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Registered number: 07939103









FS FERMAINE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
FS FERMAINE LIMITED
REGISTERED NUMBER: 07939103

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,448
8,122

Investments
 5 
50
50

  
6,498
8,172

Current assets
  

Debtors: amounts falling due within one year
 6 
2,205,020
1,931,917

Cash at bank and in hand
  
15,663
255,720

  
2,220,683
2,187,637

Creditors: amounts falling due within one year
 7 
(1,182,932)
(1,169,947)

Net current assets
  
 
 
1,037,751
 
 
1,017,690

Total assets less current liabilities
  
1,044,249
1,025,862

Creditors: amounts falling due after more than one year
  
(16,667)
(26,667)

  

Net assets
  
1,027,582
999,195


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
1,027,282
998,895

  
1,027,582
999,195


Page 1

 
FS FERMAINE LIMITED
REGISTERED NUMBER: 07939103
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




N M Guy
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FS FERMAINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

FS Fermaine 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.
The presentation currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
FS FERMAINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Motor vehicles
-
25%
Fixtures and fittings
-
20%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
FS FERMAINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
7,200
3,143
5,073
15,416



At 29 February 2024

7,200
3,143
5,073
15,416



Depreciation


At 1 March 2023
1,440
2,868
2,986
7,294


Charge for the year on owned assets
720
92
862
1,674



At 29 February 2024

2,160
2,960
3,848
8,968



Net book value



At 29 February 2024
5,040
183
1,225
6,448



At 28 February 2023
5,760
276
2,087
8,123

Page 5

 
FS FERMAINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Fixed asset investments








Unlisted investments

£



Cost or valuation


At 1 March 2023
50



At 29 February 2024
50




This investment represents 50% holding in Hagley Homes Limited, company number: 09893246.


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
360,000
329,999

Other debtors
1,845,020
1,601,918

2,205,020
1,931,917



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
10,000
10,000

Corporation tax
61,354
53,405

Other taxation and social security
63,368
-

Other creditors
1,044,542
1,104,524

Accruals and deferred income
3,668
2,018

1,182,932
1,169,947


Page 6

 
FS FERMAINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
16,667
26,667

16,667
26,667



9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000


Amounts falling due after more than 5 years

Bank loans
6,667
16,667

6,667
16,667

26,667
36,667



10.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary A shares shares of £1.00 each
300
300


Page 7

 
FS FERMAINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Related party transactions

The amount due to and from related parties are as follows:
FSC Consulting Limited: £1,012,157xxx,xxx (2023: £897,132) included within other creditors.
Hagley Homes Limited: £1,840,019 (2023: £1,600,019) included within other debtors.
Hagley Homes Limited: £360,000 (2023: £330,000) included within trade creditors.
The above companies are related by virtue of the fact that N M Guy is a director in the above companies.
Amounts due to directors included in other creditors amounted to £32,385 (2023: £207,393).


12.


Controlling party

The ultimate controlling party are the directors by virtue of their shareholding.

 
Page 8