FOUNTAINS RESOURCES LIMITED

Company Registration Number:
12095066 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

FOUNTAINS RESOURCES LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Company Information - 3
Profit and Loss Account - 4
Balance sheet - 5
Additional notes - 7
Balance sheet notes - 10

FOUNTAINS RESOURCES LIMITED

Company Information

for the Period Ended 31 July 2023




Director: N Mahmood
Registered office: 19
Highlands Grove
Bradford
England
BD7 4BG
Company Registration Number: 12095066 (England and Wales)

FOUNTAINS RESOURCES LIMITED

Profit and Loss Account

for the Period Ended 31 July 2023


Notes

2023
£

2022
£
Turnover 83,328 98,089
Cost of sales ( 0 ) ( 0 )
Gross Profit or (Loss) 83,328 98,089
Income from coronavirus (COVID-19) business support grants 0 0
Distribution Costs ( 0 ) ( 0 )
Administrative Expenses ( 73,188 ) ( 80,060 )
Other operating income - 0
Operating Profit or (Loss) 10,140 18,029
Profit or (Loss) Before Tax 10,140 18,029
Tax on Profit ( 1,926 ) ( 3,513 )
Profit or (Loss) for Period 8,214 14,516

The notes form part of these financial statements

FOUNTAINS RESOURCES LIMITED

Balance sheet

As at 31 July 2023


Notes

2023
£

2022
£
Fixed assets
Tangible assets: 4 253 492
Total fixed assets: 253 492
Current assets
Cash at bank and in hand: 60,420 56,245
Total current assets: 60,420 56,245
Creditors: amounts falling due within one year: 5 ( 5,442 ) ( 16,887 )
Net current assets (liabilities): 54,978 39,358
Total assets less current liabilities: 55,231 39,850
Total net assets (liabilities): 55,231 39,850

The notes form part of these financial statements

FOUNTAINS RESOURCES LIMITED

Balance sheet continued

As at 31 July 2023


Notes

2023
£

2022
£
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 55,230 39,849
Shareholders funds: 55,231 39,850

For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 9 March 2024
And Signed On Behalf Of The Board By:

Name: N Mahmood
Status: Director

The notes form part of these financial statements

FOUNTAINS RESOURCES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the course of the companys activities and is shown net of sales/values added tax, returns, rebates and discounts. income is recognised when goods/services have been delivered/ provided to clients should that risk and rewards of ownership have transferred to them.

    Tangible fixed assets depreciation policy

    Depreciation: Depreciation is calculated so as to write off the cost of an asset. net of anticipation disposal proceeds, over the useful economic life of that asset as follows: Fixtures & fittings- 15% reducing balance Office equipment- 33% straight line Motor vehicles- 25% reducing balance Plant and Machinery- 15% reducing balance

    Other accounting policies

    Pensions Cost: The company operates a defined contribution pension scheme and the pension cost charge represents the contributions payable by the company to the fund in respect of the period. the assets of the scheme are held separately from those of the company in an independently administered fund. Deferred Taxation: Deferred taxation is provided on the liability method to take account of timing differences between treatment of certain items for accounts purposes and their treatment for tax. tax deferred or accelerated is accounted for in respect of all material timing differences. Leasing and Hire Purchase Contracts: Property, plant, and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated. Rentals payable under operating leases add charged to the statement of income and retained earnings on a straight line basis over the period. Financial instruments: The following assets and liabilities are classified as financial instruments- trade debtors, trade creditors, bank loans and director’s loans. Bank loans are initially measured at the present value of future payments, discounted at the market rate of interest and subsequently at amortised cost during the effective interest method. Director's loans (being repayable on demand). Trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

FOUNTAINS RESOURCES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 2. Employees


    2023

    2022
    Average number of employees during the period 1 1

FOUNTAINS RESOURCES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 3. Off balance sheet disclosure

    No

FOUNTAINS RESOURCES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Tangible assets

Office equipment Total
Cost £ £
At 01 August 2022 955 955
Additions 0 0
Disposals - -
Revaluations 0 0
Transfers - -
At 31 July 2023 955 955
Depreciation
At 01 August 2022 463 463
Charge for year 239 239
On disposals - -
Other adjustments - -
At 31 July 2023 702 702
Net book value
At 31 July 2023 253 253
At 31 July 2022 492 492

Depreciation: Depreciation is calculated so as to write off the cost of an asset. net of anticipation disposal proceeds, over the useful economic life of that asset as follows: Fixtures & fittings- 15% reducing balance Office equipment- 33% straight line Motor vehicles- 25% reducing balance Plant and Machinery- 15% reducing balance Foreign Currency: Transactions in foreign currency are recorded at the ruling at the day of transaction. Monetary assets and liabilities denominated in foreign currencies are re translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

FOUNTAINS RESOURCES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

5.Creditors: amounts falling due within one year note


2023
£

2022
£
Trade creditors 9,303
Taxation and social security 5,442 7,584
Total 5,442 16,887

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director loans. Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.