FUTURECOURT INVESTMENTS LIMITED
|
Balance Sheet |
as at 30 April 2016
|
|
Notes |
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|
2016 |
|
|
2015 |
£ |
£ |
Fixed assets |
Tangible assets |
6 |
|
|
1,020,871 |
|
|
1,021,161 |
|
Current assets |
Debtors |
7 |
|
43,984 |
|
|
37,409 |
Cash at bank and in hand |
|
|
10,846 |
|
|
5,513 |
|
|
|
54,830 |
|
|
42,922 |
|
Creditors: amounts falling due within one year |
8 |
|
(46,267) |
|
|
(38,156) |
|
Net current assets |
|
|
|
8,563 |
|
|
4,766 |
|
Total assets less current liabilities |
|
|
|
1,029,434 |
|
|
1,025,927 |
|
Creditors: amounts falling due after more than one year |
9 |
|
|
(837,768) |
|
|
(837,805) |
|
Provisions for liabilities |
10 |
|
|
(77) |
|
|
(77) |
|
|
Net assets |
|
|
|
191,589 |
|
|
188,045 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
11 |
|
|
100 |
|
|
100 |
Revaluation reserve |
12 |
|
|
187,842 |
|
|
187,842 |
Profit and loss account |
13 |
|
|
3,647 |
|
|
103 |
|
Shareholder's funds |
|
|
|
191,589 |
|
|
188,045 |
|
|
|
|
|
|
|
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The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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|
S Raisinghani |
Director |
Approved by the board on 30 January 2017
|
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FUTURECOURT INVESTMENTS LIMITED
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Notes to the Accounts |
for the year ended 30 April 2016
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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|
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Turnover |
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Turnover represents rent receivable from the company's owned freehold investment properties.
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|
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
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Plant and machinery |
25% reducing balance
|
|
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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Investment properties |
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Investment properties are revalued annually by the director, and the revaluation surpluses are |
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incorporated in the financial statements. No depreciation is provided in respect of investment |
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properties. This constitutes a departure from the Companies Act 1985, which requires fixed |
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assets to be depreciated over their useful lives. This departure is necessary to enable the |
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financial statements to give a true and fairview. |
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2 |
Going Concern |
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Notwithstanding the net assets deficiency, the financial statements have been prepared on a |
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going concern basis as, in the opinion of the director, the company has sufficient financial |
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support from its creditors and shareholders to pay its debts as they fall due. |
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3 |
Operating profit |
2016 |
|
2015 |
£ |
£ |
|
This is stated after charging: |
|
Depreciation of owned fixed assets |
290 |
|
388 |
|
Pension costs |
1,200 |
|
1,200 |
|
|
|
|
|
|
|
|
|
4 |
Interest payable |
|
|
Interest payable |
15,194 |
|
15,041 |
|
|
|
|
|
|
|
|
|
5 |
Taxation |
|
|
|
UK corporation tax |
1,333 |
|
2,499 |
|
Deferred tax |
- |
|
(232) |
|
|
|
|
|
|
1,333 |
|
2,267 |
|
|
|
|
|
|
|
|
|
|
6 |
Tangible fixed assets |
|
|
|
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Land and buildings |
|
Plant and machinery etc |
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Total |
£ |
£ |
£ |
|
Cost/ Valuation |
|
At 1 May 2015 |
1,020,000 |
|
3,441 |
|
1,023,441 |
|
At 30 April 2016 |
1,020,000 |
|
3,441 |
|
1,023,441 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2015 |
- |
|
2,280 |
|
2,280 |
|
Charge for the year |
- |
|
290 |
|
290 |
|
At 30 April 2016 |
- |
|
2,570 |
|
2,570 |
|
|
|
|
|
|
|
|
|
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Net book value |
|
At 30 April 2016 |
1,020,000 |
|
871 |
|
1,020,871 |
|
At 30 April 2015 |
1,020,000 |
|
1,161 |
|
1,021,161 |
|
|
|
|
|
|
|
|
|
7 |
Debtors |
2016 |
|
2015 |
£ |
£ |
|
|
Trade debtors |
9,703 |
|
3,590 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
33,429 |
|
32,429 |
|
Other debtors |
852 |
|
1,390 |
|
|
|
|
|
|
43,984 |
|
37,409 |
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due within one year |
|
|
Trade creditors |
24,562 |
|
21,022 |
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Corporation tax |
3,955 |
|
2,350 |
|
Other taxes and social security costs |
65 |
|
65 |
|
Other creditors |
17,685 |
|
14,719 |
|
|
|
|
|
|
46,267 |
|
38,156 |
|
|
|
|
|
|
|
|
|
9 |
Creditors: amounts falling due after one year |
|
|
|
Bank loans |
837,768 |
|
837,805 |
|
|
|
|
|
|
|
|
|
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Bank loans are secured against the investment properties owned by the company. |
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10 |
Provisions for liabilities |
|
Deferred taxation: |
|
|
Accelerated capital allowances |
77 |
|
77 |
|
|
|
|
|
|
|
|
|
|
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At 1 May |
77 |
|
310 |
|
Deferred tax charge in profit and loss account |
- |
|
(233) |
|
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At 30 April |
77 |
|
77 |
|
|
|
|
|
|
|
|
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11 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
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12 |
Revaluation reserve |
2016 |
£ |
|
|
At 1 May 2015 |
187,842 |
|
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At 30 April 2016 |
187,842 |
|
|
|
|
|
|
|
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This related to the gain arising on revaluation of the company's Investment Properties, as at |
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30 April 2016, done by the director , based on an open market basis. The director is not aware |
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of any material change in value since the date of valuation. |
|
|
13 |
Profit and loss account |
2016 |
£ |
|
|
At 1 May 2015 |
103 |
|
Profit for the year |
5,044 |
|
Dividends |
(1,500) |
|
|
At 30 April 2016 |
3,647 |
|
|
|
|
|
|
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14 |
Related party transactions |
|
(i) |
The balance on the director's loan account at 30 April 2016 was in credit by £83 ( 2015 : |
|
overdrawn by £455) and are disclosed under other creditors and other debtors in note 8 and |
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note 7 above respectively. |
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(ii) |
At the year end the inter-company balance with Futurecourt Delopments Limited was as follows: |
|
|
|
Receivable from Futurecourt Delopments Limited |
33,429 |
|
32,429 |
|
(disclosed under debtors in note 7 above) |
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(iii) |
At the year end the inter-company balance with Stone Black Limited, a company in which |
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Mr S Raisinghani is also a Director, was as follows: |
|
|
Payable to Stoneblack Limited |
1,400 |
|
1,400 |
|
(disclosed under other creditors in note 8 above) |
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15 |
Controlling Party |
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The holding company is Futurecourt Developments Limited, a company registered in the UK |
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which holds 100% share capital of Futurecourt Investments Limited. |