Company Registration No. 07596803 (England and Wales)
Fanore Property Development Ltd
Unaudited accounts
for the year ended 31 March 2025
Fanore Property Development Ltd
Unaudited accounts
Contents
Fanore Property Development Ltd
Company Information
for the year ended 31 March 2025
Directors
M A McDermott
J McDermott
P McDermott
Company Number
07596803 (England and Wales)
Registered Office
Linton House
Catherine Street
Aston
Birmingham
B6 5RS
United Kingdom
Fanore Property Development Ltd
Statement of financial position
as at 31 March 2025
Investment property
1,318,140
1,318,140
Cash at bank and in hand
14,435
14,516
Creditors: amounts falling due within one year
(402,599)
(423,118)
Net current liabilities
(378,581)
(402,782)
Total assets less current liabilities
939,559
915,358
Creditors: amounts falling due after more than one year
-
(7,883)
Provisions for liabilities
Deferred tax
(46,726)
(46,726)
Net assets
892,833
860,749
Called up share capital
450,088
450,088
Fair value reserve
140,179
140,179
Profit and loss account
302,566
270,482
Shareholders' funds
892,833
860,749
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2025 and were signed on its behalf by
M A McDermott
Director
Company Registration No. 07596803
Fanore Property Development Ltd
Notes to the Accounts
for the year ended 31 March 2025
Fanore Property Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 07596803. The registered office is Linton House, Catherine Street, Aston, Birmingham, B6 5RS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property 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. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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 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.
Fanore Property Development Ltd
Notes to the Accounts
for the year ended 31 March 2025
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 April 2024
1,318,140
At 31 March 2025
1,318,140
The directors consider the value of £1,318,140 to still reflect the fair value of properties held.
Amounts falling due within one year
Accrued income and prepayments
43
25
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
-
3,888
Taxes and social security
4,289
-
Other creditors
219,745
144,745
Loans from directors
178,565
273,045
7
Creditors: amounts falling due after more than one year
2025
2024
Allotted, called up and fully paid:
88 Ordinary shares of £1 each
88
88
450,000 Preference shares of £1 each
450,000
450,000
9
Average number of employees
During the year the average number of employees was 3 (2024: 3).