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Registered number: 12128501
Formicity Property Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12128501
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 347
Tangible Assets 5 6,217 228,531
Investments 6 1 388,126
6,218 617,004
CURRENT ASSETS
Debtors 7 22,250 12,850
Cash at bank and in hand 491 787
22,741 13,637
Creditors: Amounts Falling Due Within One Year 8 (174,800 ) (953,121 )
NET CURRENT ASSETS (LIABILITIES) (152,059 ) (939,484 )
TOTAL ASSETS LESS CURRENT LIABILITIES (145,841 ) (322,480 )
Creditors: Amounts Falling Due After More Than One Year 9 (36,477 ) (43,777 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (1,555 ) (19,077 )
NET LIABILITIES (183,873 ) (385,334 )
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account (183,875 ) (385,336 )
SHAREHOLDERS' FUNDS (183,873) (385,334)
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
E V Bartlett
Director
08/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Formicity Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12128501 . The registered office is 32 Collywell Bay Road, Seaton Sluice, Whitley Bay, NE26 4QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Functional and Presentational Currency:
The company's functional and presentational currency is GBP.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset Class - Other intangible assets
Amortisation method and rate - 3 years straight line
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight Line 20%
Motor Vehicles Straight Line 25%
Fixtures & Fittings Straight Line 20%
Computer Equipment Straight Line 33%
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Revenue recognition policy
Turnover comprises the fair value of the consideration received or receivable for the provision of services 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 each of the company activities.
2.8. Deferred tax policy
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 3)
2 3
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 1,560
As at 31 March 2024 1,560
Amortisation
As at 1 April 2023 1,213
Provided during the period 347
As at 31 March 2024 1,560
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 347
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 12,513 13,999 465,590 4,415 496,517
Disposals - - (465,590 ) (1 ) (465,591 )
As at 31 March 2024 12,513 13,999 - 4,414 30,926
Depreciation
As at 1 April 2023 5,993 8,340 249,858 3,795 267,986
Provided during the period 2,503 3,500 - 578 6,581
Disposals - - (249,858 ) - (249,858 )
As at 31 March 2024 8,496 11,840 - 4,373 24,709
Net Book Value
As at 31 March 2024 4,017 2,159 - 41 6,217
As at 1 April 2023 6,520 5,659 215,732 620 228,531
6. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 April 2023 1 388,125 388,126
Disposals - (388,125 ) (388,125 )
As at 31 March 2024 1 - 1
Provision
As at 1 April 2023 - - -
As at 31 March 2024 - - -
Net Book Value
As at 31 March 2024 1 - 1
As at 1 April 2023 1 388,125 388,126
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,632 6,627
Other debtors 618 6,223
22,250 12,850
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,961 6,199
Amounts owed to group undertakings 165,839 244,409
Other creditors - 702,513
174,800 953,121
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 36,477 43,777
10. Deferred Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing differences.
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,555 19,077
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
12. Related Party Transactions
At 31st March 2024 the following related party payable transactions remain outstanding:
Castaways Tea Shop Limited - £5,602.93
Hotspurcraft Limited - £160,236.29
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