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Registration number: 10734652

Fountain Rose Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Fountain Rose Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Fountain Rose Limited

Company Information

Directors

M K Somji

I M Kassam

H Kassam

A M Kassam

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Fountain Rose Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,900,000

1,900,000

Current assets

 

Debtors

5

24,137

22,639

Cash at bank and in hand

 

120,804

68,337

 

144,941

90,976

Creditors: Amounts falling due within one year

6

(2,651,370)

(2,515,871)

Net current liabilities

 

(2,506,429)

(2,424,895)

Net liabilities

 

(606,429)

(524,895)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(607,429)

(525,895)

Shareholders' deficit

 

(606,429)

(524,895)

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.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

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

M K Somji

Director

Company registration number: 10734652

 

Fountain Rose Limited

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 and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 May 2024 and had a net deficiency of assets amounting to £606,429 at that date.

The company funds its working capital requirements by a loan from a director which amounted to £2,596,607 at 31 May 2024. The director has confirmed that they intend to continue to support the company and not seek repayment until such time as the company has sufficient working capital.

The company has continued to receive rental income during the year and no matters have been drawn to the attention of the directors to suggest that this income will not continue on acceptable terms in the future.

On the basis of the above and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax.

The company recognises revenue from rental income evenly over the period of the lease or licence.

 

Fountain Rose Limited

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

Tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate estimated annually by the directors based upon a professional valuation. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 income statement 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.

3

Staff numbers

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

 

Fountain Rose Limited

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

4

Investment properties

Fair value

2024
£

At 1 June 2023

1,900,000

At 31 May 2024

1,900,000

The investment property is included at fair value at 31 May 2024 at an amount of £1,900,000 as estimated by the directors based on a professional valuation.

5

Debtors

2024
£

2023
£

Other debtors

24,137

22,639

24,137

22,639

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

-

1,200,000

Trade creditors

 

600

600

Other creditors

 

2,650,770

1,315,271

 

2,651,370

2,515,871

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

1,200,000

Bank borrowings in the comparative period were secured by a fixed charge over the investment property shown in note 4 of the financial statements and a fixed and floating charge over the other assets and undertakings of the company.