REGISTERED NUMBER: |
FN Properties Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2021 |
REGISTERED NUMBER: |
FN Properties Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2021 |
FN Properties Limited (Registered number: SC583331) |
Contents of the Financial Statements |
for the year ended 31st December 2021 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 6 |
FN Properties Limited |
Company Information |
for the year ended 31st December 2021 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
FN Properties Limited (Registered number: SC583331) |
Balance Sheet |
31st December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
FN Properties Limited (Registered number: SC583331) |
Balance Sheet - continued |
31st December 2021 |
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 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 |
FN Properties Limited (Registered number: SC583331) |
Notes to the Financial Statements |
for the year ended 31st December 2021 |
1. | Statutory information |
FN Properties Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, accruals, bank loans and directors' loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Trade debtors, accruals, loans and directors' loans (being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the statement of income and retained earnings. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Going concern |
The company has a deficit on the balance sheet and relies on the support of its directors, which has been confirmed for a period of at least twelve months from the approval of the financial statements. Accordingly the financial statements have been prepared on the going concern basis. |
3. | Employees and directors |
The average number of employees during the year was NIL (2020 - NIL). |
FN Properties Limited (Registered number: SC583331) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1st January 2021 |
and 31st December 2021 |
Depreciation |
At 1st January 2021 |
Charge for year |
At 31st December 2021 |
Net book value |
At 31st December 2021 |
At 31st December 2020 |
5. | Investment property |
Total |
£ |
Fair value |
At 1st January 2021 |
and 31st December 2021 |
Net book value |
At 31st December 2021 |
At 31st December 2020 |
6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans |
FN Properties Limited (Registered number: SC583331) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
8. | Creditors: amounts falling due after more than one year - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans due after five years | 142,465 | 145,815 |
9. | Secured debts |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
Lloyds Bank PLC holds a negative pledge over the flatted dwellinghouse known as 51/9 Blackfriars Street, Edinburgh. |