Registration number:
FPC Management Limited
for the Year Ended 31 October 2019
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG
FPC Management Limited
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
FPC Management Limited
Company Information
Director |
Mr P Santoro |
Company secretary |
Miss C Santoro |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
FPC Management Limited
for the Year Ended 31 October 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FPC Management Limited for the year ended 31 October 2019 as 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of FPC Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of FPC Management Limited and state those matters that we have agreed to state to the Board of Directors of FPC Management 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 FPC Management Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that FPC Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FPC Management Limited. You consider that FPC Management 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 accounts of FPC Management 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 accounts.
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Chartered Accountants
306 High Street
Croydon
Surrey
CR0 1NG
Page 2 |
FPC Management Limited
(Registration number: 04920105)
Abridged Balance Sheet as at 31 October 2019
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2019 |
2018 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 3 |
FPC Management Limited
(Registration number: 04920105)
Abridged Balance Sheet as at 31 October 2019 (continued)
Approved and authorised by the
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Director
Page 4 |
FPC Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 5 |
FPC Management Limited
Notes to the Abridged Financial Statements for the Year Ended 31 October 2019 (continued)
2 |
Accounting policies (continued) |
Investment property
comparable real estate. As at 31 October 2017 the company has taken advantange of the transistional relief to measure fair value at date of transition to FRS102 and use as deemed cost.
No depreciation is provided in respect of investment property which is included in tangible assets.
This treatment conflicts with the requirement of the Companies Act that all properties should be
depreciated. The directors consider that, because this property is not held for consumption, but for
investment potential it is necessary to adopt the requirement of the section 1A "small entities" of FRS
102 in order to give a true and fair view.
Tangible assets |
Investment properties
2019 |
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At 1 November |
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In the opinion of the director the current market value of the property is £400,000.
Page 6 |