The director presents her annual report and financial statements for the year ended 31 March 2025.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FM Maintenance Limited for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position and the related notes from the accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of FM Maintenance Limited, as a body, in accordance with the terms of our engagement letter dated 28 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of FM Maintenance Limited and state those matters that we have agreed to state to the board of directors of FM Maintenance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FM Maintenance Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that FM Maintenance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of FM Maintenance Limited. You consider that FM Maintenance Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of FM Maintenance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Director's responsibilities under the Companies Act 2006:
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
FM Maintenance Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Ansty House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XH.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated financial statements incorporate those of FM Maintenance Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
The group’s current development projects are complete and are only subject to any residual snagging work. As there are currently no plans to administer any further projects by the company in the future, the company and group no longer meets the going concern criteria. Accordingly, the financial statements have been prepared on a basis other than that of a going concern. The director is seeking to realise the assets and settle the liabilities of the company in an orderly fashion and considers that the value of the assets and liabilities, as disclosed within these financial statements, represent the realisable values of each. The director has confirmed that this may take longer than twelve months from the date of signing the financial statements.
Revenue represents amounts receivable for the provision of services by reference to the costs incurred on development contracts. Revenue is recognised net of VAT and on an accruals basis.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at transaction price (including transaction costs) and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year.
The group and company operates in one principal area of activity, that of the rendering of services, which is wholly undertaken in the United Kingdom. Revenue is therefore made up 100% by the fees receivable in relation to the rendering of these services.
The group and company had no employees in the current or comparative period.
Details of the company's subsidiaries at 31 March 2025 are as follows:
Registered office address
(a) Ansty House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XH
Other payables of the group and company of £269,849 (2024 - £269,849) are secured by way of a fixed and floating charge over the current and future assets of the group.
The redeemable convertible shares can be entirely redeemed or converted in full into ordinary shares at any time by the holder giving notice of the redemption or conversion to the company.
At the statement of financial position date the group and company owed the amount of £219,849 (2024 - £219,849) to its shareholders. This balance is included within other payables.
At the statement of financial position date the group and company owed the amount of £50,000 (2024 - £50,000) to Autozones 2000 Limited, a connected company controlled by the shareholders, in relation to loans provided. This balance is included within other payables.
During the year the group provided services totalling £112,487 (2024 - £53,164) to its shareholders. At the statement of financial position date, £7,228 (2024 - £7,001) was due from its shareholders and this balance is included within trade receivables.
During the year the company provided services totalling £nil (2024 - £132,749) to Hovedean Property Unit Trust, a trust that the shareholders are unit holders of.