Registered number
14668018
FORTUNE PALACE LTD
Filleted Accounts
29 February 2024
FORTUNE PALACE LTD
Registered number: 14668018
Balance Sheet
as at 29 February 2024
Notes 2024
£
Fixed assets
Intangible assets 3 7,200
Tangible assets 4 2,095
9,295
Current assets
Stocks 350
Cash at bank and in hand 4,010
4,360
Creditors: amounts falling due within one year 5 (3,364)
Net current assets 996
Total assets less current liabilities 10,291
Creditors: amounts falling due after more than one year 6 (11,848)
Net liabilities (1,557)
Capital and reserves
Called up share capital 100
Profit and loss account (1,657)
Shareholder's funds (1,557)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
HUI YANG
Director
Approved by the board on 17 July 2024
FORTUNE PALACE LTD
Notes to the Accounts
for the period from 1 April 2023 to 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024
Number
Average number of persons employed by the company 3
3 Intangible fixed assets £
Goodwill:
Cost
Additions 8,000
At 29 February 2024 8,000
Amortisation
Provided during the period 800
At 29 February 2024 800
Net book value
At 29 February 2024 7,200
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 2,328
At 29 February 2024 2,328
Depreciation
Charge for the period 233
At 29 February 2024 233
Net book value
At 29 February 2024 2,095
5 Creditors: amounts falling due within one year 2024
£
Taxation and social security costs 925
Other creditors 2,439
3,364
6 Creditors: amounts falling due after one year 2024
£
Other creditors 11,848
7 Other information
FORTUNE PALACE LTD is a private company limited by shares and incorporated in England. Its registered office is:
8 HOPE STREET
CROOK
DURHAM
DL15 9HS
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