Fore Street 1409 Limited 31/03/2020 iXBRL

Fore Street 1409 Limited 31/03/2020 iXBRL

FORE STREET 1409 LIMITED - Company Information

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31/03/2020 2020-03-31 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 2019-04-01 Sage Accounts Production 20.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 09506330 2019-04-01 2020-03-31 09506330 2020-03-31 09506330 2019-03-31 09506330 2018-04-01 2019-03-31 09506330 2019-03-31 09506330 2018-03-31 09506330 core:NetGoodwill 2019-04-01 2020-03-31 09506330 bus:Director1 2019-04-01 2020-03-31 09506330 core:NetGoodwill 2019-03-31 09506330 core:NetGoodwill 2020-03-31 09506330 core:ShareCapital 2018-04-01 2019-03-31 09506330 core:RetainedEarningsAccumulatedLosses 2018-04-01 2019-03-31 09506330 core:ShareCapital 2019-04-01 2020-03-31 09506330 core:RetainedEarningsAccumulatedLosses 2019-04-01 2020-03-31 09506330 core:WithinOneYear 2020-03-31 09506330 core:WithinOneYear 2019-03-31 09506330 core:ShareCapital 2020-03-31 09506330 core:ShareCapital 2019-03-31 09506330 core:RetainedEarningsAccumulatedLosses 2020-03-31 09506330 core:RetainedEarningsAccumulatedLosses 2019-03-31 09506330 core:ShareCapital 2018-03-31 09506330 core:RetainedEarningsAccumulatedLosses 2018-03-31 09506330 core:NetGoodwill 2019-03-31 09506330 bus:Director1 2019-03-31 09506330 bus:Director1 2020-03-31 09506330 bus:Director1 2018-03-31 09506330 bus:Director1 2019-03-31 09506330 bus:Director1 2018-04-01 2019-03-31 09506330 bus:SmallEntities 2019-04-01 2020-03-31 09506330 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 09506330 bus:FullAccounts 2019-04-01 2020-03-31 09506330 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 09506330 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 09506330 core:AllAssociates core:DividendsPaidTransactions 2019-04-01 2020-03-31
Company registration number: 09506330
Fore Street 1409 Limited
Unaudited filleted financial statements
31 March 2020
Fore Street 1409 Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Fore Street 1409 Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 72,500 87,000
_______ _______
72,500 87,000
Current assets
Stocks 2,960 2,615
Debtors 6 3,250 3,250
Cash at bank and in hand 123,673 144,872
_______ _______
129,883 150,737
Creditors: amounts falling due
within one year 7 ( 38,460) ( 49,860)
_______ _______
Net current assets 91,423 100,877
_______ _______
Total assets less current liabilities 163,923 187,877
_______ _______
Net assets 163,923 187,877
_______ _______
Capital and reserves
Called up share capital 98,901 110,901
Profit and loss account 65,022 76,976
_______ _______
Shareholder funds 163,923 187,877
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 09 November 2020 , and are signed on behalf of the board by:
Ms L Bishop
Director
Company registration number: 09506330
Fore Street 1409 Limited
Statement of changes in equity
Year ended 31 March 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2018 122,601 56,831 179,432
Profit for the year 48,745 48,745
_______ _______ _______
Total comprehensive income for the year - 48,745 48,745
Dividends paid and payable ( 28,600) ( 28,600)
Redemption of shares ( 11,700) - ( 11,700)
_______ _______ _______
Total investments by and distributions to owners ( 11,700) ( 28,600) ( 40,300)
_______ _______ _______
At 31 March 2019 and 1 April 2019 110,901 76,976 187,877
Profit for the year 20,046 20,046
_______ _______ _______
Total comprehensive income for the year - 20,046 20,046
Dividends paid and payable ( 32,000) ( 32,000)
Redemption of shares ( 12,000) - ( 12,000)
_______ _______ _______
Total investments by and distributions to owners ( 12,000) ( 32,000) ( 44,000)
_______ _______ _______
At 31 March 2020 98,901 65,022 163,923
_______ _______ _______
Fore Street 1409 Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 Townsend Way, Lowestoft, Suffolk, NR32 4GF.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2019 and 31 March 2020 145,000 145,000
_______ _______
Amortisation
At 1 April 2019 58,000 58,000
Charge for the year 14,500 14,500
_______ _______
At 31 March 2020 72,500 72,500
_______ _______
Carrying amount
At 31 March 2020 72,500 72,500
_______ _______
At 31 March 2019 87,000 87,000
_______ _______
6. Debtors
2020 2019
£ £
Other debtors 3,250 3,250
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Corporation tax 8,104 14,835
Social security and other taxes 7,319 8,036
Other creditors 23,037 26,989
_______ _______
38,460 49,860
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Ms L Bishop ( 25,086) ( 45,259) 49,277 ( 21,068)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Ms L Bishop ( 390) ( 41,926) 17,230 ( 25,086)
_______ _______ _______ _______
9. Related party transactions
During the year, 12,000 £1 preference shares were redeemed at par by, and dividends totalling £ 32,000 were paid to Ms L Bishop , a director of the company.