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Registered Number: 05553803
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

FOUNDATIONS INDEPENDENT ESTATE AGENTS LIMITED

Directors Mr L Morales
Mr G Arnone
Registered Number 05553803
Registered Office 3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
Accountants Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
Secretary Sole Associates SVR Ltd
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 December 2023
Directors
The directors who served the company throughout the year were as follows:
Mr L Morales
Mr G Arnone
 
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Mr L Morales
Director

Date approved: 03 July 2024
2
Report to the directors on the preparation of the unaudited statutory accounts of Foundations Independent Estate Agents Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Foundations Independent Estate Agents Limited for the year ended 31 December 2023 which comprise of the Income Statement, Statement of Financial Position and the related notes from the companys accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Foundations Independent Estate Agents Limited, as a body, in accordance with the terms of our engagement letter dated 03 July 2024 Our work has been undertaken solely to prepare for your approval the accounts of Foundations Independent Estate Agents Limited and state those matters that we have agreed to state to the Board of Directors of Foundations Independent Estate Agents Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foundations Independent Estate Agents Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Foundations Independent Estate Agents Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Foundations Independent Estate Agents Limited. You consider that Foundations Independent Estate Agents Limited is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Foundations Independent Estate Agents Limited. 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 statutory accounts
31 December 2023



....................................................
Sole Associates SVR Ltd
3 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD
03 July 2024
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 24,540    29,733 
24,540    29,733 
Current assets      
Debtors: amounts falling due within one year 4 141,012    126,502 
Cash at bank and in hand 446,482    642,658 
587,494    769,160 
Creditors: amount falling due within one year 5 (302,116)   (395,752)
Net current assets 285,378    373,408 
 
Total assets less current liabilities 309,918    403,141 
Net assets 309,918    403,141 
 

Capital and reserves
     
Called up share capital 6 150    150 
Profit and loss account 309,768    402,991 
Shareholder's funds 309,918    403,141 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 July 2024 and were signed on its behalf by:


-------------------------------
Mr L Morales
Director
4
General Information
Foundations Independent Estate Agents Limited is a private company, limited by shares, registered in England and Wales, registration number 05553803, registration address 3 Park Court, Pyrford Road, West Byfleet, Surrey, KT14 6SD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
2.

Average number of employees


Average number of employees during the year was 10 (2022 : 10).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2023 121,764    12,497    134,261 
Additions   2,500    2,500 
Disposals    
At 31 December 2023 121,764    14,997    136,761 
Depreciation
At 01 January 2023 92,307    12,221    104,528 
Charge for year 7,364    329    7,693 
On disposals    
At 31 December 2023 99,671    12,550    112,221 
Net book values
Closing balance as at 31 December 2023 22,093    2,447    24,540 
Opening balance as at 01 January 2023 29,457    276    29,733 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 12,168    7,200 
Amount Owed by Group Undertakings 113,018    101,994 
Prepayments & Accrued Income 7,762    8,724 
Director: Mr L Morales 8,064    8,584 
141,012    126,502 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 13,828    10,386 
Corporation Tax 4,723    65,205 
PAYE & Social Security 4,562    2,914 
Other Creditors 273,355    273,355 
VAT 5,648    43,892 
302,116    395,752 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
150 Class A shares of £1.00 each 150    150 
150    150 

7.

Controlling Party

The Company is a wholly owned subsidiary of Foundations Holdings Limited, a Company registered in England and Wales.
5