Registration number:
Prepared for the registrar
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 |
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Investment property |
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Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Deferred tax liabilities |
(47,072) |
(18,322) |
|
Net assets |
|
|
|
Capital and reserves |
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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 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
Director
FOTFP Limited
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Recognition and measurement
Impairment
FOTFP Limited
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investment properties |
2024 |
|
At 1 September 2023 and at 31 March 2024 |
|
Fair value adjustments |
|
At 31 March 2019 |
|
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).
Debtors |
31 March 2024 |
31 August 2023 |
|
Other debtors |
|
|
Prepayments |
|
|
9,452 |
15,056 |
Creditors |
Note |
31 March 2024 |
31 August 2023 |
|
Due within one year |
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Loans and borrowings |
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Accrued expenses |
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Corporation tax liability |
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Deferred income |
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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FOTFP Limited
Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024
Loans and borrowings |
Note |
2024 |
2023 |
|
Current loans and borrowings |
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Other borrowings |
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|
2024 |
2023 |
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Non-current loans and borrowings |
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Other borrowings |
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The loans are secured on the investment properties.
Related party transactions |
Summary of transactions with other related parties
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.