Company Registration No. 11893309 (England and Wales)
FESTIVAL HOUSE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
FESTIVAL HOUSE DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FESTIVAL HOUSE DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr I J Tod
Mr M Rollins
Secretary
Mr I J Tod
Company number
11893309
Registered office
Ground Floor
6 Queen Street
Leeds
West Yorkshire
United Kingdom
LS1 2TW
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
FESTIVAL HOUSE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
260
347
Current assets
Stocks
226,562
217,807
Debtors
4
1,702
812
Cash at bank and in hand
2,600
12,382
230,864
231,001
Creditors: amounts falling due within one year
5
(264,379)
(259,379)
Net current liabilities
(33,515)
(28,378)
Net liabilities
(33,255)
(28,031)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(33,355)
(28,131)
Total equity
(33,255)
(28,031)
FESTIVAL HOUSE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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 by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr M Rollins
Director
Company Registration No. 11893309
FESTIVAL HOUSE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Festival House Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 6 Queen Street, Leeds, West Yorkshire, United Kingdom, LS1 2TW.
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
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
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:
Plant and equipment
25% 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
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.
FESTIVAL HOUSE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
FESTIVAL HOUSE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
1,099
Depreciation and impairment
At 1 April 2023
752
Depreciation charged in the year
87
At 31 March 2024
839
Carrying amount
At 31 March 2024
260
At 31 March 2023
347
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,702
812
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
262,399
252,399
Accruals and deferred income
1,980
6,980
264,379
259,379
FESTIVAL HOUSE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Mr M Rollins
(Director and Shareholder)
At the balance sheet date the company owed Mr M Rollins £118,350 (2023 - £113,350).
The loan is interest free and repayable on demand.
Mr I J Tod
(Director and Shareholder)
At the balance sheet date the company owed Mr I J Tod £122,950 (2023 - £117,950).
The loan is interest free and repayable on demand.
Leda Research and Development Limited
(Associated Company)
As at the balance sheet date, the company owed Leda Research and Development Limited £21,099 (2023 - £21,099).
The loan is interest free and repayable on demand.