REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
for |
Friar's Ford Development Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
for |
Friar's Ford Development Limited |
Friar's Ford Development Limited (Registered number: 03600267) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Report of the Accountants | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Friar's Ford Development Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Park Lane |
Tilehurst |
Reading |
Berkshire |
RG31 5DL |
Friar's Ford Development Limited |
Report of the Accountants to the Directors of |
Friar's Ford Development Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 July 2023 set out on page nil and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
12 Park Lane |
Tilehurst |
Reading |
Berkshire |
RG31 5DL |
Date: ............................................. |
Friar's Ford Development Limited (Registered number: 03600267) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 | 75 | 82 |
Capital redemption reserve | 10 | 25 | 18 |
Fair value reserve | 10 | 1,457,879 | 1,457,879 |
Retained earnings | 10 | (739,366 | ) | (596,085 | ) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Friar's Ford Development Limited (Registered number: 03600267) |
Balance Sheet - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Friar's Ford Development Limited (Registered number: 03600267) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Friar's Ford Development Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
TAXATION |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Hire Purchase installments are bifurcated into Principal and interest portion as per HP statements. Hire Purchase interest has been charged to profit and loss accounts on accrual basis and Hire Purchase liabilities have been reduced by monthly repayments of Principal amounts. |
Friar's Ford Development Limited (Registered number: 03600267) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Friar's Ford Development Limited (Registered number: 03600267) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2006 | 540,636 |
Valuation in 2007 | 766,683 |
Valuation in 2011 | 662,681 |
Valuation in 2015 | 1,075,000 |
Valuation in 2018 | 30,000 |
Valuation in 2019 | (605,691 | ) |
Valuation in 2020 | 543,692 |
3,013,001 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,123,088 | 1,123,088 |
Certain properties were valued on an open market basis on 31 July 2021 by Paragon . |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Deposits | 65,010 | 65,010 |
Amounts falling due after more than one year: |
Advances |
Loan | 60,000 | 60,000 |
Aggregate amounts |
Friar's Ford Development Limited (Registered number: 03600267) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts |
Social security and other tax |
Other creditors |
Intercompany account | 38,025 | 34,570 |
Directors' current accounts | 92,395 | 62,939 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans more than 1 year |
Mortgages | 1,986,421 | 1,986,421 |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Hire purchase | - | 15,246 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 75 | 82 |
10. | RESERVES |
Capital | Fair |
Retained | redemption | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 August 2022 | (596,085 | ) | 18 | 1,457,879 | 861,812 |
Deficit for the year | (69,704 | ) | (69,704 | ) |
Purchase of own shares | (73,577 | ) | 7 | - | (73,570 | ) |
At 31 July 2023 | (739,366 | ) | 25 | 1,457,879 | 718,538 |
Friar's Ford Development Limited (Registered number: 03600267) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
11. | RELATED PARTY DISCLOSURES |
Details of related party transactions are given below:- |
a. As at year end there is loan received from Friars Ford Estate Ltd £38,025 (P.Y.£34,570) in which Mr. Michael Alan Woodall, Mrs. Sally Elizabeth Woodall and Mr. Thomas Paul Woodall are also directors of the company. |
Opening Balance as on 01.08.2022: - £34,570 |
Transaction During year- Loan Advanced: - £4,500 |
Transaction During year- Loan Repaid: - £1,045 |
Closing Balance as on 31.07.2023: - £38,025 |
12. | PROFIT AND LOSS RESERVES |
Retained earnings consist of fair value adjustments in relation to investment properties, capital redemption reserve, and Profit and Loss Account. |
At the balance sheet date, the reserves therefore comprise of the following: |
Distributable reserves (£739,366) |
Non Distributable reserves £1,457,904 (relating to revaluation reserves of investment properties £1,457,879 and Capital redemption reserves of £25 of shares bought back in 2023) |