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Registration number: 12248683

FC Developments SW Limited

Unaudited Filleted Financial Statements

for the Period from 1 September 2023 to 29 August 2024

 

FC Developments SW Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

FC Developments SW Limited

(Registration number: 12248683)
Statement of Financial Position as at 29 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,139

-

Investment property

5

1,307,649

1,288,862

 

1,309,788

1,288,862

Current assets

 

Debtors

6

1,780

1,780

Cash at bank and in hand

 

8,608

19,654

 

10,388

21,434

Creditors: Amounts falling due within one year

7

(999,100)

(985,292)

Net current liabilities

 

(988,712)

(963,858)

Total assets less current liabilities

 

321,076

325,004

Creditors: Amounts falling due after more than one year

7

(319,271)

(333,272)

Provisions for liabilities

(20)

-

Net assets/(liabilities)

 

1,785

(8,268)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,685

(8,368)

Shareholders' funds/(deficit)

 

1,785

(8,268)

For the financial period ending 29 August 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 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 May 2025
 


V Ferati
Director

 

FC Developments SW Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 29 August 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:
58 Lynwood Avenue
Plymouth
Devon
PL7 4SF

Principal activity

The principal activity of the company is that of developing and letting of property.

2

Accounting policies

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

 

FC Developments SW Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 29 August 2024 (continued)

2

Accounting policies (continued)

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

Asset class

Depreciation method and rate

Plant, machinery and equipment

25% reducing balance

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

FC Developments SW Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 29 August 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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

Plant and machinery
£

Total
£

Cost or valuation

Additions

344

344

Transfers

2,479

2,479

At 29 August 2024

2,823

2,823

Depreciation

Charge for the period

684

684

At 29 August 2024

684

684

Carrying amount

At 29 August 2024

2,139

2,139

5

Investment properties

2024
£

2023
£

At 1 September

1,288,862

1,058,035

Additions

21,266

230,827

Transfers to and from fixed assets

(2,479)

-

At 29 August

1,307,649

1,288,862

There has been no valuation of investment property by an independent valuer.

 

FC Developments SW Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 29 August 2024 (continued)

6

Debtors

2024
£

2023
£

Other debtors

1,780

1,780

1,780

1,780

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

6,000

6,000

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

896,340

896,340

Taxation and social security

746

-

Accruals and deferred income

5,904

3,480

Other creditors

90,110

79,472

999,100

985,292

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

319,271

333,272

The bank loan is secured on another investment property within the company.


Included within creditors amounts falling due after more than one year above are amounts of £295,271 (2023 - £309,272) falling due 5 years from the reporting date.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

FC Developments SW Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 29 August 2024 (continued)

9

Related party transactions

Loans to related parties

2024

Ferati Limited
£

Total
£

At start of period

(896,340)

(896,340)

At end of period

(896,340)

(896,340)


 

2023

Ferati Limited
£

Total
£

At start of period

(887,035)

(887,035)

Advanced

(9,305)

(9,305)

At end of period

(896,340)

(896,340)

During previous years Ferati Limited, a company owned wholly by the director, made loans to FC Developments SW Limited. There was no movement in the balance during the current year The amount outstanding as at 31 August 2024 is £896,340 (2023 : £896,340). The loan is interest free and repayable on demand.