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COMPANY REGISTRATION NUMBER: 01913204
Felgate Builders Limited
Unaudited financial statements
31 October 2023
Felgate Builders Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
709,438
709,438
Current assets
Debtors
6
783
703
Cash at bank and in hand
187,221
185,446
---------
---------
188,004
186,149
Creditors: Amounts falling due within one year
7
( 36,805)
( 35,516)
---------
---------
Net current assets
151,199
150,633
---------
---------
Total assets less current liabilities
860,637
860,071
Provisions
Taxation including deferred tax
( 77,305)
( 75,335)
---------
---------
Net assets
783,332
784,736
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
372,280
372,280
Profit and loss account
410,052
411,456
---------
---------
Shareholders funds
783,332
784,736
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 October 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 .
Felgate Builders Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 5 January 2024 , and are signed on behalf of the board by:
A A Delaney
Director
Company registration number: 01913204
Felgate Builders Limited
Notes to the financial statements
Year ended 31 October 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 The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The company's trading address during the year was Neyland House, 11 The Street, Barton Mills, Bury St Edmunds, Suffolk, IP28 6AW.
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.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Land and buildings
£
Cost
At 1 November 2022 and 31 October 2023
709,438
---------
Depreciation
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
709,438
---------
At 31 October 2022
709,438
---------
Tangible assets held at valuation Investment properties are measured at fair value. The directors assess and determine the fair value of the investment properties at each reporting date. The value inevitably has a degree of judgement involved in that each property is unique and value can only be ultimately tested in the market itself. The tangible fixed assets were revalued in March 2023 by the directors.
6. Debtors
2023
2022
£
£
Other debtors
783
703
----
----
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Social security and other taxes
2,028
1,342
Other creditors
34,777
34,174
-------
-------
36,805
35,516
-------
-------
8. Analysis of other comprehensive income
Revaluation reserve
Profit and loss account
Total
£
£
£
Year ended 31 October 2022
Revaluation of tangible assets
385,473
385,473
Reclassification from revaluation reserve to profit and loss account
( 69,438)
( 69,438)
Tax relating to components of other comprehensive income
( 13,193)
13,193
---------
-------
---------
372,280
( 56,245)
316,035
---------
-------
---------