FFDP Limited - Period Ending 2017-07-31

Registration number: 06970684

FFDP Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

FFDP Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

FFDP Limited

Company Information

Director

Mr C Robinson

Registered office

2 Shepcote Office Village Shepcote Lane Sheffield S9 1TG

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
FFDP Limited
for the Year Ended 31 July 2017

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 July 2017, as set out on pages 3 to 9, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

21 March 2018

Page 2

FFDP Limited

(Registration number: 06970684)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	3,005	-
Tangible assets	5	59,734	75,332
		62,739	75,332
Current assets
Debtors	6	135,198	128,663
Cash at bank and in hand		33,402	7,896
		168,600	136,559
Creditors: Amounts falling due within one year	7	(128,190)	(80,198)
Net current assets		40,410	56,361
Net assets		103,149	131,693
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		103,148	131,692
Total equity		103,149	131,693

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 March 2018

.........................................

Mr C Robinson

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

FFDP Limited

Statement of Changes in Equity for the Year Ended 31 July 2017

	Share capital £	Profit and loss account £	Total £
At 1 August 2016	1	131,692	131,693
Loss for the year	-	(28,544)	(28,544)
Total comprehensive income	-	(28,544)	(28,544)
At 31 July 2017	1	103,148	103,149

	Share capital £	Profit and loss account £	Total £
At 1 August 2015	1	136,168	136,169
Loss for the year	-	(4,476)	(4,476)
Total comprehensive income	-	(4,476)	(4,476)
At 31 July 2016	1	131,692	131,693

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

FFDP Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

1	General information

The company registration number is: 06970684

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
2 Shepcote Office Village
Shepcote Lane
Sheffield
S9 1TG
England

These financial statements were authorised for issue by the director on 21 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Furniture and fittings	20% straight line
Motor vehicles	20% straight line

Development costs

Development costs are stated in the statement of financial position at cost. No depreciation charged during the year.

Page 5

FFDP Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 5 (2016 - 10).

Page 6

FFDP Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

4	Intangible assets

	Website development £	Total £
Cost or valuation
Additions acquired separately	3,005	3,005
At 31 July 2017	3,005	3,005
Amortisation
Carrying amount
At 31 July 2017	3,005	3,005

5	Tangible assets

	Furniture and fittings £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2016	21,775	14,000	175,918	211,693
Additions	11,862	-	11,056	22,918
Disposals	-	(14,000)	-	(14,000)
At 31 July 2017	33,637	-	186,974	220,611
Depreciation
At 1 August 2016	18,946	3,267	114,148	136,361
Charge for the year	2,533	-	25,250	27,783
Eliminated on disposal	-	(3,267)	-	(3,267)
At 31 July 2017	21,479	-	139,398	160,877
Carrying amount
At 31 July 2017	12,158	-	47,576	59,734
At 31 July 2016	2,829	10,733	61,770	75,332

6

Debtors

	2017 £	2016 £
Trade debtors	109,468	102,660
Other debtors	25,730	26,003
	135,198	128,663

Page 7

FFDP Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		36,959	25,141
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	40,791	5,496
Taxation and social security		45,797	30,994
Other creditors		4,643	18,567
		128,190	80,198

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9	Related party transactions

Key management personnel

Relationship: Directors

Mr B Carr
During the year the director received remuneration totalling £15,256 (2016 - £33,250).

Mr C Robinson
During the year the director received remuneration totalling £35,117 (2016 - £nil).

Page 8

FFDP Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Summary of transactions with other related parties

Antila Contracting Limited
Relationship: Fellow subsidiary
A management charge of £nil (2016 - £253,394) has been made to Antila Contracting Limited. At the balance sheet date the amount due (to)/from Antila Contracting Limited was £nil (2016 - £nil ).

Cinch Accountancy Services Limited
Relationship: Fellow subsidiary
During the year, unsecured, interest free, repayable on demand loans were made to the company by Cinch Accountancy Services Limited. The company also made management charges to Cinch Accountancy Services of £nil (2016 : £15,119). At the balance sheet date the amount due to Cinch Accountancy Services Limited was £9,223 (2016 - £10,787).

Cinch Contracting Limited (formally FFDP 2014 Limited)
Relationship: Fellow subsidiary
A management charge of £155,900 (2016 - £8,070) has been made to Cinch Contracting Limited. At the balance sheet date the amount due from/(to) Cinch Contracting Limited (formally FFDP 2014 Limited) was (£32,030) (2016 - £5,291).

Draco Contracting Limited
Relationship: Fellow subsidiary
A management charge of £nil (2016 - £125,431) has been made to Draco Contracting Limited. At the balance sheet date the amount due to Draco Contracting Limited was £nill (2016 - £nil).

Jansen Contracting Ltd
Relationship: A company under common control
During the year unsecured, interest free, repayable on demand loans were made to Jansen Contracting Ltd. Management charges to Jansen Contracting Limited totalling £15,000 (2016: £37,709) were also made. At the balance sheet date the amount due from Jansen Contracting Ltd was £462 (2016 - £16,472 ).
 

10	Transition to FRS 102

These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 August 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes to the accounting policies to those used previously. There were also no restatements or remeasurements required to the profit and loss account or the balance sheet for the previous or current accounting periods.

Page 9