Company Registration No. 1582272 (England and Wales)
FOOTSCRAY (NUMBER 2) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
FOOTSCRAY (NUMBER 2) LIMITED
COMPANY INFORMATION
Directors
Mr John Garlick
Mr William Bryen
Secretary
Mr John Garlick
Company number
1582272
Registered office
73 Park Lane
Croydon
Surrey
CRO 1JG
Accountants
Cruse & Burke
73 Park Lane
Croydon
Surrey
CR0 1JG
Business address
C/o Mr John Garlick
West Hay
Ballards Lane
Limpsfield
Surrey
RH8 0SN
FOOTSCRAY (NUMBER 2) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 6
FOOTSCRAY (NUMBER 2) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
The directors present their annual report and financial statements for the year ended 31 March 2016.
Principal activities
The company is dormant and has not traded during the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr John Garlick
Mr William Bryen
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr John Garlick
Secretary
31 October 2016
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FOOTSCRAY (NUMBER 2) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF FOOTSCRAY (NUMBER 2) LIMITED
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Footscray (Number 2) Limited for the year ended 31 March 2016 set out on pages 3 to 6 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Footscray (Number 2) Limited, as a body, in accordance with the terms of our engagement letter dated 23 April 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Footscray (Number 2) Limited and state those matters that we have agreed to state to the Board of Directors of Footscray (Number 2) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Footscray (Number 2) Limited and its Board of Directors as a body, for our work or for this report.
the requirements of the Association of Chartered Certified Accountants
as detailed at
http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Footscray (Number 2) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Footscray (Number 2) 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 Footscray (Number 2) Limited. You consider that Footscray (Number 2) 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 Footscray (Number 2) 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.
Cruse & Burke
31 October 2016
Chartered Certified Accountants
73 Park Lane
Croydon
Surrey
CR0 1JG
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FOOTSCRAY (NUMBER 2) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
30,000
30,000
Capital and reserves
Called up share capital
3
1,000
1,000
Revaluation reserve
4
30,000
30,000
Profit and loss reserves
(1,000)
(1,000)
Total equity
30,000
30,000
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
-
• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2016 and are signed on its behalf by:
Mr John Garlick
Director
Company Registration No. 1582272
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FOOTSCRAY (NUMBER 2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
Company information
Footscray (Number 2) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
73 Park Lane, Croydon, Surrey, CRO 1JG.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company 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 company's statement of financial position when the company 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.
Financial instruments are recognised in the company's statement of financial position when the company 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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FOOTSCRAY (NUMBER 2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Investment property
2016
£
Fair value
At 1 April 2015 and 31 March 2016
30,000
Investment property comprises Land. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 25 March 2016 by John Garlick MRICS who is the Directors' of he company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
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FOOTSCRAY (NUMBER 2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
3
Called up share capital
2016
2015
£
£
Ordinary share capital
Authorised
1,000 Ordinary of £1 each
1,000
1,000
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
4
Revaluation reserve
2016
2015
£
£
At beginning and end of year
30,000
30,000
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