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Registered Number: 06440733
England and Wales

 

 

 

FORTYFOURSIXTEEN LTD


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 November 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Thieme and Company
30 November 2023



....................................................
Thieme and Company
18 Thorne Road
Doncaster
DN1 2HS
08 July 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 5,966    4,870 
5,966    4,870 
Current assets      
Debtors 2,297    68,689 
Cash at bank and in hand 27,706    78,656 
30,003    147,345 
Creditors: amount falling due within one year (38,141)   (40,924)
Net current assets (8,138)   106,421 
 
Total assets less current liabilities (2,172)   111,291 
Creditors: amount falling due after more than one year (42,926)   (85,633)
Provisions for liabilities (167)   (167)
Net assets (45,265)   25,491 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account (45,365)   25,391 
Shareholders' funds (45,265)   25,491 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 08 July 2024 and were signed by:


-------------------------------
Neil Waddington
Director
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General Information
Fortyfoursixteen Ltd is a private company, limited by shares, registered in England and Wales, registration number 06440733, registration address Penmarrick House, Cove Hill, Perranarworthal, Truro, TR3 7QL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the Profit & Loss Account on a straight line basis.
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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:  
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
The other investments comprise of annuity contracts purchased from the directors as detailed in related party disclosures and are shown at cost. See Note 15
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

 
Average number of employees during the year was 1 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 December 2022 36,000    36,000 
Additions  
Disposals  
At 30 November 2023 36,000    36,000 
Amortisation
At 01 December 2022 36,000    36,000 
Charge for year  
On disposals  
At 30 November 2023 36,000    36,000 
Net book values
At 30 November 2023  
At 30 November 2022  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 December 2022 577    19,074    113    29,922    49,686 
Additions 204      190    2,872    3,266 
Disposals        
At 30 November 2023 781    19,074    303    32,794    52,952 
Depreciation
At 01 December 2022 477    18,003    98    26,238    44,816 
Charge for year 40    1,071    38    1,021    2,170 
On disposals        
At 30 November 2023 517    19,074    136    27,259    46,986 
Net book values
Closing balance as at 30 November 2023 264      167    5,535    5,966 
Opening balance as at 01 December 2022 100    1,071    15    3,684    4,870 


5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

6.

Events after Balance sheet date

Post Balance Sheet Event

In December 2023,  the Company and HM Revenue and Customs concluded an enquiry into the Annuity Purchase the Company undertook in the fiscal year ended 5th April 2016.
As a result the Company is removing £55567.76 from current assets - debtors and writing it  off to the historic reserves.
The effect on the accounts is as follows

Without the adjustment
Current Debtors                        £57865
Profit and Loss  Reserve        £10206

With the adjustment
Current Debtors                        £2297
Profit and Loss Reserve        (£45362)

These are reflected in the Year Ended 30th November 2023 Accounts inline with accounting policies.

7.

Director’s loan

Directors Advances, Credit and Guarantees

The following advances and credits to a director subsisted during the years ended 30th November 2023 and 30th November 2022:

N Waddington                                                                        2023                      2022

Balance outstanding at start of year                              (70918)                 (82399)         
Amounts advanced                                                                73018                   82486
Amounts repaid                                                                      (35274)                (71005)
Amounts written off                                                                     -                            -          
Amounts waived                                                                            -                            -
Balance outstanding at end of year                                 (33174)                (70918)                                                                                                                                      
 


8.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Related Party Disclosures55,568 

On 14th August 2015 Fortyfoursixteen Ltd purchased an annuity contract from Neil Waddington for £55,567.76 Under the terms of the contract the company will receive annual payments of £3,792 commencing on 5th April 2028 for the lifetime of Neil Waddington. See Note 15.
3