FOTFP Limited 10346593 false 2023-09-01 2024-03-31 2024-03-31 The principal activity of the company is the letting of residential property. Digita Accounts Production Advanced 6.30.9574.0 true 10346593 2023-09-01 2024-03-31 10346593 2024-03-31 10346593 core:CurrentFinancialInstruments 2024-03-31 10346593 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10346593 core:Non-currentFinancialInstruments 2024-03-31 10346593 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10346593 bus:SmallEntities 2023-09-01 2024-03-31 10346593 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-03-31 10346593 bus:FullAccounts 2023-09-01 2024-03-31 10346593 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-03-31 10346593 bus:RegisteredOffice 2023-09-01 2024-03-31 10346593 bus:Director1 2023-09-01 2024-03-31 10346593 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-03-31 10346593 core:OtherRelatedParties 2023-09-01 2024-03-31 10346593 countries:EnglandWales 2023-09-01 2024-03-31 10346593 2023-08-31 10346593 2022-09-01 2023-08-31 10346593 2023-08-31 10346593 core:CurrentFinancialInstruments 2023-08-31 10346593 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10346593 core:Non-currentFinancialInstruments 2023-08-31 10346593 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 10346593

Prepared for the registrar

FOTFP Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2023 to 31 March 2024

 

FOTFP Limited

(Registration number: 10346593)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

590,000

475,000

Current assets

 

Debtors

5

9,452

15,056

Cash at bank and in hand

 

1,048

1,524

 

10,500

16,580

Creditors: Amounts falling due within one year

6

(56,888)

(44,355)

Net current liabilities

 

(46,388)

(27,775)

Total assets less current liabilities

 

543,612

447,225

Creditors: Amounts falling due after more than one year

6

(341,613)

(341,659)

Deferred tax liabilities

 

(47,072)

(18,322)

Net assets

 

154,927

87,244

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

161,071

74,821

Profit and loss account

(6,244)

12,323

Shareholders' funds

 

154,927

87,244

For the financial period 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 


M P Button
Director

 

FOTFP Limited

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the rental income received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 the company's activities.

 

FOTFP Limited

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

FOTFP Limited

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

 

4

Investment properties

2024
£

At 1 September 2023 and at 31 March 2024

475,000

Fair value adjustments

115,000

At 31 March 2019

590,000

At 31 March 2024 the investment property was valued by the directors on an open market basis.

There has been no independent valuation during the year.

The historical cost of the investment property is £381,857 (2023: £381,857).

 

5

Debtors

31 March 2024
 £

31 August 2023
 £

Other debtors

8,965

15,000

Prepayments

487

56

9,452

15,056


 

 

6

Creditors

Note

31 March 2024
 £

31 August 2023
 £

Due within one year

 

Loans and borrowings

7

50,125

39,525

Accrued expenses

 

4,068

2,157

Corporation tax liability

2,221

2,221

Deferred income

 

474

452

 

56,888

44,355

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

341,613

341,659

 

FOTFP Limited

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

 

7

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Other borrowings

8

50,125

39,525

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

341,613

341,659

The loans are secured on the investment properties.
 

 

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2024, the company owed £50,125 (31 August 2023: £39,525) to the director in the form of a directors loan account. No interest was charged on this amount and there are no fixed terms for repayment.

At 31 March 2024, the company was owed £8,800 (31 August 2023: £15,000) by GTTS Limited, a company under common control. The loan is unsecured and interest free and there are no fixed terms for repayment.