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Four6 Property Development Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House, 103-105 Leigh Road
Leigh-On-Sea
SS9 1JL
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 May 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
26/02/2025
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House, 103-105 Leigh Road
Leigh-On-Sea
SS9 1JL
Page 1
Page 2
Balance Sheet
Registered number: 13403059
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,480 5,600
Investment Properties 5 320,000 320,000
324,480 325,600
CURRENT ASSETS
Cash at bank and in hand 493 834
493 834
Creditors: Amounts Falling Due Within One Year 6 (406,208 ) (396,932 )
NET CURRENT ASSETS (LIABILITIES) (405,715 ) (396,098 )
TOTAL ASSETS LESS CURRENT LIABILITIES (81,235 ) (70,498 )
NET LIABILITIES (81,235 ) (70,498 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Fair value reserve 8 (55,121 ) (55,121 )
Profit and Loss Account (26,214 ) (15,477 )
SHAREHOLDERS' FUNDS (81,235) (70,498)
Page 2
Page 3
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
D M Pitt
Director
D J Pitt
Director
26/02/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Four6 Property Development Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13403059 . The registered office is Charter House, 103-105 Leigh Road, Leigh-on-Sea, Essex, SS9 1JL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The accounts have been drawn up on the going concern basis. Of the company's liabilities, £405,107 (2023 £395,185 ) is owed to the directors. The directors have agreed not to seek repayment of these debts until the company has sufficient funds to trade for the foreseeable future.
If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 4
Page 5
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 June 2023 7,500
As at 31 May 2024 7,500
Depreciation
As at 1 June 2023 1,900
Provided during the period 1,120
As at 31 May 2024 3,020
Net Book Value
As at 31 May 2024 4,480
As at 1 June 2023 5,600
5. Investment Property
2024
£
Fair Value
As at 1 June 2023 and 31 May 2024 320,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 375,121 375,121
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accrued expenses 1,101 1,747
Directors' loan accounts 405,107 395,185
406,208 396,932
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5
Page 6
8. Reserves
Fair Value Reserve
£
As at 1 June 2023 (55,121 )
As at 31 May 2024 (55,121 )
9. Ultimate Controlling Party
The company is controlled by the directors.
Page 6