Registered number
12065111
FCD One Ltd
Filleted Accounts
30 April 2023
FCD One Ltd
Registered number: 12065111
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 870,805 664,667
Current assets
Debtors 4 19,865 3,910
Cash at bank and in hand 2,318 1,175
22,183 5,085
Creditors: amounts falling due within one year 5 (161,917) (143,873)
Net current liabilities (139,734) (138,788)
Total assets less current liabilities 731,071 525,879
Creditors: amounts falling due after more than one year 6 (586,747) (592,232)
Provisions for liabilities (39,093) -
Net assets/(liabilities) 105,231 (66,353)
Capital and reserves
Called up share capital 100 100
Non - distributable reserve 8 166,662 -
Profit and loss account (61,531) (66,453)
Shareholders' funds 105,231 (66,353)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sean Elliott
Director
Approved by the board on 1 March 2024
FCD One Ltd
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Investments
Investments in property are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 664,245 506 664,751
Additions - 583 583
Surplus on revaluation 205,755 - 205,755
At 30 April 2023 870,000 1,089 871,089
Depreciation
At 1 May 2022 - 84 84
Charge for the year - 200 200
At 30 April 2023 - 284 284
Net book value
At 30 April 2023 870,000 805 870,805
At 30 April 2022 664,245 422 664,667
Freehold land and buildings: 2023 2022
£ £
Historical cost 664,245 664,245
Cumulative depreciation based on historical cost - -
664,245 664,245
Land and buildings were revalued on the open market basis on 30 April 2023 by the director.
4 Debtors 2023 2022
£ £
Trade debtors - 1,910
Other debtors 19,865 2,000
19,865 3,910
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,486 4,808
Trade creditors 5,238 3,915
Amounts owed to group undertakings and undertakings in which the company has a participating interest 111,200 113,476
Taxation and social security costs 20,965 19,556
Other creditors 19,028 2,118
161,917 143,873
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 586,747 592,232
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 548,100 548,100
Instalments falling due for payment after more than five years 15,285 21,346
563,385 569,446
Secured bank loans 548,100 548,100
The bank loans are secured by a charge over the property owned by the company.
8 Non-distributable reserve 2023 2022
£ £
Net gain from fair value adjustments to investment property 205,755 -
Deferred taxation arising on fair value adjustments (39,093) -
At 30 April 2023 166,662 -
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Sean Elliott
Directors loan - 4,500 - 4,500
- 4,500 - 4,500
10 Related party transactions
At the balance sheet date the company owed £111,200 to Friday Club Developments Ltd (2022: £113,476). The company is a wholly owned subsidary of Friday Club Developments Ltd. The loan is interest free and repayable on demand.
Included in other debtors at the balance sheet date is £15,365 (2022: £2,000) owed by the company to FC Construction Group Ltd, a company with common directors and under the control of the parent company shareholder. The loan is interest free and repayable on demand.
Included in other creditors at the balance sheet date are amounts owed to companies with common directors and under the control of the parent company shareholder. The loans are interest free and repayable on demand.
2023 2022
£ £
FCD Two Ltd 1,800 -
Aligned Property Services Ltd 793 793
11 Other information
FCD One Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Towers
Towers Business Park
Wilmslow Road
Manchester
M20 2SL
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