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Company No: 12490807 (England and Wales)

FOUNDRY PLACE PROPERTY MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

FOUNDRY PLACE PROPERTY MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

FOUNDRY PLACE PROPERTY MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
FOUNDRY PLACE PROPERTY MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 46,677 907
46,677 907
Current assets
Debtors 4 28,178 10,701
Cash at bank and in hand 22,456 44,697
50,634 55,398
Creditors: amounts falling due within one year 5 ( 21,472) ( 13,406)
Net current assets 29,162 41,992
Total assets less current liabilities 75,839 42,899
Provision for liabilities ( 673) ( 172)
Net assets 75,166 42,727
Capital and reserves
Called-up share capital 100 100
Profit and loss account 75,066 42,627
Total shareholders' funds 75,166 42,727

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Foundry Place Property Management Company Limited (registered number: 12490807) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Nicholas Shaun Riggott
Director

11 September 2024

FOUNDRY PLACE PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
FOUNDRY PLACE PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Foundry Place Property Management Company Limited (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 Model Farm Barn, Westgate, Walsingham, NR22 6DY, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in
the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration
takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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 Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 0 1,037 280 1,317
Additions 43,980 2,013 0 45,993
At 30 April 2024 43,981 3,050 280 47,311
Accumulated depreciation
At 01 May 2023 0 283 127 410
Charge for the financial year 0 189 38 227
At 30 April 2024 0 469 165 634
Net book value
At 30 April 2024 43,981 2,581 115 46,677
At 30 April 2023 0 754 153 907

4. Debtors

2024 2023
£ £
Trade debtors 16,149 9,436
Amounts owed by related parties 0 803
Amounts owed by directors 8,214 0
Prepayments 3,815 462
28,178 10,701

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,926 0
Amounts owed to related parties 1,313 0
Amounts owed to directors 0 3,271
Accruals 3,216 2,098
Taxation and social security 15,017 8,037
21,472 13,406

6. Related party transactions

The company was owed £8,214 by the directors (2023: £3,271 owed to the directors) at the year end.

The company owed £1,313 (2023: was owed £803) at the year end by a connected company.