Company Registration No. 08753127 (England and Wales)
FOLKESTONE CONSTITUTIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
FOLKESTONE CONSTITUTIONAL LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
FOLKESTONE CONSTITUTIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
210,000
210,000
Current assets
Stocks
184,896
409,804
Debtors
3
180
726
Cash at bank and in hand
7,954
2,539
193,030
413,069
Creditors: amounts falling due within one year
4
(314,400)
(533,302)
Net current liabilities
(121,370)
(120,233)
Total assets less current liabilities
88,630
89,767
Creditors: amounts falling due after more than one year
5
(39,869)
(70,305)
Net assets
48,761
19,462
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
48,661
19,362
Total equity
48,761
19,462
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FOLKESTONE CONSTITUTIONAL LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 May 2020 and are signed on its behalf by:
Mr J Ripley
Director
Company Registration No. 08753127
FOLKESTONE CONSTITUTIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
1
Accounting policies
Company information
Folkestone Constitutional Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ashden House, Ashford Road, Bethersden, Ashford, Kent TN26 3LF.
1.1
Accounting convention
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 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
FOLKESTONE CONSTITUTIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
2
Investment property
2019
£
Fair value
At 1 November 2018 and 31 October 2019
210,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr J Ripley, Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
180
726
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
1,873
3,202
Other creditors
312,527
530,100
314,400
533,302
5
Creditors: amounts falling due after more than one year
2019
2018
Bank loans and overdrafts
39,869
70,305
39,869
70,305
6
Related party transactions
At the balance sheet date the company owed £Nil to Fistral Property Ltd of which Mr J Ripley is a director, £30,000 was owed to Repton Manor Associates Ltd of which Mr J Ripley is a director and £15,000 was owed to J Ripley & Son.