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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 31 August 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Revenue |
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Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. |
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Property, plant and equipment and depreciation |
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Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
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Fixtures, fittings and equipment |
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20% Straight line |
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The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Investment properties |
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Investment properties are measured at fair value, with changes in fair value recognised in the Income Statement. The properties are not held for consumption but for investment purposes, and the directors feel that systematic annual depreciation would be inappropriate. |
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Trade and other receivables |
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Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Borrowing costs |
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Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
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Trade and other payables |
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Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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Exceptional item |
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Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance. |
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| 10. |
Related party transactions |
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Balance |
Movement |
Balance |
Maximum |
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2024 |
in year |
2023 |
in year |
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£ |
£ |
£ |
£ |
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Luxury Apartments Manchester Limited |
5,000 |
5,000 |
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5,000 |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Dream Apartments Belfast Limited |
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25,314 |
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Dream Mentoring |
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52,000 |
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───────── |
───────── |
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77,314 |
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═════════ |
═════════ |
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Net balances with other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Dream Apartments Belfast Limited |
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- |
(25,314) |
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Dream Mentoring |
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(52,000) |
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Luxury Apartments Manchester Limited |
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5,000 |
- |
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───────── |
───────── |
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5,000 |
(77,314) |
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Dream Apartments Belfast Limited
Tom Smyth is a director in both FDR Property Group Limited and Dream Apartments Belfast Limited. As at 1 September 2023, FDR Property Group Limited owed Dream Apartments Belfast Limited £25,314. During the year, net transactions totalled £25,314. As at 31 August 2024, FDR Property Group Limited owed Dream Apartments Belfast Limited £nil.
Dream Mentoring Ltd
Tom Smyth is a director in both FDR Property Group Limited and Dream Mentoring Ltd. As at 1 September 2023, FDR Property Group Limited owed Dream Mentoring Ltd £52,000. During the year, net transactions totalled £52,000. As at 31 August 2024, FDR Property Group Limited owed Dream Mentoring Ltd £nil.
Luxury Apartments Manchester Limited
Tom Smyth is a director in both FDR Property Group Limited and Luxury Apartments Manchester Limited. As at 1 September 2023, FDR Property Group Limited owed Luxury Apartments Manchester Limited £nil. During the year, net transactions totalled £5,000. As at 31 August 2024, FDR Property Group Limited was owed £5,000 by Luxury Apartments Manchester Limited. |
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In the opinion of the director these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company. |