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Registered number: 02048641
Featuredraw Limited
Financial Statements
For The Year Ended 30 April 2024
AM Taxation Limited
Church View Barn
Beech Tree Court
Whitchurch
Buckinghamshire
HP22 4JR
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
16th September 2024
AM Taxation Limited
Church View Barn
Beech Tree Court
Whitchurch
Buckinghamshire
HP22 4JR
Page 1
Page 2
Balance Sheet
Registered number: 02048641
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 780,000 780,161
780,000 780,161
CURRENT ASSETS
Debtors 5 11,152 1,864
Cash at bank and in hand 15,270 7,160
26,422 9,024
Creditors: Amounts Falling Due Within One Year 6 (13,200 ) (15,648 )
NET CURRENT ASSETS (LIABILITIES) 13,222 (6,624 )
TOTAL ASSETS LESS CURRENT LIABILITIES 793,222 773,537
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (108,619 ) (82,581 )
NET ASSETS 684,603 690,956
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 434,476 434,476
Profit and Loss Account 250,027 256,380
SHAREHOLDERS' FUNDS 684,603 690,956
Page 2
Page 3
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs J Kemp
Director
Mr M Kemp
Director
27th August 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Featuredraw Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02048641 . The registered office is Church View Barn, Beech Tree Court, Whitchurch, Buckinghamshire, HP22 4JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment between 25% and 33% on cost
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 4
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4. Tangible Assets
Investment Properties Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 May 2023 780,000 2,639 782,639
As at 30 April 2024 780,000 2,639 782,639
Depreciation
As at 1 May 2023 - 2,478 2,478
Provided during the period - 161 161
As at 30 April 2024 - 2,639 2,639
Net Book Value
As at 30 April 2024 780,000 - 780,000
As at 1 May 2023 780,000 161 780,161
Cost or valuation as at 30 April 2024 represented by:
Investment Properties Computer Equipment Total
£ £ £
At cost 345,524 2,639 348,163
At valuation 434,476 - 434,476
780,000 2,639 782,639
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,410 242
Other debtors 9,742 1,622
11,152 1,864
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 39 69
Other creditors 5,990 10,489
Taxation and social security 7,171 5,090
13,200 15,648
7. Deferred Taxation
The provision for deferred taxation is made up of the revaluation of the investment properties.
2024 2023
£ £
Other timing differences 108,619 82,581
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Page 6
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 May 2023 82,581 82,581
Reversals 26,038 26,038
Balance at 30 April 2024 108,619 108,619
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mrs Jane Kemp - 4,771 - - 4,771
Mr Martin Kemp - 4,772 - - 4,772
The above loan is unsecured, interest free and repayable on demand.
Page 6