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COMPANY REGISTRATION NUMBER: SC274948
F.F.F. LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
F.F.F. LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
F.F.F. LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr C. Findlay
Mrs L.S. Findlay
Mrs R.M. Calder
Company secretary
Mrs L.S. Findlay
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
F.F.F. LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF F.F.F. LIMITED
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F.F.F. Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of F.F.F. Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of F.F.F. Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F.F.F. Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that F.F.F. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F.F.F. Limited. You consider that F.F.F. 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 financial statements of F.F.F. 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 financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
2 October 2024
F.F.F. LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
4
207,140
207,194
CURRENT ASSETS
Debtors
5
221
202
Cash at bank and in hand
842
1,653
-------
-------
1,063
1,855
CREDITORS: amounts falling due within one year
6
107,551
114,310
---------
---------
NET CURRENT LIABILITIES
106,488
112,455
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
100,652
94,739
PROVISIONS
Taxation including deferred tax
58
68
---------
--------
NET ASSETS
100,594
94,671
---------
--------
CAPITAL AND RESERVES
Called up share capital
100
2
Profit and loss account
100,494
94,669
---------
--------
SHAREHOLDERS FUNDS
100,594
94,671
---------
--------
These 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 income statement has not been delivered.
For the year ending 31 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 members have not required the company to obtain an audit of its 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 financial statements .
F.F.F. LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
Mr C. Findlay
Director
Company registration number: SC274948
F.F.F. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These 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. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Tangible assets
Tangible assets are initially recorded at cost.
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:
Equipment
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment Property
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
206,837
2,073
208,910
---------
-------
---------
Depreciation
At 1 April 2023
1,716
1,716
Charge for the year
54
54
---------
-------
---------
At 31 March 2024
1,770
1,770
---------
-------
---------
Carrying amount
At 31 March 2024
206,837
303
207,140
---------
-------
---------
At 31 March 2023
206,837
357
207,194
---------
-------
---------
The property was revalued as at 31 March 2017 by the directors based on their view as to the fair value and the present economic climate. It is the director's judgement that the fair value has not significantly changed since the prior financial period and so the valuation is unchanged.
5. Debtors
2024
2023
£
£
Other debtors
221
202
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,846
1,928
Other creditors
105,705
112,382
---------
---------
107,551
114,310
---------
---------
7. Related party transactions
As at the 31st March 2024, the company owed the directors £104,755 (2023: £111,432) by way of a director's loan account. During the year the company paid dividends of £2,000 (2023: £4,000) to the directors.