FPJ Limited
Registered number: SC212533
Information for filing with
Registrar
For the year ended 31 July 2024
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FPJ LIMITED
REGISTERED NUMBER: SC212533
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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FPJ LIMITED
REGISTERED NUMBER: SC212533
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
FPJ Limited is a private company limited by shares and incorporated in Scotland. The Company's registered number is SC212533. The address of its registered office is Capital Square, 58 Morrison Street, Edinburgh, Scotland, EH3 8BP. The principal place of business is 23 Haling Park Road, Croydon, CR2 6NJ.
The principal activity of the Company is the provision and maintenance of properties for family assessment services to local authorities.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
The director notes that the Company has net assets and has also received confirmation that the parent company, SiRon Limited, will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. Therefore, the director is of the opinion that the Company will be able to meet its obligations as they fall due in the next twelve months and continue to adopt the going concern assumption in preparing the financial statements.
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Interest payable and similar expenses
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Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Current and deferred taxation
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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 and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the Company’s accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgements in applying the Company’s accounting policies
At the balance sheet date, the director has reviewed and considered the valuation, including the statement made by the external valuers, and considers the carrying value at the balance sheet date to be appropriate.
Other than the ‘material valuation uncertainty’ concerning the freehold property valuations as at 31 July 2024, in preparing these financial statements, the director has not identified any judgements, made in the process of applying the accounting policies, that have a significant effect on the amounts recognised in the financial statements. Furthermore, the director has not identified any key assumptions concerning the future, or other key sources of estimation uncertainty at the reporting date, that carry a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Key sources of estimation uncertainty
The director does not consider there to be any key sources of estimation uncertainty.
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The average monthly number of employees, including the director, during the year was 1 (2023: 2).
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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The valuation of the freehold properties at 9 June 2022 was determined by the Company's external valuer, Christie Owen & Davies Limited (Christie & Co). The valuation is in accordance with the RICS standards and was arrived at by reference to market evidence of transactions for similar properties. The valuation performed by the valuer was reviewed internally by the director and is considered appropriate at 31 July 2024.
At 31 July 2024 the director carried out a review that demonstrated the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
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If the freehold property had not been included at valuation, it would have been included under the historical cost convention as follows:
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- 8 -
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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2 (2023: 2) ordinary shares of £1 each
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The Company has one class of ordinary shares; each share has attached to it full voting, dividend and capital distribution rights.
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FPJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Revaluation reserve
The revaluation reserve represents all current and preceding period revaluations on assets.
Profit and loss account
This reserve represents the cumulative profits and losses of the Company.
10.Financial commitments, guarantees and contingent liabilities
The Company provides a guarantee to Clydesdale Bank PLC over a loan taken out by SiRon Limited, the parent company. The maximum value of this contingent liability as at 31 July 2024 is £989,621 (2023: £1,132,213).
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Related party transactions
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The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market conditions.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
SiRon Limited is the immediate and ultimate parent undertaking of the smallest and largest group which consolidates the financial information of the Company. Copies of the consolidated financial statements may be obtained from its registered office address, Capital Square, 58 Morrison Street, Edinburgh, Scotland, EH3 8BP.
The ultimate controlling party is considered to be R Crosbie by virtue of his majority shareholding in SiRon Limited.
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