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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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FOUNTAIN WGC HOMES LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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FOR |
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FOUNTAIN WGC HOMES LTD |
FOUNTAIN WGC HOMES LTD (REGISTERED NUMBER: 11030185) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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FOUNTAIN WGC HOMES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
FOUNTAIN WGC HOMES LTD (REGISTERED NUMBER: 11030185) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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FOUNTAIN WGC HOMES LTD (REGISTERED NUMBER: 11030185) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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Fountain WGC Homes Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis as the directors are satisfied that the |
company will have adequate resources to meet its liabilities to third parties as they fall due. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that |
are relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that period |
or in the period of the revision and future periods where the revision affects both current and future periods. |
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There are no significant judgements or estimates involved in the preparation of the financial statements. |
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Investment property |
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the |
purchase cost and any directly attributable expenditure. |
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Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet |
date. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
FOUNTAIN WGC HOMES LTD (REGISTERED NUMBER: 11030185) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cas equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term |
deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid |
investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of |
changes in value. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible |
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit |
or loss. |
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Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised |
in profit and loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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Investment property was valued on an open market basis on 31 October 2019 by the directors. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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FOUNTAIN WGC HOMES LTD (REGISTERED NUMBER: 11030185) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Bank loan is secured by way of fixed and floating charge on the investment property of the company and |
contains a negative pledge. |
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9. | RELATED PARTY DISCLOSURES |
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Included in the other debtors due within on year is an amount of £41,257 due from the connected company |
under common control. The loan was interest free and repayable on demand. |
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Included in the other creditors due within one year is an amount of £72,718 due from the connected companies |
under common directorship and shareholding. Also, included is an amount of £1,025 due to the directors of the |
company. The loan was interest free and repayable on demand. |