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REGISTERED NUMBER: 03509117 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 December 2023

for

FCMS Limited

FCMS Limited (Registered number: 03509117)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FCMS Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs E Brown
H E Brown





SECRETARY: H E Brown





REGISTERED OFFICE: The Old Rectory
Church Road
Egginton
Derbyshire
DE65 6HP





REGISTERED NUMBER: 03509117 (England and Wales)





ACCOUNTANTS: Bourne & Co
Chartered Accountants
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

FCMS Limited (Registered number: 03509117)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,432 2,804
Investment property 5 2,335,000 2,335,000
2,337,432 2,337,804

CURRENT ASSETS
Debtors 6 327,605 325,966
Cash at bank 312,477 60,508
640,082 386,474
CREDITORS
Amounts falling due within one year 7 332,519 52,595
NET CURRENT ASSETS 307,563 333,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,644,995

2,671,683

CREDITORS
Amounts falling due after more than
one year

8

(1,163,000

)

(1,220,915

)

PROVISIONS FOR LIABILITIES (127,899 ) (127,992 )
NET ASSETS 1,354,096 1,322,776

FCMS Limited (Registered number: 03509117)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserve 11 1,051,184 1,051,184
Retained earnings 302,812 271,492
1,354,096 1,322,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





H E Brown - Director


FCMS Limited (Registered number: 03509117)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

FCMS 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Related party exemption
As a wholly owned subsidiary, the company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent company.

Turnover
Turnover comprises revenue recognised by the company in respect of rents received during the year exclusive of Value Added Tax.

Turnover is recognised in the period the rent relates to.

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 - 20% on cost and 10% on cost
Office equipment - 20% on cost

Investment property
Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.

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.

FCMS Limited (Registered number: 03509117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Interest income
Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

FCMS Limited (Registered number: 03509117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 200 77,067 10,263 87,530
Additions - - 699 699
Disposals - - (861 ) (861 )
At 31 December 2023 200 77,067 10,101 87,368
DEPRECIATION
At 1 January 2023 13 75,485 9,228 84,726
Charge for year 40 350 623 1,013
Eliminated on disposal - - (803 ) (803 )
At 31 December 2023 53 75,835 9,048 84,936
NET BOOK VALUE
At 31 December 2023 147 1,232 1,053 2,432
At 31 December 2022 187 1,582 1,035 2,804

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 2,335,000
NET BOOK VALUE
At 31 December 2023 2,335,000
At 31 December 2022 2,335,000

The 2019 valuations were carried out by a third party firm of Chartered Surveyors, on an open market value for existing use basis. That valuation, combined with a knowledge of current market values, formed the basis for the open market valuations of the investment properties as at 31 December 2023 and 31 December 2022, which were carried out by the two directors.

FCMS Limited (Registered number: 03509117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 322,604 322,594
Other debtors 200 200
Prepayments and accrued income 4,801 3,172
327,605 325,966

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 310,000 -
Trade creditors 209 -
Corporation tax 7,505 7,279
Directors' current accounts 6,265 36,831
Accrued expenses 8,540 8,485
332,519 52,595

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) - 357,915
Directors' loan accounts 300,000 -
Accruals and deferred income 863,000 863,000
1,163,000 1,220,915

9. LOANS

The bank loan includes an amount of £Nil (2022: £357,915) falling due after more than 5 years.

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 310,000 357,915

The bank loan is secured on one of the investment properties.

FCMS Limited (Registered number: 03509117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RESERVES
Non
distributable
reserve
£   
At 1 January 2023
and 31 December 2023 1,051,184

12. ULTIMATE CONTROLLING PARTY

The controlling party is FCMS Holdings Limited.

FCMS Holdings Limited is a company registered in the UK.

The address of the parent company is the same as the registered office of FCMS Limited, which can be found on the Company Information page of these financial statements.

Accounts for the parent company can be obtained from Companies House.