Company No:
Contents
DIRECTOR | David Hughes |
SECRETARY | David Hughes |
REGISTERED OFFICE | 2nd Floor Stratus House |
Emperor Way | |
Exeter Business Park | |
Exeter | |
Devon | |
EX1 3QS | |
United Kingdom | |
COMPANY NUMBER | 08844648(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Stratus House | |
Emperor Way | |
Exeter Business Park | |
Exeter | |
EX1 3QS |
2020 | 2019 | |||
Note | £ | £ | ||
Current assets | ||||
Debtors | 4 |
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1,519,724 | 0 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (64,148) | (42,256) | ||
Total assets less current liabilities | (64,148) | (42,256) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of FGC Land Limited (registered number:
David Hughes
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
FGC Land Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House, Emperor Way, Exeter Business Park, Exeter, Devon, EX1 3QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of FGC Land Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £64,148. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Income and Retained Earnings, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including director |
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Land and buildings | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 September 2019 |
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Transfers intra group |
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Reclassified to held for sale | (
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At 31 August 2020 |
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Accumulated depreciation | |||
At 01 September 2019 |
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At 31 August 2020 |
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Net book value | |||
At 31 August 2020 |
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At 31 August 2019 |
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2020 | 2019 | ||
£ | £ | ||
Other debtors |
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2020 | 2019 | ||
£ | £ | ||
Amounts owed to Parent undertakings |
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Other creditors |
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Corporation tax |
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2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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