| FUTURECOURT DEVELOPMENTS LIMITED |
| Notes to the Accounts |
| for the year ended 30 April 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned ground rent Income and service charges. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 May 2023 |
60,000 |
|
629 |
|
60,629 |
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At 30 April 2024 |
60,000 |
|
629 |
|
60,629 |
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Depreciation |
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At 1 May 2023 |
- |
|
601 |
|
601 |
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Charge for the year |
- |
|
7 |
|
7 |
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At 30 April 2024 |
- |
|
608 |
|
608 |
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Net book value |
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At 30 April 2024 |
60,000 |
|
21 |
|
60,021 |
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At 30 April 2023 |
60,000 |
|
28 |
|
60,028 |
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Freehold land and buildings: |
2024 |
|
2023 |
| £ |
£ |
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Historical cost |
60,000 |
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60,000 |
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Cumulative depreciation based on historical cost |
- |
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- |
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60,000 |
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60,000 |
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The land and building consist of ground rent interest. The director believe that the cost and the |
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valuation of the ground rent interest are not materially different and therefore no adjustment is |
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done for valuation. |
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| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 1 May 2023 |
100 |
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At 30 April 2024 |
100 |
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The investment in subsidiary undertakings relates to the investment in Futurecourt Investments |
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Limited, a company incorporated in the UK, and is 100% owned by Futurecourt Developments |
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Limited. |
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The company has taken advantage of the exemption under section 402 of Companies Act 2006, |
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not to prepare Consolidated Accounts, as the group qualifies as a small group. |
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| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Trade debtors |
105,482 |
|
28,400 |
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Other debtors |
330,472 |
|
417,137 |
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435,954 |
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445,537 |
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Other debtors include an amount of £133,346 (2023: £176,346) for loan given to other organisation and is repayable in full on demand. |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
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Bank loan ( see note 7 below) |
3,000 |
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3,000 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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34,580 |
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45,718 |
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Taxation and social security costs |
26,474 |
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26,474 |
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Other creditors |
20,402 |
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13,471 |
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84,456 |
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88,663 |
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| 7 |
Creditors: amounts falling due after more than one year |
2024 |
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2023 |
| £ |
£ |
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Bank loan |
3,250 |
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6,250 |
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The bank loan is unsecured and is repayable over a period of 5 years and with an interest rate of 2.5% yearly |
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| 8 |
Controlling Party |
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The company was under the control of Mr S Raisinghani, a director and sole shareholder of the |
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company throughout the year. |
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| 9 |
Related party transactions |
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| (i) |
At the year end, the inter-company balance with Stoneblack Limited , a company in which |
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Mr S Raisinghani is also a Director was as follows: |
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2024 |
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2023 |
| £ |
£ |
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Payable to Stoneblack Limited - as disclosed under creditors |
16,306 |
|
28,018 |
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in note 6 above |
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| (ii) |
At the year end, the inter-company balance with Futurecourt Investments Limited was as |
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follows: |
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2024 |
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2023 |
| £ |
£ |
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Payable to Futurecourt Investments Limited (note 6 above) |
16,635 |
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12,699 |
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| (iii) |
At the year end, the inter-company balance with Stoneblack Development Limited , a company |
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in which Mr S Raisinghani is also a shareholder and director was as follows: |
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2024 |
|
2023 |
| £ |
£ |
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Payable to Stoneblack development Limited - |
5,000 |
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5,000 |
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disclosed under creditors in notes 6 above |
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| (v) |
The Director's loan was overdrawn at the year end by £146,292 ( 2023 - £122,032) and is |
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included under other debtors in note 5 above. Interest of 3% was charged on the loan. |
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| 10 |
Other information |
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FUTURECOURT DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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309 Hoe Street |
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Walthamstow |
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London |
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E17 9BG |