Forty Two Properties Limited
Unaudited Financial Statements
For the year ended 30 November 2021
For Filing with Registrar
Company Registration No. 10469402 (England and Wales)
Forty Two Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Forty Two Properties Limited
Balance Sheet
As at 30 November 2021
30 November 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
317,903
317,903
Current assets
Debtors
5
1,500
-
0
Cash at bank and in hand
2,979
1,244
4,479
1,244
Creditors: amounts falling due within one year
6
(209,141)
(215,004)
Net current liabilities
(204,662)
(213,760)
Total assets less current liabilities
113,241
104,143
Creditors: amounts falling due after more than one year
7
(130,000)
(130,000)
Provisions for liabilities
(1,759)
(1,759)
Net liabilities
(18,518)
(27,616)
Capital and reserves
Called up share capital
8
400
400
Profit and loss reserves
(18,918)
(28,016)
Total equity
(18,518)
(27,616)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Forty Two Properties Limited
Balance Sheet (Continued)
As at 30 November 2021
30 November 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 26 August 2022 and are signed on its behalf by:
Mr R P Fisher
Director
Company Registration No. 10469402
Forty Two Properties Limited
Notes to the Financial Statements
For the year ended 30 November 2021
Page 3
1
Accounting policies
Company information

Forty Two Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Grange, 26 Mill End Close, Eaton Bray, Bedfordshire, LU6 2FH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future

 

The Directors have also considered the impact of the Coronavirus and measures taken in the UK.

The company continues to meet its liabilities with the support of the shareholders. The Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue to operate for at least 12 months from the date of signing these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the financial statements

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Forty Two Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2021
1
Accounting policies
(Continued)
Page 4

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 considered to be relevant. Actual results may differ from these estimates.

 

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.

Forty Two Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2021
Page 5
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
-
0
-
0
4
Investment property
2021
£
Fair value
At 1 December 2020 and 30 November 2021
317,903

In the opinion of the directors, the fair value of the investment properties in the accounts should be line with their market value,

 

The original cost of the investment property was £308,674 (2020: £308,674). The accumulated fair value adjustment was £9,259 (2020: £9,259).

 

5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,500
-
0
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
209,141
215,004
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
130,000
130,000

The bank loans are secured against the company’s investment properties.

Forty Two Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2021
Page 6
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400
400
400
400
9
Related party transactions

Included in other creditors were amounts of £205,964 (2020: £212,964) were due to the directors of the company.

 

Included in the profit & loss account was a £2,314 (2020: £1,866) management charge from RP Fisher Property Management Limited, a company with common shareholders and directors.

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