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(1) General Information
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| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Sale of goods
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| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Rendering of Services
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| Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
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Borrowing costs
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| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Financial instruments
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. |
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Loans and borrowings
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| These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method. |
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Taxation
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| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Deferred Tax
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A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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Investments
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| Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognized in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an ongoing basis. |
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(4) Employees
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| During the year, the average number of employees including director was 0 (2024 : 0). |
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(5) Related party transactions
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Odunayo Fadahunsi is the director in Folet Properties Ltd. As at 31 March 2025, an amount of £200,000 (2024: £200,000) was owed by Folet Properties Ltd.
Auditrisknet Ltd is related to Folet Properties Ltd, which shares common directors and shareholders. As at 31
March 2025, an amount of £40,000 (2024: £40,000) was owed by Folet Properties Ltd. |
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(6) Fixed assets
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| Investments
Property
£ | | Cost | | | As at 01 April 2024 | 647,000 | | Revaluation | 20,000 | | As at 31 March 2025 | 667,000 | | Depreciation/Amortisation | | | As at 31 March 2025 | - | | Net book value | | | As at 31 March 2025 | 667,000 | | As at 31 March 2024 | 647,000 |
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(7) Mortgage (Creditors > 1 year)
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| The mortgage is secured by the property known as 235 Forest Road Leytonstone London E11 1LE |
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(8) Investment Properties
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These financial statements for the year ended 31 March 2025 are the financial statements of the company prepared in
accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The property is being measured at fair value under FRS 102 and fair value gains and losses are reported in profit or loss.
FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, deferred tax of £3,800 was recognised at 31 March 2025 to reflect the provisions of FRS 102.
The profit on revaluation at 31 March 2025 has been reported in profit or loss and the effect on profit for the yearended 31 March 2025 is increase in the profit for the amount £16,200 is after deferred tax. |
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