,726
2,264,929

  
2,794,547
2,741,713

Creditors: amounts falling due within one year
 8 
(2,511,554)
(2,363,459)

Net current assets
  
 
 
282,993
 
 
378,254

Total assets less current liabilities
  
342,550
457,628

Creditors: amounts falling due after more than one year
 9 
(93,021)
(106,841)

  

Net assets
  
249,529
350,787


Capital and reserves
  

Called up share capital 
  
25
25

Capital redemption reserve
  
75
75

Profit and loss account
  
249,429
350,687

  
249,529
350,787


Page 1

 
FORTUNE GREEN CAPITAL LTD
REGISTERED NUMBER: 08912416
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The director considers 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 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 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 comprehensive income 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 by: 




R Soltanie
Director

Date: 14 February 2024

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Fortune Green Capital Ltd is a private company limited by shares incorporated in England and Wales.
The registered office is 37-39 Maida Vale, London, W9 1TP.
The financial statements are presented in Sterling (£), which is the functional currency of the company.

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

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 measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

 
2.10

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.

Page 4

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Office equipment
-
25%
Computer equipment
-
25%

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 6

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 7

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
108,944
24,035
20,674
153,653



At 31 May 2023

108,944
24,035
20,674
153,653



Depreciation


At 1 June 2022
47,663
11,143
15,577
74,383


Charge for the year on owned assets
15,320
3,223
1,274
19,817



At 31 May 2023

62,983
14,366
16,851
94,200



Net book value



At 31 May 2023
45,961
9,669
3,823
59,453



At 31 May 2022
61,281
12,892
5,097
79,270

Page 8

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 June 2022
104



At 31 May 2023
104




Fixed asset investments not carried at market value
The company holds shares in unlisted companies and it has not been deemed possible to place a reliable
market value on the investments. It has therefore been recognised at historical cost.


6.


Debtors

2023
2022
£
£


Other debtors
274,821
460,404

Prepayments and accrued income
-
16,380

274,821
476,784



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,519,726
2,264,929

2,519,726
2,264,929


Page 9

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,132
5,133

Corporation tax
-
27,420

Obligations under finance lease and hire purchase contracts
8,688
8,688

Other creditors
2,493,234
2,318,858

Accruals and deferred income
4,500
3,360

2,511,554
2,363,459



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
35,141
40,273

Net obligations under finance leases and hire purchase contracts
57,880
66,568

93,021
106,841


Page 10

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,132
5,133


5,132
5,133

Amounts falling due 1-2 years

Bank loans
5,263
5,263


5,263
5,263

Amounts falling due 2-5 years

Bank loans
16,601
16,601


16,601
16,601

Amounts falling due after more than 5 years

Bank loans
13,277
18,409

13,277
18,409

40,273
45,406


Page 11

 
FORTUNE GREEN CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
8,688
8,688

Between 1-5 years
57,880
66,569

66,568
75,257


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



25 (2022 - 25) Ordinary shares shares of £1.00 each
25
25


 
Page 12