BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period The Principal Activity is that of property rental. 11 October 2024 1 1 NI686019 2024-02-29 NI686019 2023-02-28 NI686019 2022-02-28 NI686019 2023-03-01 2024-02-29 NI686019 2022-03-01 2023-02-28 NI686019 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI686019 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI686019 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI686019 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI686019 uk-bus:Director1 2023-03-01 2024-02-29 NI686019 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 NI686019 uk-bus:Agent1 2023-03-01 2024-02-29 NI686019 uk-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI686019 uk-core:ShareCapital 2024-02-29 NI686019 uk-core:ShareCapital 2023-02-28 NI686019 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI686019 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI686019 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI686019 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI686019 uk-bus:FRS102 2023-03-01 2024-02-29 NI686019 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI686019 uk-core:CurrentFinancialInstruments 2024-02-29 NI686019 uk-core:CurrentFinancialInstruments 2023-02-28 NI686019 uk-core:WithinOneYear 2024-02-29 NI686019 uk-core:WithinOneYear 2023-02-28 NI686019 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI686019
 
 
FCO Group Ltd
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024
FCO Group Ltd
DIRECTOR AND OTHER INFORMATION

 
Director On Fung
 
 
Company Registration Number NI686019
 
 
Registered Office and Business Address 15 Millbank
Bangor
BT19 7PL
 
 
Accountants Quarter
Chartered Accountants
St.Annes House
Cathedral Quarter
15 Church Street
Belfast
Co.Antrim
BT1 1PG



FCO Group Ltd

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of FCO Group Ltd
for the financial year ended 29 February 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 29 February 2024 as set out on pages  to 10 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of FCO Group Ltd, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 29 February 2024 your duty to ensure that FCO Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FCO Group Ltd. You consider that FCO Group Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of FCO Group Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St.Annes House
Cathedral Quarter
15 Church Street
Belfast
Co.Antrim
BT1 1PG
 
11 October 2024



FCO Group Ltd
Company Registration Number: NI686019
STATEMENT OF FINANCIAL POSITION
as at 29 February 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 398,740 214,572
───────── ─────────
 
Current Assets
Debtors 6 3,378 68
Cash and cash equivalents 7,720 5,540
───────── ─────────
11,098 5,608
───────── ─────────
Creditors: amounts falling due within one year 7 (407,643) (220,500)
───────── ─────────
Net Current Liabilities (396,545) (214,892)
───────── ─────────
Total Assets less Current Liabilities 2,195 (320)
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 2,095 (420)
───────── ─────────
Equity attributable to owners of the company 2,195 (320)
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 11 October 2024
           
           
________________________________          
On Fung          
Director          
           



FCO Group Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
FCO Group Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI686019. The registered office of the company is 15 Millbank, Bangor, BT19 7PL which is also the principal place of business of the company. The Principal Activity is that of property rental. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The comparative figures relate to the 12 month period ended 28 February 2023.
       
4. Employees
 
The average monthly number of employees, including director, during the financial year was 1.
 
  2024 2023
  Number Number
 
Director 1 1
  ═════════ ═════════
         
5. Property, plant and equipment
  Investment Fixtures, Total
  properties fittings and  
    equipment  
  £ £ £
Cost
At 1 March 2023 210,329 4,992 215,321
Additions 178,558 7,349 185,907
  ───────── ───────── ─────────
At 29 February 2024 388,887 12,341 401,228
  ───────── ───────── ─────────
Depreciation
At 1 March 2023 - 749 749
Charge for the financial year - 1,739 1,739
  ───────── ───────── ─────────
At 29 February 2024 - 2,488 2,488
  ───────── ───────── ─────────
Net book value
At 29 February 2024 388,887 9,853 398,740
  ═════════ ═════════ ═════════
At 28 February 2023 210,329 4,243 214,572
  ═════════ ═════════ ═════════
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 3,378 -
Director's current account (Note ) - 68
  ───────── ─────────
  3,378 68
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 2,596 -
Amounts owed to connected parties (Note 10) 403,000 220,000
Taxation  (Note 8) 352 -
Director's current account 195 -
Accruals 1,500 500
  ───────── ─────────
  407,643 220,500
  ═════════ ═════════
       
8. Taxation 2024 2023
  £ £
 
Creditors:
Corporation tax 352 -
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 29 February 2024.
           
10. Related party transactions
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
      403,000 220,000
      ═════════ ═════════
 
Zen Restaurant (NI) Ltd
On Fung is a director in FCO Group Ltd. His father, Eddie Fung is a director in Zen Restaurant (NI) Ltd. As at 28 February 2023, FCO Group Ltd owed £220,000 to Zen Restaurant (NI) Ltd. During the period, net transactions between the companies totalled £183,000. As at 29 February 2024 FCO Group Ltd owed £403,000 to Zen Restaurant (NI) Ltd.
   
11. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.