Flintshire Properties Limited
Registered number: 04442141
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 950,541 951,770
Current assets
Debtors 4 229 195
Cash at bank and in hand 4,364 9,995
4,593 10,190
Creditors: amounts falling due within one year 5 (60,120) (62,230)
Net current liabilities (55,527) (52,040)
Total assets less current liabilities 895,014 899,730
Creditors: amounts falling due after more than one year 6 (260,475) (292,011)
Provisions for liabilities (700) (934)
Net assets 633,839 606,785
Capital and reserves
Called up share capital 100 100
Profit and loss account 633,739 606,685
Shareholder's funds 633,839 606,785
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions of the small companies regime in FRS 102 (Section 1A). The profit and loss account has not been delivered to the Registrar of Companies.
C Jackson
Director
Approved by the board on 5 August 2022
Flintshire Properties Limited
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
These accounts have been prepared in accordance with the small company regime in FRS 102 (section 1A). The accounts have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain tangible fixed assets, and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.
Turnover
Turnover comprises rents receivable for the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on reducing balance
Motor vehicles 25% on reducing balance
Government Grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are included using the performance model.
Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The properties have been valued on an open market basis by Paterson Macaulay & Owens, Chartered Architects.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 April 2021 1,027,848 6,058 20,613 1,054,519
At 31 March 2022 1,027,848 6,058 20,613 1,054,519
Depreciation
At 1 April 2021 80,994 5,830 15,925 102,749
Charge for the year - 57 1,172 1,229
At 31 March 2022 80,994 5,887 17,097 103,978
Net book value
At 31 March 2022 946,854 171 3,516 950,541
At 31 March 2021 946,854 228 4,688 951,770
Investment properties: 2022 2021
£ £
Historical cost 723,243 723,243
Revaluation surplus 223,611 223,611
946,854 946,854
4 Debtors 2022 2021
£ £
Other debtors 229 195
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 26,851 26,251
Corporation tax 6,580 8,226
Other taxes and social security costs 153 40
Other creditors 26,536 27,713
60,120 62,230
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 200,475 232,011
Other creditors 60,000 60,000
260,475 292,011
7 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 79,708 109,811
Secured bank loans 210,159 240,262
The loans are secured against the company's investment properties.
Loan from director 68,738 104,570
Interest at 7% is charged. There is no fixed date for repayment.
8 Controlling party
The company is controlled by the director, Mr C Jackson, who holds all of the share capital.
9 Other information
Flintshire Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Clifton House
18 Wrexham Street
Mold
Flintshire
CH7 1ES
Flintshire Properties Limited 04442141 false 2021-04-01 2022-03-31 2022-03-31 VT Final Accounts April 2022 C Jackson No description of principal activity 04442141 2020-04-01 2021-03-31 04442141 core:WithinOneYear 2021-03-31 04442141 core:AfterOneYear 2021-03-31 04442141 core:ShareCapital 2021-03-31 04442141 core:RetainedEarningsAccumulatedLosses 2021-03-31 04442141 2021-04-01 2022-03-31 04442141 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 04442141 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 04442141 bus:Director40 2021-04-01 2022-03-31 04442141 1 2021-04-01 2022-03-31 04442141 core:LandBuildings 2021-04-01 2022-03-31 04442141 core:PlantMachinery 2021-04-01 2022-03-31 04442141 core:Vehicles 2021-04-01 2022-03-31 04442141 countries:England 2021-04-01 2022-03-31 04442141 bus:FRS102 2021-04-01 2022-03-31 04442141 bus:FullAccounts 2021-04-01 2022-03-31 04442141 2022-03-31 04442141 core:WithinOneYear 2022-03-31 04442141 core:AfterOneYear 2022-03-31 04442141 core:ShareCapital 2022-03-31 04442141 core:RetainedEarningsAccumulatedLosses 2022-03-31 04442141 core:LandBuildings 2022-03-31 04442141 core:PlantMachinery 2022-03-31 04442141 core:Vehicles 2022-03-31 04442141 2021-03-31 04442141 core:LandBuildings 2021-03-31 04442141 core:PlantMachinery 2021-03-31 04442141 core:Vehicles 2021-03-31 iso4217:GBP xbrli:pure