Company registration number 10369363 (England and Wales)
FEW4 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FEW4 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FEW4 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 September 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
88,745
Investment property
4
2,500,000
2,208,589
Investments
5
2,110,705
4,699,450
2,208,589
Current assets
Cash at bank and in hand
126,552
41,411
Creditors: amounts falling due within one year
6
(4,612,106)
(2,249,900)
Net current liabilities
(4,485,554)
(2,208,489)
Total assets less current liabilities
213,896
100
Provisions for liabilities
(53,000)
Net assets
160,896
100
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
118,833
Profit and loss reserves
41,963
Total equity
160,896
100
FEW4 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial Period 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 members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 December 2024
A P D Fewings
Director
Company registration number 10369363 (England and Wales)
FEW4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Few4 Limited is a private company limited by shares incorporated in England and Wales. The registered office is East Lodge Matlock Road, Rowsley, Matlock, DE4 2EF.
1.1
Reporting period
The financial statements are presented for the 18 month period to 31 March 2024. The comparative figures are presented for the year ended 30 September 2022. As a result the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is reliant upon the financial support of the director, and the director has confirmed that financial support will remain to be provided when necessary. Therefore, atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover constitutes rent receivable.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Motor vehicles
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.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, 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. Changes in fair value are recognised in profit or loss. The accumulated fair value movements on investment property are recognised net of the deferred tax provision in the revaluation reserve.
FEW4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Fixed asset investments
Listed investments and managed funds are valued at market prices.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.10
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the tax currently payable and deferred tax.
FEW4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 October 2022
Additions
88,745
At 31 March 2024
88,745
Depreciation
At 1 October 2022 and 31 March 2024
Carrying amount
At 31 March 2024
88,745
At 30 September 2022
FEW4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
4
Investment property
2024
£
Fair value
As 1 October 2022 (As restated)
2,208,589
Additions
137,778
Revaluations
153,633
At 31 March 2024
2,500,000
The fair value of the investment property has been arrived at on the basis of a valuation by the director. The comparable historic cost of the investment property is £2,346,367.
5
Fixed asset investments
2024
2022
£
£
Other investments
2,110,705
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2022
-
Additions
2,000,000
Valuation changes
317,910
Income received
42,795
Disposals
(250,000)
At 31 March 2024
2,110,705
Carrying amount
At 31 March 2024
2,110,705
At 30 September 2022
-
6
Creditors: amounts falling due within one year
2024
2022
£
£
Other creditors
4,612,106
2,249,900
FEW4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
7
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
2
-
2
A Ordinary shares of £1 each
80
78
80
78
B Ordinary shares of £1 each
5
5
5
5
C Ordinary shares of £1 each
5
5
5
5
D Ordinary shares of £1 each
5
5
5
5
E Ordinary shares of £1 each
5
5
5
5
100
100
100
100
On the 1st June 2022 the following shares were issued at par:
- 78 A Ordinary shares
- 5 B Ordinary shares
- 5 C Ordinary shares
- 5 D Ordinary shares
- 5 E Ordinary shares
On the 10th September 2022 2 £1 Ordinary shares were redesignated to 2 £1 A Ordinary shares.
8
Prior period adjustment
A prior period adjustment has been included to recognise the acquisition of investment property previously omitted from the prior period financial statements. The effects of the restatement adjustment is to increase both investment property and other creditors by £2,208,589.
A prior period adjustment has also been included to restate share capital and creditors following a share capital issue not previously recognised in the prior period financial statements. The effects of the restatement is to increase share capital and reduce other creditors by £98.
None of the prior year adjustment had any impact on the previously reported profit and loss account.
Reconciliation of changes in equity
1 October
30 September
2021
2022
£
£
Adjustments to prior Period
Share capital issue
-
98
Equity as previously reported
-
2
Equity as adjusted
-
100
Analysis of the effect upon equity
Share capital
-
98
FEW4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
9
Directors' transactions
Included in other creditors due within one year is a loan provided by the director to the company of £4,605,488 (2022: £2,249,900). No interest is charged on the loan and the loan is repayable on demand.