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Company Registration No. 07596803 (England and Wales)
Fanore Property Development Ltd Unaudited accounts for the year ended 31 March 2024
Fanore Property Development Ltd Unaudited accounts Contents
Page
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Fanore Property Development Ltd Company Information for the year ended 31 March 2024
Directors
M A McDermott J McDermott P McDermott
Company Number
07596803 (England and Wales)
Registered Office
Linton House Catherine Street Aston Birmingham B6 5RS United Kingdom
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Fanore Property Development Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
1,318,140 
1,318,140 
Current assets
Debtors
5,820 
3,889 
Cash at bank and in hand
14,516 
22,221 
20,336 
26,110 
Creditors: amounts falling due within one year
(423,118)
(452,101)
Net current liabilities
(402,782)
(425,991)
Total assets less current liabilities
915,358 
892,149 
Creditors: amounts falling due after more than one year
(7,883)
(29,612)
Provisions for liabilities
Deferred tax
(46,726)
(46,726)
Net assets
860,749 
815,811 
Capital and reserves
Called up share capital
450,088 
450,088 
Fair value reserve
140,179 
140,179 
Profit and loss account
270,482 
225,544 
Shareholders' funds
860,749 
815,811 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by
M A McDermott Director Company Registration No. 07596803
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Fanore Property Development Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Fanore Property Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 07596803. The registered office is Linton House, Catherine Street, Aston, Birmingham, B6 5RS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Investment property
2024 
£ 
Fair value at 1 April 2023
1,318,140 
At 31 March 2024
1,318,140 
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Fanore Property Development Ltd Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
25 
39 
Other debtors
5,795 
3,850 
5,820 
3,889 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
3,888 
10,400 
Trade creditors
1,440 
1,465 
Other creditors
144,745 
7,000 
Loans from directors
273,045 
433,236 
423,118 
452,101 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
7,883 
29,612 
8
Deferred taxation
2024 
2023 
£ 
£ 
Revaluation of investment property
46,726 
46,726 
2024 
2023 
£ 
£ 
Provision at start of year
46,726 
46,726 
Provision at end of year
46,726 
46,726 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
88 Ordinary shares of £1 each
88 
88 
450,000 Preference shares of £1 each
450,000 
450,000 
450,088 
450,088 
10
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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