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Registered number: 02336568














FOUNTAIN PARK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
FOUNTAIN PARK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 8


 
FOUNTAIN PARK LIMITED
REGISTERED NUMBER:02336568

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
7,296
4,148

Investments
 5 
2
2

  
7,298
4,150

Current assets
  

Stocks
 6 
28,929,902
25,616,764

Debtors: amounts falling due within one year
 7 
2,562,936
2,642,859

Cash at bank and in hand
  
8,959
10,053

  
31,501,797
28,269,676

Current Liabilities
  

Creditors: amounts falling due within one year
 8 
(29,151,417)
(26,306,160)

Net current assets
  
 
 
2,350,380
 
 
1,963,516

Total assets less current liabilities
  
2,357,678
1,967,666

Creditors: amounts falling due after more than one year
 9 
(2,732,377)
(2,543,389)

Net liabilities
  
(374,699)
(575,723)


Capital and reserves
  

Called up share capital 
 11 
50,000
50,000

Profit and loss account
  
(424,699)
(625,723)

  
(374,699)
(575,723)


Page 1

 
FOUNTAIN PARK LIMITED
REGISTERED NUMBER:02336568
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2024.


C G Rifkind
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FOUNTAIN PARK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Fountain Park Limited is a private liability company incorporated in England and Wales with its principal place of business and registered office at The Tea House, 17 Hall Road, London, NW8 9RF.
The principal activity of the Company continued to be that of property development.
The functional and presentational currency of the Company is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company meets its day to day working capital requirements through the financial support of its director and loans from related companies. The director has a reasonable expectation that such support will continue for the foreseeable future and this support should enable the Company to continue to meet its liabilities as they fall due for payment for at least twelve months from the date of approval of the financial statements. During the year, the Company continued work on a major property development project which is expected to generate more than sufficient profits to fully clear the current deficit in the future. Accordingly the director believes that it remains appropriate to prepare the financial statements on a going concern basis and is satisfied that the Company will continue to be able to secure adequate facilities to meet its liabilities as they fall due for at least twelve months from the date of his approval of the financial statements.

 
2.4

Turnover

Turnover comprises revenue recognised by the Company in respect of development property sales, exclusive of Value Added Tax.
Development property sales are recognised at the date of exchange of contracts. If completion is conditional upon an external event the sale is recognised at the time the transaction becomes unconditional.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Page 3

 
FOUNTAIN PARK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan 
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
FOUNTAIN PARK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance method
Fixtures and fittings
-
25%
Reducing balance method
Computer equipment
-
33%
Straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks and work in progress represents development property valued at the lower of cost and net realisable value. Cost for this purpose comprises the original purchase price of land and buildings, construction costs and capitalised interest and related finance costs of borrowings to finance the development.
In considering the net realisable value of land and properties it is assumed that developments will be completed and sold in the ordinary course of the company's business and that they would not be placed on the market for immediate sale.

 
2.13

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.14

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including the director, during the year was 6 (2022 - 5).


Page 5

 
FOUNTAIN PARK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
40,668
11,921
52,589


Additions
-
5,580
5,580



At 31 December 2023

40,668
17,501
58,169



Depreciation


At 1 January 2023
37,717
10,724
48,441


Charge for the year on owned assets
738
1,694
2,432



At 31 December 2023

38,455
12,418
50,873



Net book value



At 31 December 2023
2,213
5,083
7,296



At 31 December 2022
2,951
1,197
4,148


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2023
2



At 31 December 2023

2






Net book value



At 31 December 2023
2



At 31 December 2022
2

Page 6

 
FOUNTAIN PARK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Development property
28,929,902
25,616,764



7.


Debtors

2023
2022
£
£


Trade debtors
24,275
-

Other debtors
255,599
270,188

Prepayments and accrued income
85,127
85,795

Deferred taxation
2,197,935
2,286,876

2,562,936
2,642,859



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
143,440
144,254

Amounts owed to connected companies
23,623,912
20,374,493

Other taxation and social security
30,103
68,228

Other creditors
5,249,374
5,627,993

Accruals and deferred income
104,588
91,192

29,151,417
26,306,160



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,732,377
2,543,389


The bank loan, which is repayable within one to two years after the Statement of Financial Position date, is secured by charge on certain development properties included in stock.

Page 7

 
FOUNTAIN PARK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
2,286,876


Released to Statement of Comprehensive Income
(88,941)



At end of year
2,197,935

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
2,197,935
2,286,876


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 Ordinary shares of £1 each
50,000
50,000



12.


Related party transactions

The company has taken advantage the exemption Under FRS102 33.1A Related Party Disclosures not do disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


13.


Controlling party

The company is a wholly owned subsidiary of Cardinal Projects Limited, a company registered in England and Wales. The director regards Chester Associates Limited, a company registered in England and Wales, as the ultimate parent company. C G Rifkind, the director of the company, is the ultimate controlling party.

 
Page 8