Founthill Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08881267 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

FOUNTHILL LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Shome

Mr K P Edge

REGISTERED OFFICE:

71-75 Shelton Street

London

WC2H 9JQ

REGISTERED NUMBER:

08881267 (England and Wales)

ACCOUNTANTS:

Hanburys Limited

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Tangible assets

4

4,376

7,010

Investments

5

21

1

4,397

7,011

CURRENT ASSETS

Stocks

6

77,718

72,426

Debtors

7

265,095

125,034

Cash at bank

7,927

96,062

350,740

293,522

CREDITORS

Amounts falling due within one year

8

262,380

298,329

NET CURRENT ASSETS/(LIABILITIES)

88,360

(4,807

)

TOTAL ASSETS LESS CURRENT LIABILITIES

92,757

2,204

CREDITORS

Amounts falling due after more than one year

9

(85,000

)

-

PROVISIONS FOR LIABILITIES

11

(832

)

(1,332

)

NET ASSETS

6,925

872

CAPITAL AND RESERVES

Called up share capital

12

10

10

Retained earnings

6,915

862

SHAREHOLDERS' FUNDS

6,925

872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2021 and were signed on its behalf by:

Mr A J Shome - Director

Mr K P Edge - Director

1.	STATUTORY INFORMATION

Founthill Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 accounts have been prepared on a going concern basis which assumes that the company will continue to

trade. The directors continue to adopt the going concern basis of accounting despite the current economic impact

as a result of COVID-19. The directors consider that the available reserves and the availability of continued

financial support will ensure the required working capital be in place for the company to continue operations for

the foreseeable future. If the company were unable to continue to trade adjustments would have to be made to

reduce the value of assets to their realisable amount, to reclassify fixed assets as current assets, long-term

liabilities as current liabilities, and to provide for any further liabilities that may arise.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue

earned from the sale of properties.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, related company loan and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest. Financial assets

classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Investments in subsidiaries and associates

Investments in subsidiary undertakings are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2019

12,317

Additions

508

At 31 March 2020

12,825

DEPRECIATION

At 1 April 2019

5,307

Charge for year

3,142

At 31 March 2020

8,449

NET BOOK VALUE

At 31 March 2020

4,376

At 31 March 2019

7,010

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST

At 1 April 2019

1

Additions

20

At 31 March 2020

21

NET BOOK VALUE

At 31 March 2020

21

At 31 March 2019

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Founthill Land Trading Ltd

Registered office: 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

30.4.20

30.4.19

£

£

Aggregate capital and reserves

1

(14,607

)

Profit for the year

14,607

-

Founthill Developments Ltd

Registered office: 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ

Nature of business: Property development

%

Class of shares:

holding

Ordinary

100.00

31.3.20

31.10.18

£

£

Aggregate capital and reserves

(13,934

)

(13,785

)

Loss for the period/year

(149

)

-

6.

STOCKS

31.3.20

31.3.19

£

£

Work in Progress

77,718

72,426

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

10,874

-

Amounts owed by group undertakings

13,934

-

Other debtors

239,925

124,718

Prepayments

362

316

265,095

125,034

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

4,886

5,627

Taxation

12,067

10,020

Other creditors

30,394

4,059

Directors' current accounts

207,583

277,123

Accruals

7,450

1,500

262,380

298,329

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Other loans (see note 10)

85,000

-

10.

LOANS

An analysis of the maturity of loans is given below:

31.3.20

31.3.19

£

£

Amounts falling due between two and five years:

Other loans - 2-5 years

85,000

-

11.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

Accelerated capital allowances

832

1,332

Deferred

tax

£

Balance at 1 April 2019

1,332

Credit to Statement of Income and Retained Earnings during year

(500

)

Balance at 31 March 2020

832

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

5

A Ordinary

£1

5

5

5

B Ordinary

£1

5

5

10

10