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Company Registration No. 08981729 (England and Wales)
Foundation Commerce Ltd. Unaudited accounts for the year ended 30 April 2024
Foundation Commerce Ltd. Unaudited accounts Contents
Page
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Foundation Commerce Ltd. Company Information for the year ended 30 April 2024
Director
Ryan Copeland
Company Number
08981729 (England and Wales)
Registered Office
Old Engineering Works 47 Queens Road Weybridge Surrey KT13 9UH England
Accountants
P10 Accountancy Ltd 77A Richmond Road Twickenham TW1 3AW
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Foundation Commerce Ltd. Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
37,280 
49,858 
Current assets
Debtors
154,724 
156,483 
Cash at bank and in hand
247,903 
110,976 
402,627 
267,459 
Creditors: amounts falling due within one year
(171,245)
(100,484)
Net current assets
231,382 
166,975 
Total assets less current liabilities
268,662 
216,833 
Creditors: amounts falling due after more than one year
(26,789)
(30,598)
Net assets
241,873 
186,235 
Capital and reserves
Called up share capital
101 
101 
Profit and loss account
241,772 
186,134 
Shareholders' funds
241,873 
186,235 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 January 2025 and were signed on its behalf by
Ryan Copeland Director Company Registration No. 08981729
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Foundation Commerce Ltd. Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Foundation Commerce Ltd. is a private company, limited by shares, registered in England and Wales, registration number 08981729. The registered office is Old Engineering Works, 47 Queens Road, Weybridge, Surrey, KT13 9UH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% Straight Line
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash & cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Foundation Commerce Ltd. Notes to the Accounts for the year ended 30 April 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Taxation
The tax expense represents the sum of the tax currently payable and deferred 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.
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 May 2023
47,995 
4,635 
24,294 
76,924 
Additions
- 
1,027 
1,822 
2,849 
At 30 April 2024
47,995 
5,662 
26,116 
79,773 
Depreciation
At 1 May 2023
6,599 
2,561 
17,906 
27,066 
Charge for the year
12,599 
775 
2,053 
15,427 
At 30 April 2024
19,198 
3,336 
19,959 
42,493 
Net book value
At 30 April 2024
28,797 
2,326 
6,157 
37,280 
At 30 April 2023
41,396 
2,074 
6,388 
49,858 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
36,522 
44,400 
Accrued income and prepayments
8,202 
2,083 
Other debtors
110,000 
110,000 
154,724 
156,483 
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Foundation Commerce Ltd. Notes to the Accounts for the year ended 30 April 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
17,742 
13,707 
Obligations under finance leases and hire purchase contracts
3,809 
3,809 
Trade creditors
3,960 
6,957 
Taxes and social security
48,443 
24,024 
Other creditors
295 
155 
Loans from directors
2,425 
20,517 
Accruals
20,226 
2,575 
Deferred income
74,345 
28,740 
171,245 
100,484 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
26,789 
30,598 
8
Average number of employees
During the year the average number of employees was 5 (2023: 4).
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