REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
FPA Consulting Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
FPA Consulting Limited |
FPA Consulting Limited (Registered number: 03259687) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FPA Consulting Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
50 Osmaston Road |
Derby |
DE1 2HU |
BANKERS: |
58 St Peter's Street |
Derby |
Derbyshire |
DE1 1XL |
FPA Consulting Limited (Registered number: 03259687) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FPA Consulting Limited (Registered number: 03259687) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
FPA Consulting Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statement requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:- |
Revaluation of land and buildings |
The company carries its land and buildings at fair value with changes in fair value being recognised in comprehensive income. The current valuation used the most recent valuation report prepared by independent valuation specialists to determine fair value at 31 March 2024. The valuer made the assumption that the premises are in good repair and condition with no significant defect that would impact on the valuation. The valuer used a valuation technique which took account of the estimate of fair maintainable turnover and the marketability of the property. The determined fair value of the property is most sensitive to the estimated yield as well as the long term vacancy rate. The valuer has also taken into account the increase in interest rates, since the previous valuation took place, and the resulting impact these have on the economic environment in the UK as well as the commercial property market in general. |
Income Recognition |
The company assesses contract progress and determines the proportion of contract work completed at the balance sheet date in relation to the total contract works. The policy requires forecasts to be made on the projected outcomes of projects. These forecasts require assessments and judgements to be made on matters including the measurement and timing of revenue recognition. While the assumptions made are based on professional judgements, subsequent events may mean that estimates calculated prove to be inaccurate with a consequent effect on the reported results. |
In respect of commissions received, management considers that the following factors indicate that the company acts as an agent: |
- The company has no significant responsibility in respect of the services provided, and; |
- All credit risk is borne by the supplier of the services, and; |
- The company cannot vary the selling prices set by the supplier. |
FPA Consulting Limited (Registered number: 03259687) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided to third parties in the normal course of business net of discounts, VAT and other sales related taxes. Revenue from services is recognised when services have been provided and the right to consideration has been earned. If services have been provided to third parties but no billing has been made, estimates are made of the amounts receivable. These estimates are based on the nature of the services supplied and contract terms. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates: |
Freehold Buildings | 2% per annum of valuation |
Office Equipment | 33 1/3% per annum of cost |
Computers | 33 1/3% per annum of cost |
Fixtures and Fittings | 33 1/3% per annum of cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
FPA Consulting Limited (Registered number: 03259687) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses. |
Leasing |
Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Office | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated. |
FPA Consulting Limited (Registered number: 03259687) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Freehold | Office | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2002 | 55,048 | - | - | - | 55,048 |
Valuation in 2006 | 145,000 | - | - | - | 145,000 |
Valuation in 2013 | (110,000 | ) | - | - | - | (110,000 | ) |
Valuation in 2021 | (30,000 | ) | - | - | - | (30,000 | ) |
Cost | 359,952 | 10,281 | 31,352 | 204,534 | 606,119 |
420,000 | 10,281 | 31,352 | 204,534 | 666,167 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 359,952 | 359,952 |
Aggregate depreciation | 57,189 | 51,990 |
Freehold land and buildings were valued on the open market value basis on 31 March 2024 by Milner Commercial Chartered Surveyors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals |
FPA Consulting Limited (Registered number: 03259687) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated Capital Allowances | 9,163 | 10,728 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 23,859 | 24,550 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Surplus on revaluation | 19,200 |
At 31 March 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
FPA Consulting Limited (Registered number: 03259687) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | FIXED ASSET INVESTMENTS |
The company's investments at the balance sheet date in the share capital of companies include the following: |
The Company is the Holding Company of First Procurement Limited, First Quality Solutions Limited, First Procurement Associates Limited and First Energy Solutions Limited, registered in England and Wales, all of which are Dormant and are carried at a value of £nil. |