Fame Property Investments Limited 30/04/2019 iXBRL

Fame Property Investments Limited 30/04/2019 iXBRL

FAME PROPERTY INVESTMENTS LIMITED - Company Information

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30/04/2019 2019-04-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-05-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 07603847 2018-05-01 2019-04-30 07603847 2019-04-30 07603847 2018-04-30 07603847 2018-04-30 07603847 bus:RegisteredOffice 2018-05-01 2019-04-30 07603847 bus:LeadAgentIfApplicable 2018-05-01 2019-04-30 07603847 bus:Director1 2018-05-01 2019-04-30 07603847 core:LandBuildings core:OwnedOrFreeholdAssets 2019-04-30 07603847 core:AfterOneYear 2019-04-30 07603847 core:AfterOneYear 2018-04-30 07603847 core:WithinOneYear 2019-04-30 07603847 core:WithinOneYear 2018-04-30 07603847 core:LandBuildings core:OwnedOrFreeholdAssets 2018-05-01 2019-04-30 07603847 core:ShareCapital 2019-04-30 07603847 core:ShareCapital 2018-04-30 07603847 core:RetainedEarningsAccumulatedLosses 2019-04-30 07603847 core:RetainedEarningsAccumulatedLosses 2018-04-30 07603847 core:LandBuildings core:OwnedOrFreeholdAssets 2018-04-30 07603847 core:LandBuildings core:OwnedOrFreeholdAssets 2018-04-30 07603847 bus:SmallEntities 2018-05-01 2019-04-30 07603847 bus:AuditExempt-NoAccountantsReport 2018-05-01 2019-04-30 07603847 bus:FullAccounts 2018-05-01 2019-04-30 07603847 bus:SmallCompaniesRegimeForAccounts 2018-05-01 2019-04-30 07603847 bus:PrivateLimitedCompanyLtd 2018-05-01 2019-04-30 07603847 core:AfterOneYear 2018-05-01 2019-04-30
Company registration number: 07603847
Fame Property Investments Limited
Unaudited filleted financial statements
For the year ended
30 April 2019
Fame Property Investments Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Fame Property Investments Limited
Directors and other information
Director Mr Christopher Johnson
Company number 07603847
Registered office 3 Upper Lattimore Road
St Albans
Hertfordshire
AL1 3UD
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Fame Property Investments Limited
Statement of financial position
30 April 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 379,747 691,139
_______ _______
379,747 691,139
Current assets
Debtors 5 500 1,681
Cash at bank and in hand 5,537 53,547
_______ _______
6,037 55,228
Creditors: amounts falling due
within one year 6 ( 135,846) ( 334,558)
_______ _______
Net current liabilities ( 129,809) ( 279,330)
_______ _______
Total assets less current liabilities 249,938 411,809
Creditors: amounts falling due
after more than one year 7 ( 273,980) ( 410,000)
Provisions for liabilities ( 4,307) ( 9,480)
_______ _______
Net liabilities ( 28,349) ( 7,671)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 28,350) ( 7,672)
_______ _______
Shareholders deficit ( 28,349) ( 7,671)
_______ _______
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2020 , and are signed on behalf of the board by:
Mr Christopher Johnson
Director
Company registration number: 07603847
Fame Property Investments Limited
Notes to the financial statements
Year ended 30 April 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 3 Upper Lattimore Road, St Albans, Hertfordshire, AL1 3UD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. The directors have a reasonable expectation that the company will be able to meet known liabilities as they fall due and will have adequate resources to continue in operational existence for the foreseeable future.
Turnover
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based on a proportion of the total expected consideration at completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 May 2018 691,139 691,139
Disposals ( 311,392) ( 311,392)
_______ _______
At 30 April 2019 379,747 379,747
_______ _______
Depreciation
At 1 May 2018 and 30 April 2019 - -
_______ _______
Carrying amount
At 30 April 2019 379,747 379,747
_______ _______
At 30 April 2018 691,139 691,139
_______ _______
Investment property
In accordance with FRS 102, investment properties must be restated at Fair Value as at the transition date. C Johnson does not hold any professional property surveying qualification but relies on his business expertise to value the properties.
5. Debtors
2019 2018
£ £
Other debtors 500 1,681
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Other creditors 135,846 334,558
_______ _______
7. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 273,980 410,000
_______ _______
The loan is secured against the property held by the company.