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REGISTERED NUMBER: 05111067 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

FPO Limited

FPO Limited (Registered number: 05111067)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


FPO Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: T Mulhall
Mrs T P Mulhall





SECRETARY: Mrs T P Mulhall





REGISTERED OFFICE: 22-28 Willow Street
Accrington
Lancashire
BB5 1LP





REGISTERED NUMBER: 05111067 (England and Wales)





ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

FPO Limited (Registered number: 05111067)

Abridged Balance Sheet
31 May 2024

31/5/24 31/5/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,379 10,144
Tangible assets 5 7,273 8,052
8,652 18,196

CURRENT ASSETS
Stocks 9,516 10,343
Debtors 854 689
Cash at bank and in hand 26,388 23,307
36,758 34,339
CREDITORS
Amounts falling due within one year 6,901 6,260
NET CURRENT ASSETS 29,857 28,079
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,509

46,275

CREDITORS
Amounts falling due after more than one
year

(50,467

)

(60,467

)

PROVISIONS FOR LIABILITIES (1,382 ) (1,530 )
NET LIABILITIES (13,340 ) (15,722 )

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings (13,342 ) (15,724 )
SHAREHOLDERS' FUNDS (13,340 ) (15,722 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

FPO Limited (Registered number: 05111067)

Abridged Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 2 August 2024 and were signed on its behalf by:





T Mulhall - Director


FPO Limited (Registered number: 05111067)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

FPO Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The company has net liabilities in the current and previous financial year. The company is reliant on the continued financial support of the directors who have loaned money to the company in excess of the net liabilities. The directors are of the opinion that trading performance will improve over the next financial year and that the relevant support will be maintained. No adjustments have been made that may have been found necessary if any other basis of preparation had been used.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company operates as a Post Office and most sales are done on a retail basis. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding the usage. Accumulated experience is used to estimate and provide for such returns at the time of sale. The company does not operate any loyalty programmes.

Goodwill
Purchased goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised over its remaining estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.


FPO Limited (Registered number: 05111067)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred 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 or deferred taxation assets and liabilities are not discounted.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 163,750
AMORTISATION
At 1 June 2023 153,606
Amortisation for year 8,765
At 31 May 2024 162,371
NET BOOK VALUE

At 31 May 2024 1,379
At 31 May 2023 10,144

FPO Limited (Registered number: 05111067)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 54,495
Additions 611
At 31 May 2024 55,106
DEPRECIATION
At 1 June 2023 46,443
Charge for year 1,390
At 31 May 2024 47,833
NET BOOK VALUE
At 31 May 2024 7,273
At 31 May 2023 8,052

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/5/24 31/5/23
£    £   
Within one year 14,500 -
Between one and five years - 29,000
14,500 29,000

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/5/24 31/5/23
value: £    £   
2 Ordinary £1 £1 2 2