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REGISTERED NUMBER: SC583331 (Scotland)











































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: R P Hall
A L J M Mitchell
A R J Pickard





Registered office: Lochhouses Farmhouse
Dunbar
EH42 1XP





Registered number: SC583331 (Scotland)





Accountants: Rennie Welch LLP
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 2,893 3,684
Investment property 5 265,527 265,527
268,420 269,211

Current assets
Debtors 6 3,987 1,638
Cash at bank 4,907 498
8,894 2,136
Creditors
Amounts falling due within one year 7 126,797 120,398
Net current liabilities (117,903 ) (118,262 )
Total assets less current liabilities 150,517 150,949

Creditors
Amounts falling due after more than one
year

8

(156,465

)

(159,815

)

Provisions for liabilities (550 ) (700 )
Net liabilities (6,498 ) (9,566 )

Capital and reserves
Called up share capital 3 3
Retained earnings (6,501 ) (9,569 )
(6,498 ) (9,566 )

FN Properties Limited (Registered number: SC583331)

Balance Sheet - continued
31st December 2021


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 1st August 2022 and were signed on its behalf by:




A R J Pickard - Director



A L J M Mitchell - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on cost

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 5,265
Depreciation
At 1st January 2021 1,581
Charge for year 791
At 31st December 2021 2,372
Net book value
At 31st December 2021 2,893
At 31st December 2020 3,684

5. Investment property
Total
£   
Fair value
At 1st January 2021
and 31st December 2021 265,527
Net book value
At 31st December 2021 265,527
At 31st December 2020 265,527

6. Debtors: amounts falling due within one year
2021 2020
£    £   
Trade debtors 2,724 710
Other debtors 1,263 928
3,987 1,638

7. Creditors: amounts falling due within one year
2021 2020
£    £   
Bank loans and overdrafts 3,500 3,500
Trade creditors - 1
Other creditors 123,297 116,897
126,797 120,398

8. Creditors: amounts falling due after more than one year
2021 2020
£    £   
Bank loans 156,465 159,815

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 159,965 163,315

Lloyds Bank PLC holds a negative pledge over the flatted dwellinghouse known as 51/9 Blackfriars Street, Edinburgh.