Acorah Software Products - Accounts Production 15.0.400 false true true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 01779264 The Worshipful Company Of Founders Mr M G Farrant Revd N K Stephenson Revd N K Stephenson The Worshipful Company of Founders Founders Hall, 1 Cloth Fair, Loncon, EC1A 7JQ true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01779264 2022-10-31 01779264 2023-10-31 01779264 2022-11-01 2023-10-31 01779264 frs-core:CurrentFinancialInstruments 2023-10-31 01779264 frs-core:Non-currentFinancialInstruments 2023-10-31 01779264 frs-core:ComputerEquipment 2023-10-31 01779264 frs-core:ComputerEquipment 2022-11-01 2023-10-31 01779264 frs-core:ComputerEquipment 2022-10-31 01779264 frs-core:FurnitureFittings 2023-10-31 01779264 frs-core:FurnitureFittings 2022-11-01 2023-10-31 01779264 frs-core:FurnitureFittings 2022-10-31 01779264 frs-core:ShareCapital 2023-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 01779264 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01779264 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 01779264 frs-bus:SmallEntities 2022-11-01 2023-10-31 01779264 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 01779264 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 01779264 1 2022-11-01 2023-10-31 01779264 frs-core:DeferredTaxation 2022-11-01 2023-10-31 01779264 frs-core:DeferredTaxation 2022-10-31 01779264 frs-core:DeferredTaxation 2023-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-31 01779264 frs-bus:Director1 2022-11-01 2023-10-31 01779264 frs-bus:Director2 2022-11-01 2023-10-31 01779264 frs-bus:Director3 2022-11-01 2023-10-31 01779264 frs-bus:CompanySecretary1 2022-11-01 2023-10-31 01779264 frs-countries:EnglandWales 2022-11-01 2023-10-31 01779264 2021-10-31 01779264 2022-10-31 01779264 2021-11-01 2022-10-31 01779264 frs-core:CurrentFinancialInstruments 2022-10-31 01779264 frs-core:Non-currentFinancialInstruments 2022-10-31 01779264 frs-core:ShareCapital 2022-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-31
Registered number: 01779264
Founders Properties Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01779264
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 8,000,000 8,500,000
8,000,000 8,500,000
CURRENT ASSETS
Debtors 6 21,213 65,380
Cash at bank and in hand 685,797 3,411
707,010 68,791
Creditors: Amounts Falling Due Within One Year 7 (846,578 ) (736,460 )
NET CURRENT ASSETS (LIABILITIES) (139,568 ) (667,669 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,860,432 7,832,331
Creditors: Amounts Falling Due After More Than One Year 8 (19,000 ) (251,712 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (75,187 ) (68,850 )
NET ASSETS 7,766,245 7,511,769
CAPITAL AND RESERVES
Called up share capital 350,000 350,000
Fair Value Reserve 6,286,827 6,471,447
Profit and Loss Account 1,129,418 690,322
SHAREHOLDERS' FUNDS 7,766,245 7,511,769
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Page 2
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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 29 July 2024 and were signed on its behalf by:
Revd N K Stephenson
Director
29/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Founders Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01779264 . The registered office is Founders Hall, Cloth Fair, London, EC1A 7JQ.
The presentation currency of the financial statements is the Pound Sterling (£).  
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
At 31 October 2023 the company had net current liabilities of £139,568 (2022 - £667,669). The directors have assessed the ability of the company to continue as a going concern, taking in to account current and forecast trading levels and cashflow requirements, together with the fact that the Holding Company has undertaken not to demand repayment of the loans payable to them until the company is in the position to do so.
The financial statements make no provision for any adjustment should the going concern basis not be appropriate.
2.3. Significant judgements and estimations
No significant judgements have had to be made by the directors in preparing these financial statements.
The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of reasonable fair value estimates of the asset.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.5. Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost and are depreciated over their estimated useful economic lives at the following annual rates:-
Fixtures & Fittings 33.33% on cost and 20% on cost
Computer Equipment 33.33% on cost
At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Company policy is that items under the value of £1,500 are not capitalised and recognised as an expense.
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2.6. Investment Properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
2.7. Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 89,730 22,161 111,891
As at 31 October 2023 89,730 22,161 111,891
Depreciation
As at 1 November 2022 89,730 22,161 111,891
As at 31 October 2023 89,730 22,161 111,891
Net Book Value
As at 31 October 2023 - - -
As at 1 November 2022 - - -
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5. Investment Property
2023
£
Fair Value
As at 1 November 2022 8,500,000
Disposals (500,000 )
As at 31 October 2023 8,000,000
The directors have considered the value of the investment properties used for operating leases as at 31 October 2023 on a fair value basis and a decision was made that the value of the freehold property should remain at £8,000,000 (2022 - £8,500,000).
The leasehold property was sold on 18 August 2023 for £820,000.  Its value was deemed to be £500,000 at 31 October 2022.
The historical cost of the Freehold and Leasehold Land and Buildings were £2,840,553, of which £315,380 related to the cost of the land.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,460 33,769
Other debtors 19,753 31,611
21,213 65,380
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,456 34,308
Bank loans and overdrafts - 3,604
Amounts owed to group undertakings 643,639 692,776
Other creditors 21,343 26,932
Taxation and social security 167,140 (21,160 )
846,578 736,460
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 37,712
Other creditors 19,000 214,000
19,000 251,712
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9. Secured Creditors
Of the creditors the following amounts are secured.
The loans are secured by way of first legal charges over the leasehold property and fixed and floating charges over the assets of the company.
2023 2022
£ £
Bank loans and overdrafts - 41,316
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2022 68,850 68,850
Additions 6,337 6,337
Balance at 31 October 2023 75,187 75,187
11. Related Party Transactions
Creditors due within one year include £643,639 (2022 - £692,776) due to The Worshipful Company of Founders.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is The Worshipful Company of Founders . The Worshipful Company of Founders was incorporated in (Please enter country of incorporation). Copies of the group accounts may be obtained from the secretary, Founders Hall, 1 Cloth Fair, Loncon, EC1A 7JQ . The ultimate controlling party is The Worshipful Company of Founders who controls 100% of the shares of Founders Properties Limited .
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