Company No:
Contents
Note | 31.03.2024 | 31.05.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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340,605 | 338,590 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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62,398 | 21,175 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (253,979) | (307,773) | ||
Total assets less current liabilities | 86,626 | 30,817 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Firestan Ltd (registered number:
Mr L C Wills
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Firestan Ltd (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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, 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 £.
The company recognises revenue when;
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Plant and machinery |
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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.
The fair value is determined annually by the director, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Period from 01.06.2023 to 31.03.2024 |
Year ended 31.05.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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The company is run and administered by the director for whom no formal contract of service is in place.
Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 June 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 May 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 June 2023 |
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As at 31 March 2024 |
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Valuation
The investment properties class of fixed assets were adjusted on 31 March 2024 to fair value by the director who is internal to the company. The basis of this valuation was open market value.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
31.03.2024 | 31.05.2023 | ||
£ | £ | ||
Historic cost | 335,000 | 335,000 |
Investments in associates | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 June 2023 |
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Additions |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 May 2023 |
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31.03.2024 | 31.05.2023 | ||
£ | £ | ||
Other debtors |
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31.03.2024 | 31.05.2023 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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Transactions with the entity's director
31.03.2024 | 31.05.2023 | ||
£ | £ | ||
During the year the director maintained an interest free loan account which is repayable on demand. | 312,642 | 325,277 |