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Registration number: 04892906

Ford Property Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Ford Property Limited
(Registration number: 04892906)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Ford Property Limited
(Registration number: 04892906)

Company Information

Directors

G M Ford

T O Ford

Company secretary

T O Ford

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Ford Property Limited
(Registration number: 04892906)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

111,430

129,823

Investment property

6

1,619,253

1,315,000

Investments

20,000

20,000

 

1,750,683

1,464,823

Current assets

 

Stocks

8

12,865

12,865

Debtors

9

341,218

332,563

Cash at bank and in hand

 

56,890

227,592

 

410,973

573,020

Creditors: Amounts falling due within one year

10

(548,664)

(64,154)

Net current (liabilities)/assets

 

(137,691)

508,866

Total assets less current liabilities

 

1,612,992

1,973,689

Creditors: Amounts falling due after more than one year

10

(15,447)

(288,383)

Provisions for liabilities

(59,399)

(49,525)

Net assets

 

1,538,146

1,635,781

Capital and reserves

 

Called up share capital

20,000

20,000

Other reserves

285,290

277,991

Profit and loss account

1,232,856

1,337,790

Total equity

 

1,538,146

1,635,781

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ford Property Limited
(Registration number: 04892906)

Balance Sheet as at 30 April 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

.........................................
G M Ford
Director

.........................................
T O Ford
Company secretary and director

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 % straight line

Fixtures, fittings and equipment

10% / 20% straight line

Motor vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 % straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

150,000

150,000

At 30 April 2024

150,000

150,000

Amortisation

At 1 May 2023

150,000

150,000

At 30 April 2024

150,000

150,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

92,366

73,188

242,220

407,774

Additions

2,967

5,473

23,070

31,510

Disposals

(25,129)

-

(8,324)

(33,453)

At 30 April 2024

70,204

78,661

256,966

405,831

Depreciation

At 1 May 2023

38,431

42,940

196,580

277,951

Charge for the year

8,142

11,784

9,382

29,308

Eliminated on disposal

(4,534)

-

(8,324)

(12,858)

At 30 April 2024

42,039

54,724

197,638

294,401

Carrying amount

At 30 April 2024

28,165

23,937

59,328

111,430

At 30 April 2023

53,935

30,248

45,640

129,823

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investment properties

2024
£

At 1 May

1,315,000

Additions

529,253

Disposals

(225,000)

Fair value adjustments

-

At 30 April

1,619,253


No independent valuation has been carried out in the year. The directors have assessed the fair value of the investment properties based on their extensive knowledge of the local market and have determined that there have been no material changes in fair value in the year.

7

Investments

2024
£

2023
£

Investments in subsidiaries

20,000

20,000

Subsidiaries

£

Cost or valuation

At 1 May 2023

20,000

Provision

Carrying amount

At 30 April 2024

20,000

At 30 April 2023

20,000

8

Stocks

2024
£

2023
£

Finished goods and goods for resale

12,865

12,865

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Debtors

2024
£

2023
£

Trade debtors

51,075

28,026

Other debtors

290,143

304,537

Total current trade and other debtors

341,218

332,563

10

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

5,712

14,067

Trade creditors

 

20,858

2,633

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

35,874

35,874

Taxation and social security

 

11,186

6,098

Other creditors

 

431,639

5,482

Accrued expenses and deferred income

 

43,395

-

 

548,664

64,154

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

15,447

288,383

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

224,212

-

-

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

9,204

Bank overdrafts

671

-

Hire purchase contracts

5,041

4,863

5,712

14,067

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

267,896

Hire purchase contracts

15,447

20,487

15,447

288,383

Bank loans took security by way of mortgages and legal charges over freehold property and rent due to the company.

An omnibus guarantee and set-off agreement was in place to secure bank loans held by the company and its subsidiary company.

Hire purchase liabilities are secured over the assets to which the liability relates.

12

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Director 1: Interest free loan, repayable on demand.

-

19,909

(19,909)

-

Director 2: Interest free loan, repayable on demand.

-

19,979

(19,979)

-

 

-

39,888

(39,888)

-

       

 

 

Ford Property Limited
(Registration number: 04892906)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Director 1: Interest free loan, repayable on demand.

-

75,437

(75,437)

-

Director 2: Interest free loan, repayable on demand.

-

75,437

(75,437)

-

 

-

150,874

(150,874)

-