REGISTERED NUMBER: 13459764 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FORMATION PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Barber

A C Jolliffe

REGISTERED OFFICE:

Unit 1

Evercreech Way

Highbridge

TA9 4AR

REGISTERED NUMBER:

13459764 (England and Wales)

ACCOUNTANTS:

Dafferns LLP

Chartered Accountants

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

5

74,437

-

Investment property

6

2,452,999

1,000,000

2,527,436

1,000,000

CURRENT ASSETS

Debtors

7

2,889

20,000

Cash at bank and in hand

90,849

18,161

93,738

38,161

CREDITORS

Amounts falling due within one year

8

186,576

14,710

NET CURRENT (LIABILITIES)/ASSETS

(92,838

)

23,451

TOTAL ASSETS LESS CURRENT LIABILITIES

2,434,598

1,023,451

CREDITORS

Amounts falling due after more than one year

9

(1,384,080

)

(21,415

)

PROVISIONS FOR LIABILITIES

(84,100

)

(81,625

)

NET ASSETS

966,418

920,411

CAPITAL AND RESERVES

Called up share capital

10

100

100

Investment property reserve

11

244,875

-

Retained earnings

721,443

920,311

SHAREHOLDERS' FUNDS

966,418

920,411

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

A C Barber - Director

A C Jolliffe - Director

1.	STATUTORY INFORMATION

Formation Property Limited is a private limited Company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest £1.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historic cost convention.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses.

Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Improvements to property

- straight line over 10 years

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the year that the disposal takes place.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the Income Statement.

Financial instruments

Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses.

Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax 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 substantively 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.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the Income Statement in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

to

property

£

COST

Additions

74,606

At 31 December 2024

74,606

DEPRECIATION

Charge for year

169

At 31 December 2024

169

NET BOOK VALUE

At 31 December 2024

74,437

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

1,000,000

Additions

1,452,999

At 31 December 2024

2,452,999

NET BOOK VALUE

At 31 December 2024

2,452,999

At 31 December 2023

1,000,000

The Company holds two investment properties.

The property purchased in 2022 has been revalued and therefore held at fair value. The revaluation was recognised in the year ended 31 December 2023. The revaluation was conducted by Aitchison Raffety, who has no association to the Company. The historical cost of this property is £673,500 (2023: £673,500)

The property purchased in 2024 has been presented at cost.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2021

21,500

Valuation in 2023

305,000

Cost

2,126,499

2,452,999

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

20,000

VAT

2,889

-

2,889

20,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

52,984

-

Trade creditors

15,107

1

Tax

14,413

2,326

Social security and other taxes

2,002

10,283

Directors' loan accounts

92,941

-

Accruals and deferred income

9,129

2,100

186,576

14,710

Bank loans and overdrafts are secured using assets held within the Company.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

55,594

-

Bank loans - 2-5 years

195,331

-

Bank loans more than 5 years

1,054,579

-

Other creditors

78,576

21,415

1,384,080

21,415

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

1,054,579

-

Bank loans and overdrafts are secured using assets held within the Company.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

10p

100

100

11.

RESERVES

Investment

property

reserve

£

Revaluation Gain/Loss transfer

326,500

Deferred tax

(81,625

)

At 31 December 2024

244,875

12.	RELATED PARTY DISCLOSURES

At the year end, a loan owed by the Company to a company under common control, amounted to £78,576 (2023: £21,416). No interest has been charged on this balance (2023: £nil).

Rental income was received by the Company from a company under common control, totalling £240,000 (2023: £196,000).

All of these transactions were at an arms length basis.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are A C Barber and A C Joliffe.