Fortune Property Ltd
Fortune Property Ltd
Registered number: 04350387
Unaudited Financial Statements
For The Year Ended 31 March 2017
Fortune Property Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—5 |
Fortune Property Ltd
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
04350387
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 5 |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Other reserves |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 109,725 | 134,400 | |||
Page 1
Fortune Property Ltd
Balance Sheet (continued)
As at
31 March 2017
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 4 to 5 form part of these financial statements.
Page 2
Fortune Property Ltd
Statement of Changes in Equity
For The Year Ended 31 March 2017
Statement of Changes in Equity
| Share Capital | Other reserves | Profit & Loss Account | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| As at 1 April 2015 |
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186,883 |
| Profit for year | - | - |
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| Surplus on revaluation | - | - | - |
( |
| Other comprehensive income for the year | - |
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( |
| Total comprehensive income for the year | - | - |
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(52,483) |
| Movements in other reserves | - | 105,300 | - | 105,300 |
| Transfer from revaluation reserve | - | - | (105,300) | (105,300) |
| As at 31 March 2016 and 1 April 2016 |
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134,400 |
| Loss for the year and total comprehensive income | - | - |
( |
(24,675) |
| As at |
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|
109,725 |
Page 3
Fortune Property Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
1.4.
Investment properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
1.5.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Tangible Assets
| Land & Property | |
|---|---|
| Freehold | |
| £ | |
| Cost | |
| As at |
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| Additions |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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Page 4
Fortune Property Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
4.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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5.
Deferred Taxation
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The deferred tax provision relates to unrealised revaluation gains.
7.
Ultimate Controlling Party
The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.
8.
Transition to FRS 102
This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. This has resulted in the
following adjusments:
The Investment properties are fair valued and any revaluation impact are reflected within the profit and loss account with the relevant deferred tax provision.
The propeties held as at 31 March 2016 were also fair valued resulting in total adjustments as below:
Unrealised surplus on the revaluation of investment properties of £130,000 for 2016 and deferred tax provision of £24,700.
The net revaluation gain of £105,300 is reclassifed from the profit and loss account to other reserves.
9.
General Information
Fortune Property Ltd Registered number 04350387 is a limited by shares company incorporated in England & Wales. The Registered Office is 7 Evanston Garden , Ilford, Essex, IG4 5AF.
Page 5