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Registration number: 13862177

Fowler Property Company Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2023 to 31 March 2024

 

Fowler Property Company Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 10

iXBRL Detailed Profit and Loss Account

11

 

Fowler Property Company Limited

Company Information

Director

Mr Benedict Thomas Kevin Fowler

Registered office

30 St Giles'
Oxford
OX1 3LE

Accountants

Wenn Townsend
Chartered Accountants30 St Giles'
Oxford
OX1 3LE

 

Fowler Property Company Limited

Director's Report for the Period from 1 February 2023 to 31 March 2024

The director presents his report and the financial statements for the period from 1 February 2023 to 31 March 2024.

Director of the company

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

Mr Benedict Thomas Kevin Fowler

Principal activity

The principal activity of the company is the letting of property

Going concern

In common with many start-up businesses, the company has incurred significant expenditure in its first year of trading resulting in an accounting loss for the period. The company has the ongoing financial support of its Director and as such, there are no concerns relating to the company’s ability to operate as a going concern.

Small companies provision statement

This report has 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 26 February 2025
 

.........................................
Mr Benedict Thomas Kevin Fowler
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fowler Property Company Limited
for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fowler Property Company Limited for the period ended 31 March 2024 as set out on pages 4 to 10 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 Fowler Property Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fowler Property Company Limited and state those matters that we have agreed to state to the Board of Directors of Fowler Property Company Limited, 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 Fowler Property Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fowler Property Company Limited 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 Fowler Property Company Limited. You consider that Fowler Property Company Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Fowler Property Company Limited. 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.

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

Wenn Townsend
Chartered Accountants
30 St Giles'
Oxford
OX1 3LE

26 February 2025

 

Fowler Property Company Limited

Profit and Loss Account for the Period from 1 February 2023 to 31 March 2024

Note

2024
£

2023
£

Turnover

 

20,139

-

Gross profit

 

20,139

-

Administrative expenses

 

(18,686)

(45,702)

Operating profit/(loss)

 

1,453

(45,702)

Profit/(loss) before tax

1,453

(45,702)

Tax on profit/(loss)

 

8,407

-

Profit/(loss) for the financial period

 

9,860

(45,702)

The above results were derived from continuing operations.

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

 

Fowler Property Company Limited

(Registration number: 13862177)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

366,000

366,000

Current assets

 

Debtors

5

24,785

15,910

Cash at bank and in hand

 

17,554

10,335

 

42,339

26,245

Creditors: Amounts falling due within one year

6

(444,081)

(437,847)

Net current liabilities

 

(401,742)

(411,602)

Net liabilities

 

(35,742)

(45,602)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(35,842)

(45,702)

Shareholders' deficit

 

(35,742)

(45,602)

For the financial period ending 31 March 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 period 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 26 February 2025
 

.........................................
Mr Benedict Thomas Kevin Fowler
Director

 

Fowler Property Company Limited

Statement of Changes in Equity for the Period from 1 February 2023 to 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

100

(45,702)

(45,602)

Profit for the period

-

9,860

9,860

At 31 March 2024

100

(35,842)

(35,742)

Share capital
£

Retained earnings
£

Total
£

Loss for the period

-

(45,702)

(45,702)

New share capital subscribed

100

-

100

At 31 January 2023

100

(45,702)

(45,602)

 

Fowler Property Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

1

General information

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

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the director on 26 February 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

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.

 

Fowler Property Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

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.

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.

 

Fowler Property Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 February 2023

366,000

366,000

At 31 March 2024

366,000

366,000

Depreciation

Carrying amount

At 31 March 2024

366,000

366,000

At 31 January 2023

366,000

366,000

Included within the net book value of land and buildings above is £366,000 (2023 - £366,000) in respect of freehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

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

15,910

15,910

Prepayments

 

468

-

Other debtors

 

8,407

-

 

24,785

15,910

 

Fowler Property Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

2,434

1,200

Other creditors

441,647

436,647

444,081

437,847

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Fowler Property Company Limited

iXBRL Detailed Profit and Loss Account for the Period from 1 February 2023 to 31 March 2024

2024
£

2023
£

Turnover/revenue

20,139

-

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Gross profit

20,139

-

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,200)

(1,200)

Rent, rates and services costs

(795)

-

Other repairs and maintenance costs

(15,586)

(22,548)

Legal and professional costs

(1,035)

(21,902)

Bank charges

(36)

(52)

Other operational and administration costs

(34)

-

Other operating income

Other items

Profit/(loss) on ordinary activities before taxation

1,453

(45,702)

Tax on profit or loss on ordinary activities

8,407

-

Profit/(loss) for the financial period

9,860

(45,702)