FOTFP Limited 10346593 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the letting of residential property. Digita Accounts Production Advanced 6.30.9574.0 true true 10346593 2022-09-01 2023-08-31 10346593 2023-08-31 10346593 core:CurrentFinancialInstruments 2023-08-31 10346593 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10346593 core:Non-currentFinancialInstruments 2023-08-31 10346593 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 10346593 bus:SmallEntities 2022-09-01 2023-08-31 10346593 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10346593 bus:FullAccounts 2022-09-01 2023-08-31 10346593 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 10346593 bus:RegisteredOffice 2022-09-01 2023-08-31 10346593 bus:Director1 2022-09-01 2023-08-31 10346593 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10346593 core:OtherRelatedParties 2022-09-01 2023-08-31 10346593 countries:EnglandWales 2022-09-01 2023-08-31 10346593 2022-08-31 10346593 2021-09-01 2022-08-31 10346593 2022-08-31 10346593 core:CurrentFinancialInstruments 2022-08-31 10346593 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 10346593 core:Non-currentFinancialInstruments 2022-08-31 10346593 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 10346593

Prepared for the registrar

FOTFP Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

FOTFP Limited

(Registration number: 10346593)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

475,000

475,000

Current assets

 

Debtors

5

15,056

8,979

Cash at bank and in hand

 

1,524

3,341

 

16,580

12,320

Creditors: Amounts falling due within one year

6

(44,355)

(53,325)

Net current liabilities

 

(27,775)

(41,005)

Total assets less current liabilities

 

447,225

433,995

Creditors: Amounts falling due after more than one year

6

(341,659)

(341,744)

Deferred tax liabilities

 

(18,322)

(18,322)

Net assets

 

87,244

73,929

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

74,821

93,143

Profit and loss account

12,323

(19,314)

Shareholders' funds

 

87,244

73,929

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 


M P Button
Director

 

FOTFP Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the rental income received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

 

FOTFP Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Investment properties

2023
£

At 1 September 2022 and at 31 August 2023

475,000

 

FOTFP Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

At 31 August 2023 the investment property was valued by the directors on an open market basis.

There has been no independent valuation during the year.

The historical cost of the investment property is £381,857 (2022: £381,857).

 

5

Debtors

2023
 £

2022
 £

Other debtors

15,000

8,979

Prepayments

56

-

15,056

8,979


 

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

39,525

51,625

Accrued expenses

 

2,157

1,700

Corporation tax liability

2,221

-

Deferred income

 

452

-

 

44,355

53,325

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

341,659

341,744

 

7

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Other borrowings

8

39,525

51,625

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

341,659

341,744

The loans are secured on the investment properties.
 

 

8

Related party transactions

Summary of transactions with other related parties

 

FOTFP Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

At 31 August 2023, the company owed £43,225 (2022: £51,625) to the director in the form of a directors loan account. No interest was charged on this amount and there are no fixed terms for repayment.

At 31 August 2023, the company was owed £15,000 (2022: £8,100) by GTTS Limited, a company under common control. The loan is unsecured and interest free and there are no fixed terms for repayment.

At 31 August 2023, the company was owed £3,700 (2022: Nil) by Mike Button, a company under common control. The loan is unsecured and interest free and there are no fixed terms for repayment.