Company registration number 12123765 (England and Wales)
F E AND W LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
F E AND W LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
F E AND W LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,021,250
992,886
Investments
4
404,464
404,464
1,425,714
1,397,350
Current assets
Debtors
6
185,477
252,209
Cash at bank and in hand
9,456
16,297
194,933
268,506
Creditors: amounts falling due within one year
7
(81,062)
(85,378)
Net current assets
113,871
183,128
Total assets less current liabilities
1,539,585
1,580,478
Creditors: amounts falling due after more than one year
8
(1,240,188)
(1,340,038)
Provisions for liabilities
(21,361)
(14,270)
Net assets
278,036
226,170
Capital and reserves
Called up share capital
9
101
101
Fair value reserve
64,083
42,810
Profit and loss reserves
213,852
183,259
Total equity
278,036
226,170
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
F E AND W LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mr W H Midwood
Miss F C Midwood
Director
Director
Mrs E S Willis
Director
Company registration number 12123765 (England and Wales)
F E AND W LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Fair value reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
101
67,667
67,768
Year ended 31 July 2023:
Profit
-
-
158,402
158,402
Other comprehensive income:
Adjustments to fair value of financial assets
-
57,080
-
57,080
Tax relating to other comprehensive income
-
(14,270)
(14,270)
Total comprehensive income
-
42,810
158,402
201,212
Transfers
-
(42,810)
(42,810)
Balance at 31 July 2023
101
42,810
183,259
226,170
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
51,866
51,866
Other comprehensive income:
Adjustments to fair value of financial assets
-
28,364
-
28,364
Tax relating to other comprehensive income
-
(7,091)
(7,091)
Total comprehensive income
-
21,273
51,866
73,139
Transfers
-
(21,273)
(21,273)
Balance at 31 July 2024
101
64,083
213,852
278,036
F E AND W LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
F E and W Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents property rents and recharges receivable for the period of account.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
F E AND W LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 August 2023
992,886
Revaluations
28,364
At 31 July 2024
1,021,250
The directors are of the opinion that the fair value of the company's interest in the freehold investment properties purchased in January 2020 at a cost of £153,420 was £115,000 at 31 July 2024.
The directors are of the opinion that the fair value of the company's interest in the remaining investment property purchased in December 2022 at a cost of £782,386 was £906,250 at 31 July 2024.
4
Fixed asset investments
2024
2023
£
£
Other investments
404,464
404,464
F E AND W LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Associates
Details of the company's associates at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Delamere Forest Properties Limited
England and Wales
Ordinary
9.92
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,539
2,689
Other debtors
172,590
239,770
Prepayments and accrued income
11,348
9,750
185,477
252,209
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,626
4,302
Other taxation and social security
875
2,237
Other creditors
59,700
59,700
Accruals and deferred income
16,861
19,139
81,062
85,378
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,240,188
1,340,038
Creditors which fall due after five years are payable as follows:
Payable by instalments
1,001,388
1,101,238
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 ordinary of £1 each
100
100
100
100
1 class Y ordinary of £1 each
1
1
1
1
101
101
101
101
F E AND W LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
10
Related party transactions
At 31 July 2024, the company had a loan of £1,299,888 outstanding to Mr W H Midwood a director of the company. Interest was charged on this loan at a rate of to 2%. This loan is included in other creditors above.