Registered number
02122660
Fashion Craft (Properties) Limited
Filleted Accounts
31 December 2024
Fashion Craft (Properties) Limited
Registered number: 02122660
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 836,654 837,107
Current assets
Debtors 4 102,975 101,475
Cash at bank and in hand 62,217 187,779
165,192 289,254
Creditors: amounts falling due within one year 5 (447,874) (580,431)
Net current liabilities (282,682) (291,177)
Total assets less current liabilities 553,972 545,930
Creditors: amounts falling due after more than one year 6 (19,850) (30,008)
Net assets 534,122 515,922
Capital and reserves
Called up share capital 100 100
Profit and loss account 534,022 515,822
Shareholders' funds 534,122 515,922
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.
Mr Manzoor Hussain
Director
Approved by the board on 21 January 2025
Fashion Craft (Properties) Limited
Notes to the Accounts
for the year ended 31 December 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. Turnover includes rent receivable from investment properties during the year.
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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 - -
3 Tangible fixed assets
Investment properties Plant and machinery etc Equipment, fixtures & fittings Total
£ £ £ £
Cost
At 1 January 2024 822,075 15,049 10,000 847,124
Additions - 4,135 - 4,135
At 31 December 2024 822,075 19,184 10,000 851,259
Depreciation
At 1 January 2024 - 2,061 7,956 10,017
Charge for the year - 4,281 307 4,588
At 31 December 2024 - 6,342 8,263 14,605
Net book value
At 31 December 2024 822,075 12,842 1,737 836,654
At 31 December 2023 822,075 12,988 2,044 837,107
4 Debtors 2024 2023
£ £
Other debtors 102,975 101,475
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 44,263 12,192
Taxation and social security costs - 38,609
Accruals and deferred income 13,234 13,200
Director's account 205,200 366,953
Other creditors 185,177 149,477
447,874 580,431
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,850 30,008
7 Controlling party
The company was controlled throughout the current and previous period by one of the directors, Mr Manzoor Hussain, by virtue of his 51% holding of the ordinary shares of the company.
8 Other information
Fashion Craft (Properties) Limited is a private company limited by shares and incorporated in England. Its registered office is:
39 Varley Street
Manchester
Lancs
M40 8EE
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