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

REGISTERED NUMBER: 08020347 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2021

for

Fomo Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D B Briggs

S B Briggs

REGISTERED OFFICE:

14 Clarendon Street

Nottingham

Nottinghamshire

NG1 5HQ

REGISTERED NUMBER:

08020347 (England and Wales)

CURRENT ASSETS

Debtors

4

-

15,294

Cash at bank

48,889

107,461

48,889

122,755

CREDITORS

Amounts falling due within one year

5

38,880

235,685

NET CURRENT ASSETS/(LIABILITIES)

10,009

(112,930

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,009

(112,930

)

CREDITORS

Amounts falling due after more than one year

6

41,667

-

NET LIABILITIES

(31,658

)

(112,930

)

CAPITAL AND RESERVES

Called up share capital

7

3

3

Retained earnings

8

(31,661

)

(112,933

)

SHAREHOLDERS' FUNDS

(31,658

)

(112,930

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2022 and were signed on its behalf by:

D Briggs - Director

1.	STATUTORY INFORMATION

Fomo Developments Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The balance sheet shows a reduced net liabilities position. The main creditors of the company are the directors and the bank.

The directors have not indicated that they will withdraw their support within the next 12 months. It is on this basis that the financial statements have been prepared on the Going Concern basis.

Turnover

Turnover represents income relating to the sales of properties during the period.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

-

15,294

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Tax

-

29

Directors' current accounts

29,827

234,757

Accrued expenses

720

899

38,880

235,685

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more 5 yr by instal

1,667

-

41,667

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,667

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

3

3

8.

RESERVES

Retained

earnings

£

At 1 May 2020

(112,933

)

Profit for the year

81,272

At 30 April 2021

(31,661

)

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.