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Registration number: 14110997

Foundations To Finished Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Foundations To Finished Ltd

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Accountants' Report

4

Profit and Loss Account

5

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Statement of Cash Flows

9

Notes to the Unaudited Financial Statements

10 to 16

 

Foundations To Finished Ltd

Company Information

Director

Mr Alexander Leney

Registered office

38 Lynholm Road
Polegate
East Sussex
BN26 6JR

Accountants

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

 

Foundations To Finished Ltd

Strategic Report for the Year Ended 31 May 2024

The director presents his strategic report for the year ended 31 May 2024.

Principal activity

The principal activity of the company is General Building

Fair review of the business

Positive development of business

Impact of Brexit related risks

None

Principal risks and uncertainties

No risks or uncertanties.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Alexander Leney
Director

 

Foundations To Finished Ltd

Director's Report for the Year Ended 31 May 2024

The director presents his report and the financial statements for the year ended 31 May 2024.

Director of the company

The director who held office during the year was as follows:

Mr Alexander Leney

Financial instruments

Objectives and policies

No additional Financial risk management

Price risk, credit risk, liquidity risk and cash flow risk

No additional risks

Going concern

No Going Concern Issues.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Alexander Leney
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Foundations To Finished Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Foundations To Finished Ltd for the year ended 31 May 2024 as set out on pages 5 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Foundations To Finished Ltd, as a body, in accordance with the terms of our engagement letter dated 24 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of Foundations To Finished Ltd and state those matters that we have agreed to state to the Board of Directors of Foundations To Finished Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foundations To Finished Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Foundations To Finished Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Foundations To Finished Ltd. You consider that Foundations To Finished Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Foundations To Finished Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hogarth Business Services Ltd
65 Victoria Road
Polegate
East Sussex
BN26 6BY

30 January 2025

 

Foundations To Finished Ltd

Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

3

71,176

6,000

Cost of sales

 

(20,703)

(2,488)

Gross profit

 

50,473

3,512

Administrative expenses

 

(28,098)

(582)

Operating profit

4

22,375

2,930

Interest payable and similar expenses

5

(5,042)

(175)

Profit before tax

 

17,333

2,755

Profit for the financial year

 

17,333

2,755

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Foundations To Finished Ltd

Statement of Comprehensive Income for the Year Ended 31 May 2024

2024
£

2023
£

Profit for the year

17,333

2,755

Total comprehensive income for the year

17,333

2,755

 

Foundations To Finished Ltd

(Registration number: 14110997)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

7

43,222

54,027

Creditors: Amounts falling due within one year

8

(50,266)

(64,096)

Total assets less current liabilities

 

(7,044)

(10,069)

Creditors: Amounts falling due after more than one year

8

(7,752)

(10,060)

Net liabilities

 

(14,796)

(20,129)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(14,797)

(20,130)

Shareholders' deficit

 

(14,796)

(20,129)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Alexander Leney
Director

 

Foundations To Finished Ltd

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

1

(20,130)

(20,129)

Profit for the year

-

17,333

17,333

Dividends

-

(12,000)

(12,000)

At 31 May 2024

1

(14,797)

(14,796)

Share capital
£

Retained earnings
£

Total
£

At 17 May 2023

1

(22,885)

(22,884)

Profit for the year

-

2,755

2,755

At 31 May 2023

1

(20,130)

(20,129)

 

Foundations To Finished Ltd

Statement of Cash Flows for the Year Ended 31 May 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

17,333

2,755

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

10,805

-

Finance costs

5

5,042

175

 

33,180

2,930

Working capital adjustments

 

Decrease in trade creditors

8

(13,830)

(484)

Net cash flow from operating activities

 

19,350

2,446

Cash flows from financing activities

 

Interest paid

5

(5,042)

(175)

Repayment of other borrowing

 

(2,308)

(2,271)

Dividends paid

11

(12,000)

-

Net cash flows from financing activities

 

(19,350)

(2,446)

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 1 June

 

-

-

Cash and cash equivalents at 31 May

 

-

-

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
38 Lynholm Road
Polegate
East Sussex
BN26 6JR
England

These financial statements were authorised for issue by the director on 30 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

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

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

Year ended 31 May 2024
 £

17 May 2023 to 31 May 2023
 £

Rendering of services

71,176

6,000

4

Operating profit

Arrived at after charging/(crediting)

Year ended 31 May 2024
 £

17 May 2023 to 31 May 2023
 £

Depreciation expense

10,805

-

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Interest payable and similar expenses

Year ended 31 May 2024
 £

17 May 2023 to 31 May 2023
 £

Interest on obligations under finance leases and hire purchase contracts

5,042

175

6

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

Year ended 31 May 2024
 £

17 May 2023 to 31 May 2023
 £

Other employee expense

42

-

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

67,534

67,534

At 31 May 2024

67,534

67,534

Depreciation

At 1 June 2023

13,507

13,507

Charge for the year

10,805

10,805

At 31 May 2024

24,312

24,312

Carrying amount

At 31 May 2024

43,222

43,222

At 31 May 2023

54,027

54,027

8

Creditors

Note

31 May 2024
 £

31 May 2023
 £

Due within one year

 

Amounts due to related parties

39,178

49,698

Other payables

 

10,303

13,623

Accrued expenses

 

785

775

 

50,266

64,096

Due after one year

 

Loans and borrowings

10

7,752

10,060

9

Share capital

10

Loans and borrowings

31 May 2024
 £

31 May 2023
 £

Non-current loans and borrowings

Other borrowings

7,752

10,060

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Dividends

2024

2023

£

£

 

 

12

Transition to FRS 102

Balance Sheet at 17 May 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Balance Sheet at 31 May 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Foundations To Finished Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Profit and Loss Account for the period from 17 May 2023 to 31 May 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Turnover

-

-

-

-

Operating profit/(loss)

-

-

-

-

Profit/(loss) before tax

-

-

-

-

Profit/(loss) for the financial year

-

-

-

-