Company Registration No. 03039739 (England and Wales)
FOUNTAINS DIRECT LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
FOUNTAINS DIRECT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FOUNTAINS DIRECT LIMITED
Company Registration No. 03039739
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
£
£
£
£
Fixed assets
Tangible assets
3
162,021
174,107
Current assets
Stocks
385,000
292,796
Debtors
4
1,609,118
1,664,424
Cash at bank and in hand
89,780
108,343
2,083,898
2,065,563
Creditors: amounts falling due within one year
5
(513,192)
(460,255)
Net current assets
1,570,706
1,605,308
Total assets less current liabilities
1,732,727
1,779,415
Creditors: amounts falling due after more than one year
6
(4,415)
(41,852)
Provisions for liabilities
(34,283)
(36,419)
Net assets
1,694,029
1,701,144
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,693,929
1,701,044
Total equity
1,694,029
1,701,144

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FOUNTAINS DIRECT LIMITED
Company Registration No. 03039739
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
N Roberts
Director
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Fountains Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office is 41 Dartnell Park Road, West Byfleet, KT14 6PR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised by the company in respect of specialised construction and landscape service activities supplied during the year, and is shown net of VAT and other sales related taxes.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery etc
20% to 25% on reducing balance

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
33
34
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
381,067
Additions
42,379
Disposals
(30,412)
At 30 April 2024
393,034
Depreciation and impairment
At 1 May 2023
206,960
Depreciation charged in the year
41,324
Eliminated in respect of disposals
(17,271)
At 30 April 2024
231,013
Carrying amount
At 30 April 2024
162,021
At 30 April 2023
174,107
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
528,377
520,250
Other debtors
1,080,741
1,144,174
1,609,118
1,664,424
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
7,993
Trade creditors
386,346
167,637
Taxation and social security
76,269
99,450
Other creditors
50,577
185,175
513,192
460,255

Included within creditors due within one year are bank loans of £Nil (2023 - £7,993) which are secured on the company's assets.

 

Included in other creditors are hire purchase contracts of £19,779 (2023 - £25,904), which are secured on the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,415
41,852

 

Included in other creditors are hire purchase contracts of £4,415.1 (2023 - £41,852), which are secured on the asset to which they relate.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
8,616
14,572
Between two and five years
318
8,935
8,934
23,507
9
Related party transactions
FOUNTAINS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Related party transactions
(Continued)
- 7 -

At the balance sheet date the company owed the director, N Roberts, £Nil (2023 - £40,551). This loan is interest free.

 

At the balance sheet date the company owed the director, S Roberts, £Nil (2023 - £40,551). This loan is interest free.

 

At the balance sheet date Kerslake Rentals Ltd owed the company £924,000 (2023 - £924,000) on an interest free basis. Kerslake Rentals Ltd is a company whose shareholders are the directors close family members.

 

 

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