(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Trevanger West Tolgus, Illogan, Redruth, Cornwall, TR15 3TN. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Rental income
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Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
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Interest income
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Interest income is recognised using the effective interest method. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Investment Properties
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Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognized in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on anongoing basis. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2023 : 0). |
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(5) Related party transactions
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Foulkes Investments Limited is related party by the virtue of having same directors and shareholders. The balance outstanding from this relating party was £30,619 as on 31/03/2024.
It is interest free loan.
At the reporting date £30,619 (2023: £34,916) was owed to Foulkes Investments Ltd in respect of a short – term interest free loan repayable on demand. |
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(6) Fixed assets
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| Investments Property £ | Cost | | As at 01 April 2023 | 3,386,000 | As at 31 March 2024 | 3,386,000 | Depreciation/Amortisation | | As at 31 March 2024 | - | Net book value | | As at 31 March 2024 | 3,386,000 | As at 31 March 2023 | 3,386,000 |
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(7) Investment Properties
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FRS 102 requires deferred tax to be accounted for assets that are subject to revaluation. Consequently, no deferred tax was recognised on 31 March 2024 as there is no revaluation found during the year. |
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(8) Creditors > 1 year (Mortgage Loans)
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The mortgage loans are secured on the properties purchased under the loans. |
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