Registration number:
Focus Properties Limited
for the Year Ended 31 March 2024
Focus Properties Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Focus Properties Limited
(Registration number: 04172570)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
(38,858) |
(14,932) |
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Shareholders' deficit |
(38,856) |
(14,930) |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Focus Properties Limited
(Registration number: 04172570)
Balance Sheet as at 31 March 2024
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Focus Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net current liabilities of £47,173 (2023: £18,894) and retained losses of £38,856 (2023: £14,930). The director has pledged to continue to financially support the company for the foreseeable future. On this basis the director feels it is appropriate to prepare these financial statements using the going concern assumption.
Focus Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2 |
Accounting policies (continued) |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received for rent from tenants in the ordinary course of the company’s activities. Turnover is shown net of sales and management fees.
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 each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Depreciation
As permitted under FRS102 the investment property is held at cost on the basis that holding the property at its fair value would cause undue cost and effort and is therefore classified as PPE. No depreciation is charged on the property and although this is a departure from accounting standards it is considered necessary on the basis that the property's value is considered to be in excess of its carrying value and therefore no depreciation is required.
Asset class |
Depreciation method and rate |
Land and buildings |
No depreciation |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Focus Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Debtors |
Current |
2024 |
2023 |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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The total mortgage outstanding of £60,509 (2023: £60,509), including due in less than and more than one year, is secured on the investment properties within the company. A charge is held over this property in favour of The Co-Operative Bank PLC.
Share capital |
Allotted, called up and fully paid shares
Focus Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
6 |
Share capital (continued) |
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
At the balance sheet date the company owed £45,363 (2023: £23,103) to Mr A Shelford, the director of the company. There are no terms relating to the payment of interest or repayment of capital on this loan.
Ultimate controlling party |
The ultimate controlling party is
Focus Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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The total mortgage outstanding of £60,509 (2019: £60,509), including due in less than and more than one year, is secured on the investment properties within the company.