Company No:
Contents
Note | 30.11.2023 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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1,994,787 | 1,066,843 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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171,469 | 10 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (693,806) | (945,371) | ||
Total assets less current liabilities | 1,300,981 | 121,472 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Firepool Lock Development Ltd (registered number:
M P Thomas
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Firepool Lock Development Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 Kingston House, 1 Kingston Road, Taunton, TA2 7ED, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The company has net current liabilities of £693,806 at the year end and net liabilities of £47,366 . Included within creditors are amounts of £851,189 which are owed to fellow group companies and other companies which are under the control of M P Thomas (director). These companies will not seek repayment of the loans for at least 12 months to the extent that any such repayment would jeopardise the future of the company and therefore the director considers that the going concern basis is appropriate.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Any borrowing costs in connection with development projects undertaken in the course of the company's principal trading activity are capitalised within work in progress during the year.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Period from 01.05.2023 to 30.11.2023 |
Year ended 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 May 2023 |
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Additions | 927,944 |
As at 30 November 2023 |
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30.11.2023 | 30.04.2023 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Other debtors |
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30.11.2023 | 30.04.2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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30.11.2023 | 30.04.2023 | ||
£ | £ | ||
Bank loans (secured £
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During the year the company entered into a number of transactions with fellow group companies. At the year end there are amounts included within debtors of £4,819 (2022 - £Nil) and creditors of £826,485 (2022 - £831,485) in connection with these transactions.
During the year the company entered into a number of transactions with other companies which are under the control of Mr M P Thomas (director). At the year end there are amounts included in other debtors of £166,448 (2022 - £2,784,064) and other creditors of £24,704 (2022 - £102,696) in connection with these transactions.