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Registered number: 07800918
Fosseway Transition Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Arcadia Accountancy Limited
C/O Arcadia Accountancy Ltd
1 Manship Green
Shepton Mallet
Somerset
BA4 5RL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07800918
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 7,308,333 7,215,000
7,308,333 7,215,000
CURRENT ASSETS
Stocks 5 2,010,882 1,120,335
Debtors 6 121,879 20,500
Cash at bank and in hand 21,419 170,679
2,154,180 1,311,514
Creditors: Amounts Falling Due Within One Year 7 (2,676,985 ) (1,875,002 )
NET CURRENT ASSETS (LIABILITIES) (522,805 ) (563,488 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,785,528 6,651,512
NET ASSETS 6,785,528 6,651,512
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 7,228,333 7,135,000
Profit and Loss Account (442,905 ) (483,588 )
SHAREHOLDERS' FUNDS 6,785,528 6,651,512
Page 1
Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alan Broadway
Director
13/12/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Fosseway Transition Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07800918 . The registered office is Old Meadow House, Lipyeate, Coleford, Bath, BA3 5PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investments
Unlisted
£
Cost
As at 1 April 2023 7,215,000
Revaluations 93,333
As at 31 March 2024 7,308,333
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 7,308,333
As at 1 April 2023 7,215,000
Fixed Asset investments are stated at historical cost less provision for any diminution in value.
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Page 4
5. Stocks
2024 2023
£ £
Work in progress 2,010,882 1,120,335
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 20,000 10,000
Other debtors 10,500 10,500
VAT 91,379 -
121,879 20,500
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 738,015 171,215
Bank loans and overdrafts 1,704,289 1,468,559
Other taxes and social security 17,394 2,032
VAT - 16,571
Other creditors 215,375 215,375
Accruals and deferred income 1,500 1,250
Directors' loan accounts 412 -
2,676,985 1,875,002
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1.000 each 50 50
50 Ordinary B shares of £ 1.000 each 50 50
100 100
9. Reserves
Revaluation Reserve
£
As at 1 April 2023 7,135,000
Surplus on revaluation 93,333
As at 31 March 2024 7,228,333
10. Ultimate Controlling Party
The company's ultimate controlling party are the directors by virtue of their ownership of 100% of the issued share capital in the company.
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