FFQ Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC547629 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

FFQ DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs F M Willis

O M Willis

REGISTERED OFFICE:

80 Hammerfield Avenue

Aberdeen

AB10 7FJ

REGISTERED NUMBER:

SC547629 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

Chartered Accountants

Redwood

19 Culduthel Road

Inverness

IV2 4AA

FIXED ASSETS

Tangible assets

4

152,453

16,892

Investment properties

5

327,000

410,000

479,453

426,892

CURRENT ASSETS

Cash at bank

15

1,254

CREDITORS

Amounts falling due within one year

6

432,409

395,522

NET CURRENT LIABILITIES

(432,394

)

(394,268

)

TOTAL ASSETS LESS CURRENT LIABILITIES

47,059

32,624

PROVISIONS FOR LIABILITIES

7

4,612

5,048

NET ASSETS

42,447

27,576

CAPITAL AND RESERVES

Allotted, called up and

fully paid share capital

10

10

Retained earnings

8

42,437

27,566

42,447

27,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2021 and were signed on its behalf by:

Mrs F M Willis - Director

1.	STATUTORY INFORMATION

FFQ Developments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling (£), which is the functional currency of the company.

At the balance sheet date, the company had net current liabilities amounting to £432,394. However, director Mrs F M Willis has confirmed that she does not intend to seek full repayment of her loan to the company of £416,662, and the directors have confirmed that they will ensure that adequate funds will be made available to meet third-party liabilities as they fall due. On this basis, it is considered appropriate to prepare the financial statements on a going concern basis.

The financial implications arising from the Coronavirus (Covid-19) outbreak, which has affected the UK, are uncertain. The directors continue to assess the situation regarding the company's operational activities in the short-term, but are of the opinion that the company remains a going concern.

Turnover

Turnover represents rental income derived from the letting of residential properties to third-parties. The company is not registered for Value Added Tax.

Rental income is apportioned on a time basis over the period of occupancy in line with the terms of the lease agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

4% on cost

Plant and equipment

-

25% on reducing balance

Office and computer equipment

-

33% on cost

Tangible assets are stated at cost, being purchase price, less depreciation.

Investment properties

No depreciation is provided on investment properties which, in accordance with Financial Reporting Standard 102, are valued annually. In the opinion of the directors, this departure from the statutory rules is necessary to provide a true and fair view.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

and

Freehold

Plant and

computer

property

equipment

equipment

Totals

£

£

£

£

COST

At 1 April 2019

16,636

-

1,615

18,251

Additions

136,605

190

-

136,795

At 31 March 2020

153,241

190

1,615

155,046

DEPRECIATION

At 1 April 2019

665

-

694

1,359

Charge for year

665

48

521

1,234

At 31 March 2020

1,330

48

1,215

2,593

NET BOOK VALUE

At 31 March 2020

151,911

142

400

152,453

At 31 March 2019

15,971

-

921

16,892

5.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 April 2019

410,000

Disposals

(110,000

)

Revaluations

27,000

At 31 March 2020

327,000

NET BOOK VALUE

At 31 March 2020

327,000

At 31 March 2019

410,000

Investment properties are accounted for in accordance with Financial Reporting Standard 102. No depreciation is provided in respect of such properties. The company's investment properties are valued by the directors at each balance sheet date taking into account relevant factors, including market conditions prevailing at the time.

Fair value at 31 March 2020 is represented by:

£

Valuation in 2019

9,383

Valuation in 2020

27,000

Cost

290,617

327,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

13,746

-

Other creditors

418,663

395,522

432,409

395,522

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

4,612

5,048

Deferred

tax

£

Balance at 1 April 2019

5,048

Credit to profit and loss

(436

)

Balance at 31 March 2020

4,612

The deferred tax provision consists of revalued investment properties less unused trading losses.

8.

RESERVES

Included in the profit and loss reserve are non-distributable reserves of £29,470.