Registered number
08019995
FOLKESTONE PRIME LTD
Filleted Accounts
30 April 2024
FOLKESTONE PRIME LTD
Registered number: 08019995
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 549,666 549,958
Current assets
Cash at bank and in hand (11,999) (1,486)
Creditors: amounts falling due within one year 4 (22,932) (24,093)
Net current liabilities (34,931) (25,579)
Total assets less current liabilities 514,735 524,379
Creditors: amounts falling due after more than one year 5 (448,141) (468,397)
Net assets 66,594 55,982
Capital and reserves
Called up share capital 100 100
Profit and loss account 66,494 55,882
Shareholders' funds 66,594 55,982
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Maryam Moghaddamian
Director
Approved by the board on 27 January 2025
FOLKESTONE PRIME LTD
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset , as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reduction on reducing balance
Fixtures, fittings, tools and equipment 20% reduction on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 547,829 6,068 200 554,097
At 30 April 2024 547,829 6,068 200 554,097
Depreciation
At 1 May 2023 - 4,139 - 4,139
Charge for the year - 292 - 292
At 30 April 2024 - 4,431 - 4,431
Net book value
At 30 April 2024 547,829 1,637 200 549,666
At 30 April 2023 547,829 1,929 200 549,958
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,469 17,300
Trade creditors 2,871 2,826
Corporation tax 6,592 3,967
22,932 24,093
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 360,000 360,000
Other creditors 88,141 108,397
448,141 468,397
6 Other information
Client trade is HMO.
A house in multiple occupation (HMO) is a property rented out by at least 3 people
who are not from 1 ‘household’ (for example a family) ’.
FOLKESTONE PRIME LTD is a private company limited by shares and incorporated in England. Its registered office is:
9 Trinity Crescent
Folkestone
Kent
CT20 2ES
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