0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08353159 2023-04-01 2024-03-31 08353159 2024-03-31 08353159 2023-03-31 08353159 2022-04-01 2023-03-31 08353159 2023-03-31 08353159 2022-03-31 08353159 bus:Director2 2023-04-01 2024-03-31 08353159 core:WithinOneYear 2024-03-31 08353159 core:WithinOneYear 2023-03-31 08353159 core:ShareCapital 2024-03-31 08353159 core:ShareCapital 2023-03-31 08353159 core:OtherReservesSubtotal 2024-03-31 08353159 core:OtherReservesSubtotal 2023-03-31 08353159 core:RetainedEarningsAccumulatedLosses 2024-03-31 08353159 core:RetainedEarningsAccumulatedLosses 2023-03-31 08353159 bus:SmallEntities 2023-04-01 2024-03-31 08353159 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08353159 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08353159 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08353159 bus:AbridgedAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08353159
Fosters Property Services (Cumberland) Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Fosters Property Services (Cumberland) Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
3
98,307
98,821
Current assets
Debtors
4
116,885
122,176
Cash at bank and in hand
188,269
173,118
---------
---------
305,154
295,294
Creditors: amounts falling due within one year
414,724
412,244
---------
---------
Net current liabilities
109,570
116,950
---------
---------
Total assets less current liabilities
( 11,263)
( 18,129)
Provisions
Taxation including deferred tax
5,238
5,238
--------
--------
Net liabilities
( 16,501)
( 23,367)
--------
--------
Fosters Property Services (Cumberland) Limited
Abridged Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
31,000
31,000
Profit and loss account
( 48,501)
( 55,367)
--------
--------
Shareholder deficit
( 16,501)
( 23,367)
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mrs J A Foster
Director
Company registration number: 08353159
Fosters Property Services (Cumberland) Limited
Accounting Policies
Year ended 31st March 2024
(a) Basis of preparation
The financial statements have been prepared on the going concern basis on the understanding that the directors and the bank will continue to support the business.
(b) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy .
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
(d) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
3 years straight line
No depreciation has been provided for on freehold property as it is the company's policy to maintain its property in good condition to prolong its useful life. Maintenance is regularly undertaken and systematically charged to the profit and loss account. In the opinion of the director any depreciation would not be material.
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(i) Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Fosters Property Services (Cumberland) Limited
Notes to the Abridged Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Fold Gardens, Great Salkeld, Penrith, Cumbria, CA11 9FT.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Tangible assets
£
Cost
At 1st April 2023 and 31st March 2024
100,852
---------
Depreciation
At 1st April 2023
2,031
Charge for the year
514
---------
At 31st March 2024
2,545
---------
Carrying amount
At 31st March 2024
98,307
---------
At 31st March 2023
98,821
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31st March 2024
Aggregate cost
98,000
Aggregate depreciation
--------
Carrying value
98,000
--------
At 31st March 2023
Aggregate cost
98,000
Aggregate depreciation
--------
Carrying value
98,000
--------
4. Debtors
Debtors include amounts of £103,320 (2023: £109,426) falling due after more than one year.