Fado Ltd - Filleted accounts

Registered number

06824657

Fado Ltd

Filleted Accounts

31 March 2025

Fado Ltd
Registered number:		06824657
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	4		1,500			2,000
Investment property	5		1,298,306			1,290,704
			1,299,806			1,292,704

Current assets
Cash at bank and in hand		4,181			9,244

Creditors: amounts falling due within one year	6	(3,175)			(73,945)

Net current assets/(liabilities)			1,006			(64,701)

Total assets less current liabilities			1,300,812			1,228,003

Creditors: amounts falling due after more than one year	7		(1,199,328)			(1,096,754)

Provisions for liabilities			(74,548)			(74,548)


Net assets			26,936			56,701

Capital and reserves
Called up share capital			100			100
Revaluation reserve	8		128,418			128,418
Profit and loss account			(101,582)			(71,817)

Shareholders' funds			26,936			56,701

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




T J Faircloth
Director
Approved by the board on 24 June 2025

Fado Ltd
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	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).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.




	Tangible fixed assets
	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:



	Plant and machinery	25% Reducing balance
	Office equipment	33% On cost

	Investment Property
	Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.




	Debtors
	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.

	Creditors
	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.

	Taxation
	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.

	Provisions
	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.

	Deferred taxation
	Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or sustantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.







2	Deferred tax			2025		2024
£					£
	Deferred tax movement on revaluation of investment
	property			74,548		74,548


				74,548		74,548


3	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			2		2


4	Tangible fixed assets
		Plant and machinery etc		Office equipment		Total
£			£		£
	Cost
	At 1 April 2024	18,000		2,720		20,720
	At 31 March 2025	18,000		2,720		20,720

	Depreciation
	At 1 April 2024	16,000		2,720		18,720
	Charge for the year	500		-		500
	At 31 March 2025	16,500		2,720		19,220

	Net book value
	At 31 March 2025	1,500		-		1,500
	At 31 March 2024	2,000		-		2,000


5	Investments

Investment
property
£
	Cost
	At 1 April 2024					1,290,704
	Revaluation					-
	Additions					7,602

	At 31 March 2025					1,298,306


6	Creditors: amounts falling due within one year			2025		2024
£					£

	Other creditors			-		11,849
	Accruals			3,175		62,096
				3,175		73,945


7	Creditors: amounts falling due after one year			2025		2024
£					£

	Other loans			624,285		570,864
	Directors' loan account			575,043		525,890
				1,199,328		1,096,754


8	Revaluation reserve			2025		2024
£					£

	At 1 April 2024			128,418		128,418

	At 31 March 2025			128,418		128,418


9	Other information

	Fado Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Victoria House
	51-53 Exeter Street
	Plymouth
	Devon
	PL4 0AH