Registered number:
06523683
FFMA (TRADING) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2021
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FFMA (TRADING) LIMITED
REGISTERED NUMBER:
06523683
BALANCE SHEET
AS AT
31 JANUARY 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The
financial statements have been prepared 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 members have required the Company to have an audit under the Companies Act 2006.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
7 October 2021
.
The notes on pages 2 to 8 form part of these financial statements.
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
FFMA (Trading) Limited is a members limited liability company, incorporated and domiciled in England. The address of the registered office is: Marlowe Innovation Centre, Marlowe Way, Ramsgate, Kent, CT12 6FA.
The principal activity of the company in the year under review was the operation of the Marlowe Innovation Centre, a facility with offices and light industrial workspaces with small and start-up innovative businesses as tenants.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been presented in GBP and rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The Directors have
considered relevant information, including the annual budget, forecast future cash flows and the
impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing
economic shutdown has not had a significant impact on the company’s operations. In response to
the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash
flows taking into account the potential impact on the business of possible future scenarios arising
from the impact of COVID-19. This analysis also considers the effectiveness of available measures
to assist in mitigating the impact of COVID-19.
The COVID-19 pandemic is likely to cause financial pressure on the tenants of FFMA (Trading) Limited and this could cause debtors to increase. While there has been no material signs of this, the company will continue to monitor outstanding and unpaid balances.
Based on these assessments and having regard to the resources available to the entity, the
Directors have concluded that there is no material uncertainty and that they can continue to adopt
the going concern basis in preparing the annual report and accounts.
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
2.
Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans with related parties.
Short term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in the Statement of Income and Retained Earnings when received.
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
The Company pays all profits over to its parent undertaking. Friends of Folkestone Academy Ltd, which is a registered Charity. Therefore no liability arises to Corporation Tax on the Company's results.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements requires management to make significant judgements and estimates. There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.
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Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £
3,378
(2020 -
£1,930
)
.
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The average monthly number of employees, including directors, during the year was
7
(2020 -
7
)
.
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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Charge for the year on owned assets
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The Company operates a
defined contributions pension scheme
. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,017 (2020 - £808). Contributions totalling £144 (2020 - £136) were payable to the fund at the balance sheet date and are included in other creditors.
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Related party transactions
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Friends of Folkestone Academy Ltd
The parent and ultimate controlling party.
During the year the company may participate in transactions with Friends of Folkestone Academy Ltd as part of its normal course of business. The company has taken advantage of exemptions available under FRS 102 1A in preparing these financial statements. During the year, the company distributed £
47,709
(2020 - £58,879) as donations to its charitable parent. The company intends to distribute £69,553 after the year end to its charitable parent.
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FFMA (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
The Company's parent undertaking and ultimate controlling party is
Friends of Folkestone Academy Ltd
, which has its registered office at Marlowe Innovation Centre, Marlowe Way, Ramsgate, Kent, CT12 6FA.
The auditors' report on the financial statements for the year ended 31 January 2021 was unqualified.
The audit report was signed on
21 October 2021
by
Duncan Cochrane-Dyet BSc BFP FCA
(Senior Statutory Auditor) on behalf of
MHA MacIntyre Hudson
.
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