Company registration number SC547629
FFQ DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FFQ DEVELOPMENTS LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FFQ DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
453,694
462,490
Investment properties
4
-
0
465,000
453,694
927,490
Current assets
Stocks
200
500
Debtors
5
4,972
1,663
Cash at bank and in hand
359
28
5,531
2,191
Creditors: amounts falling due within one year
6
(579,848)
(768,528)
Net current liabilities
(574,317)
(766,337)
Total assets less current liabilities
(120,623)
161,153
Creditors: amounts falling due after more than one year
7
(4,755)
(170,093)
Provisions for liabilities
Deferred tax liability
9
2,480
-
0
(2,480)
-
Net liabilities
(127,858)
(8,940)
Capital and reserves
Allotted, called up and fully paid share capital
10
10
Profit and loss reserves
(127,868)
(8,950)
Total equity
(127,858)
(8,940)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

FFQ DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
Mrs F M Willis
Director
Company Registration No. SC547629
FFQ DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

FFQ Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is 80 Hammerfield Avenue, Aberdeen, AB10 7FJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The company sold its investment properties on 2 June 2023.

At the balance sheet date, the company had net current liabilities amounting to £574,317 and net liabilities totalling £127,858. However, director Mrs F M Willis has confirmed that she does not intend to seek full repayment of her loan to the company of £566,217, and the directors have confirmed that they will ensure that adequate funds will be made available to meet third-party liabilities as they fall due. On this basis, it is considered appropriate to prepare the financial statements on a going concern basis.

 

The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income derived from the letting of residential properties, until they were sold on 2 June 2023, and a furnished holiday let property, to third-parties. The company is not registered for Value Added Tax.

 

Rental income was apportioned on a time basis over the period of occupancy in line with the terms of the lease agreement.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets over their useful lives on the following bases:

Freehold property
2% or 4% on cost
Plant and equipment
25% on reducing balance
Furniture and fittings
25% on reducing balance
Office and computer equipment
33.3% on cost

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, was initially recognised at cost, which included the purchase cost and any directly attributable expenditure. Subsequently it was measured at fair value at the reporting end date. Changes in fair value were recognised in profit or loss.

FFQ DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FFQ DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
FFQ DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Freehold property
Plant and equipment
Furniture and fittings
Office and computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
471,795
190
18,707
2,614
493,306
Additions
-
0
-
0
4,970
189
5,159
At 31 March 2024
471,795
190
23,677
2,803
498,465
Depreciation and impairment
At 1 April 2023
21,382
131
7,355
1,948
30,816
Depreciation charged in the year
9,769
15
3,780
391
13,955
At 31 March 2024
31,151
146
11,135
2,339
44,771
Carrying amount
At 31 March 2024
440,644
44
12,542
464
453,694
At 31 March 2023
450,413
59
11,352
666
462,490
4
Investment properties
2024
£
Fair value
At 1 April 2023
465,000
Disposals
(465,000)
At 31 March 2024
-
0

Investment properties were accounted for in accordance with Financial Reporting Standard 102. No depreciation was provided in respect of such properties. The company's investment properties were valued by the directors at each balance sheet date taking into account relevant factors, including market conditions prevailing at the time.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,972
1,663
FFQ DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,993
17,123
Trade creditors
92
160
Taxation and social security
2,333
882
Other creditors
573,430
750,363
579,848
768,528
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
4,755
170,093
8
Loans and overdrafts
2024
2023
£
£
Bank loans
8,748
187,216
Payable within one year
3,993
17,123
Payable after one year
4,755
170,093

The company received a Coronavirus Bounce Back Loan of £18,750 from HSBC Bank. This loan is secured by way of government guarantee, attracts interest of 2.5% per annum, and is repayable over 6 years with the first year payment free. At the balance sheet date, the amount owed was £8,748 (2023 - £12,146).

 

9
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,480
-
2024
Movements in the year:
£
Liability at 1 April 2023
-
Charge to profit or loss
2,480
Liability at 31 March 2024
2,480
FFQ DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Related party transactions

At the balance sheet date, the company owed director Mrs F M Willis an amount of £566,217 (2023 - £744,345). This loan is unsecured, interest-free and has no fixed terms of repayment.

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