Company Registration No. 07824636 (England and Wales)
2F2 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
2F2 LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
2F2 LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,250,402
3,823,443
Current assets
Debtors
4
250,213
389,305
Cash at bank and in hand
242
188,991
250,455
578,296
Creditors: amounts falling due within one year
5
(1,427,443)
(2,122,119)
Net current liabilities
(1,176,988)
(1,543,823)
Total assets less current liabilities
2,073,414
2,279,620
Creditors: amounts falling due after more than one year
6
(7,917,000)
(6,093,769)
Net liabilities
(5,843,586)
(3,814,149)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
7
(5,843,587)
(3,814,150)
Total equity
(5,843,586)
(3,814,149)

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 October 2023 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 member has 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.

2F2 LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr M Newson-Smith
Director
Company Registration No. 07824636
2F2 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

2F2 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Meadow Court, Faygate Lane, Faygate, Horsham, West Sussex, RH12 4SJ.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis.

 

During the year, the company entered a Company Voluntary Arrangement following a revised valuation of its properties which led to the company having net liabilities of £5,843,586. It is management's view that this is the best course of action in order to achieve the highest return for creditors.

 

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:

Freehold land and buildings
Not depreciated
Plant and equipment
20% on reducing balance

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
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.

2F2 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
2F2 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
3,822,941
4,536
3,827,477
Additions
171,577
-
0
171,577
Disposals
(822,940)
-
0
(822,940)
Revaluation
78,422
-
0
78,422
At 31 October 2023
3,250,000
4,536
3,254,536
Depreciation and impairment
At 1 November 2022
-
0
4,034
4,034
Depreciation charged in the year
-
0
100
100
At 31 October 2023
-
0
4,134
4,134
Carrying amount
At 31 October 2023
3,250,000
402
3,250,402
At 31 October 2022
3,822,941
502
3,823,443
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
17,968
389,305
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
232,245
-
0
Total debtors
250,213
389,305
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,307
65,759
Other creditors
1,349,136
2,056,360
1,427,443
2,122,119
2F2 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
7,917,000
6,093,769

The loan is secured by fixed charges over the freehold property held on the balance sheet.

7
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(3,814,150)
521,061
Loss for the year
(2,029,437)
(4,335,211)
At the end of the year
(5,843,587)
(3,814,150)
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company previously received loans from Residential & Commercial Ltd, a company owned by the director Mr M A Newson-Smith. At the balance sheet date the total owed was £175,000 (2022: £175,000), This loan is repayable on demand.

9
Parent company

The ultimate controlling party is M A Newson-Smith.

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