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REGISTERED NUMBER: 10953222 (England and Wales)















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: Mr D M Cox
Miss V A Cox
Mr M Cox





REGISTERED OFFICE: 19 Queen Elizabeth Street
London
England
SE1 2LP





REGISTERED NUMBER: 10953222 (England and Wales)





ACCOUNTANTS: Gibsons Financial Limited
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 5,834,182 5,540,154
Debtors 21,467 24,358
Cash at bank and in hand 13,211 8,689
5,868,860 5,573,201
CREDITORS
Amounts falling due within one year (6,946,866 ) (6,624,626 )
NET CURRENT LIABILITIES (1,078,006 ) (1,051,425 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,078,006

)

(1,051,425

)

CAPITAL AND RESERVES
Called up share capital 4 100 100
Retained earnings 5 (1,078,106 ) (1,051,525 )
SHAREHOLDERS' FUNDS (1,078,006 ) (1,051,425 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





Mr M Cox - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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: £ £
50 A Ordinary £1 50 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 (1,051,525 )
Deficit for the period (26,581 )
At 30 September 2024 (1,078,106 )

6. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party during the period under review was DVA Holdings Limited, incorporated in England.