REGISTERED NUMBER: |
Financial Statements for the Period 1 April 2024 to 30 September 2024 |
for |
Formula Land Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 1 April 2024 to 30 September 2024 |
for |
Formula Land Limited |
Formula Land Limited (Registered number: 10953222) |
Contents of the Financial Statements |
for the Period 1 April 2024 to 30 September 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Formula Land Limited |
Company Information |
for the Period 1 April 2024 to 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Foresters Hall |
25/27 Westow Street |
Upper Norwood |
London |
SE19 3RY |
Formula Land Limited (Registered number: 10953222) |
Abridged Balance Sheet |
30 September 2024 |
30/9/24 | 31/3/24 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 4 |
Retained earnings | 5 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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. |
Formula Land Limited (Registered number: 10953222) |
Abridged Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Formula Land Limited (Registered number: 10953222) |
Notes to the Financial Statements |
for the Period 1 April 2024 to 30 September 2024 |
1. | STATUTORY INFORMATION |
Formula Land Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has reported a net loss of £26,581 for the period. At the Balance Sheet date the sum of its liabilities exceeded the sum of its assets by £1,078,006. The company's liabilities at the Balance Sheet date included £4,480,509 owed to its parent undertaking, DVA Holdings Limited. The board of Directors of DVA Holdings Limited have indicated that there is currently no intention to seek immediate repayment of these loans and that the intention is for the loans to continue to be available to the company for the foreseeable future. |
In light of the above the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of these financial statements requires the directors to note judgements and estimates that affect the reported amount of assets and liabilities at the balance sheet date and the reported profits for the accounting period. |
Valuation of stock - Stock relating to owned properties under construction for eventual disposal on the open market are carried at the lower of cost and net reaslisable value. Deciding on the realisable value of properties involves some estimation concerning expected gross proceeds and costs to complete. |
Estimates and judgements are continually evaluated and are based on a number of factors including expectations of future events that are believed to be reasonable under the circumstances. |
Stocks |
Stocks, comprising land held for development, and work in progress is valued at the lower of cost and net realisable value. Cost includes an appropriate proportion of overheads. |
Formula Land Limited (Registered number: 10953222) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors, trade and other creditors, loans from banks and other third parties and loans from related parties. |
Debt instruments, other than those wholly repayable or receivable within one year, including loans and other amounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
Debt instruments which are payable or receivable within one year are measured at the undiscounted amount of the cash consideration expected to be paid or received. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Borrowing costs |
Borrowing costs are recognised in the Statement of Comprehensive income as they are incurred. |
Borrowing costs directly relating to the acquisition and development of own sites are capitalised from the point of commencement of development activity. Capitalisation commences from the date of initial expenditure until the properties are ready for sale. The capitalisation of borrowing costs is suspended where there are prolonged periods when development activity on a site is interrupted. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2024 - NIL). |
4. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/24 | 31/3/24 |
value: | £ | £ |
A Ordinary | £1 | 50 | 50 |
B Ordinary | £1 | 50 | 50 |
100 | 100 |
Attached to the shares are a right to vote in general meetings, a right to receive dividends if declared by the company and a right to participate in distributions of capital, including on winding up. |
Formula Land Limited (Registered number: 10953222) |
Notes to the Financial Statements - continued |
for the Period 1 April 2024 to 30 September 2024 |
5. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2024 | ( |
) |
Deficit for the period | ( |
) |
At 30 September 2024 | ( |
) |
6. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party during the period under review was DVA Holdings Limited, incorporated in England. |