Mount Folly Ltd 12710727 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Other letting and operating of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true 12710727 2023-04-01 2024-03-31 12710727 2024-03-31 12710727 core:RetainedEarningsAccumulatedLosses 2024-03-31 12710727 core:ShareCapital 2024-03-31 12710727 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12710727 bus:SmallEntities 2023-04-01 2024-03-31 12710727 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12710727 bus:FullAccounts 2023-04-01 2024-03-31 12710727 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12710727 bus:RegisteredOffice 2023-04-01 2024-03-31 12710727 bus:Director1 2023-04-01 2024-03-31 12710727 bus:Director2 2023-04-01 2024-03-31 12710727 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12710727 countries:EnglandWales 2023-04-01 2024-03-31 12710727 2022-04-01 2023-03-31 12710727 2023-03-31 12710727 core:RetainedEarningsAccumulatedLosses 2023-03-31 12710727 core:ShareCapital 2023-03-31 12710727 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 12710727

Mount Folly Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Mount Folly Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 3

 

Mount Folly Ltd

(Registration number: 12710727)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

95,175

67,888

Cash at bank and in hand

 

3,949

3,949

 

99,124

71,837

Creditors: Amounts falling due within one year

(8,285)

(9,263)

Net assets

 

90,839

62,574

Capital and reserves

 

Called up share capital

102

102

Profit and loss account

90,737

62,472

Total equity

 

90,839

62,574

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.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 17 August 2024 and signed on its behalf by:
 

Mr J Tucker
Director

Mrs J Tucker
Director

 
     
 

Mount Folly Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mount Folly Farm
Folly Hill
Bigbury on Sea
Kingsbridge
Devon
TQ7 4AR

These financial statements were authorised for issue by the Board on 17 August 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tax

The tax expense for the period comprises current and 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.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Mount Folly Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).