REGISTERED NUMBER: |
FFMA (TRADING) LIMITED |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: |
FFMA (TRADING) LIMITED |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Income and Retained Earnings | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
FFMA (TRADING) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
424 Margate Road |
Westwood |
Ramsgate |
Kent |
CT12 6SJ |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of the Marlowe Innovation Centre, a business centre with offices and light industrial workspaces that offers accommodation and support to small and start-up innovative business tenants. |
The Marlowe Innovation Centre has a board room and a meeting room which are let for meetings, training events and conferences, and a hot-desk area for use on a daily basis. The Marlowe Innovation Centre also provides virtual tenancies where small businesses can have a dedicated phone number and address at the centre, with the optional add-ons such as messaging and call and post forwarding. Back office services can be provided, which include booking appointments for tenants' clients, franking and managing mail-outs and receiving payments. |
The Marlowe Innovation Centre was established to support the regeneration of East Kent by offering a supporting environment for small businesses and job creation. FFMA (Trading) Limited is a trading arm of the Friends of Folkestone Academy Limited, a registered charity and the parent Company. All surplus funds are donated to the charity to help it meet its objectives. |
As an integral part of its aims for regeneration, the Marlowe Innovation Centre has an educational mission. It welcomes young people from local schools on visits and for mentoring and work experience and has had a transformative influence on some young people's lives. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Donation to parent charity | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
FFMA (Trading) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixture & Fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The Company donates all profits over to its parent undertaking, Friends of Folkestone Academy Ltd, which is a registered Charity. Therefore no liability arises to Corporation Tax on the Company's results. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Fixture & | Computer |
property | Fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
FFMA (TRADING) LIMITED (REGISTERED NUMBER: 06523683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | RELATED PARTY DISCLOSURES |
Friends of Folkestone Academy Ltd |
The parent and ultimate controlling party. |
During the year the company may participate in transactions with Friends of Folkestone Academy Ltd as part of it normal course of business. The Company has taken advantage of exemptions available under FRS 102 1A in preparing these financial statements. During the year, the Company distributed £47,532 (2023 £66,533) donations to its charitable parent. |
9. | ULTIMATE CONTROLLING PARTY |
The Company's parent undertaking and ultimate controlling party is Friends of FOlkestone Academy Ltd, which has it registered office at Marlowe Innovation Centre, Marlowe Way, Ramsgate, Kent CT12 6FA. |