Company registration number 12434156 (England and Wales)
FIGAR DEVELOPMENTS SANDRIDGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
FIGAR DEVELOPMENTS SANDRIDGE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
FIGAR DEVELOPMENTS SANDRIDGE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIGAR DEVELOPMENTS SANDRIDGE LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Figar Developments Sandridge Limited for the year ended 31 January 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Figar Developments Sandridge Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Figar Developments Sandridge Limited and state those matters that we have agreed to state to the board of directors of Figar Developments Sandridge Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Figar Developments Sandridge Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Figar Developments Sandridge Limited 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 loss of Figar Developments Sandridge Limited. You consider that Figar Developments Sandridge Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Figar Developments Sandridge Limited. For this reason, we have not verified the 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.

Carpenter Box
31 October 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
FIGAR DEVELOPMENTS SANDRIDGE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,895
9,194
Current assets
Stocks
4,719,302
3,456,381
Debtors
4
180,493
439,973
Cash at bank and in hand
3,507
124,654
4,903,302
4,021,008
Creditors: amounts falling due within one year
5
(5,505,216)
(4,242,601)
Net current liabilities
(601,914)
(221,593)
Net liabilities
(595,019)
(212,399)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(595,119)
(212,499)
Total equity
(595,019)
(212,399)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr G J Poole
Director
Company registration number 12434156 (England and Wales)
FIGAR DEVELOPMENTS SANDRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Figar Developments Sandridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Aveley Road, Upminster, London, RM14 2TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director had considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. trueThe company is reliant on the support of its related parties, and is meeting its obligations as they fall due. No adjustment has been made to reflect a withdrawal of their support. Based on these assessments and having regard to the resources available to the entity, the director had concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% per annum on a diminishing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

FIGAR DEVELOPMENTS SANDRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).

3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 February 2023 and 31 January 2024
12,259
Depreciation and impairment
At 1 February 2023
3,065
Depreciation charged in the year
2,299
At 31 January 2024
5,364
Carrying amount
At 31 January 2024
6,895
At 31 January 2023
9,194
FIGAR DEVELOPMENTS SANDRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
13,654
13,654
Other debtors
166,839
426,319
180,493
439,973
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
394,324
243,219
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,253,363
1,197,185
Taxation and social security
-
0
62,423
Other creditors
3,857,529
2,739,774
5,505,216
4,242,601
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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