Fomo Developments Limited - Accounts to registrar - small 17.2
Fomo Developments Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 April 2017 |
| for |
| Fomo Developments Limited |
| Fomo Developments Limited (Registered number: 08020347) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Fomo Developments Limited |
| Company Information |
| for the Year Ended 30 April 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 14 Clarendon Street |
| Nottingham |
| Nottinghamshire |
| NG1 5HQ |
| Fomo Developments Limited (Registered number: 08020347) |
| Balance Sheet |
| 30 April 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 3 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings | 7 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 on behalf by: |
| Fomo Developments Limited (Registered number: 08020347) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2017 |
| 1. | STATUTORY INFORMATION |
| Fomo Developments Limited is a |
| 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 |
| The company is was in the process of developing a site. Therefore as expected the company has net |
| liabilities. The development is now complete and some of the properties have been sold with all other |
| properties on the market ready for sale. As a result the going concern basis of accounting has been |
| adopted. |
| Turnover |
| Turnover represents income relating to the sales of properties during the period. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
| costs in bringing stocks to their present location and condition. |
| 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. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| Fomo Developments Limited (Registered number: 08020347) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2017 |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other loans |
| Trade creditors |
| Other creditors |
| Directors' current accounts | 934,857 | 1,852,857 |
| Accrued expenses |
| 5. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Loans | - | 4,093,103 |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| A Ordinary | £1 | 1 | 1 |
| B Ordinary | £1 | 1 | 1 |
| C Ordinary | £1 | 1 | 1 |
| 3 | 3 |
| 7. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 May 2016 | ( |
) |
| Profit for the year |
| At 30 April 2017 | ( |
) |
| 8. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the directors. |
| 9. | FIRST YEAR ADOPTION |
| Fomo Developments Limited prepares its first set of financial statements that comply with FRS 102 |
| section 1A for the year ended 30 April 2017. The date of transition for the company is 1 May 2015. The |
| transition to FRS 102 section 1A has not resulted in any changes to the figures reported in previous |
| years. |