Feigin Estates Ltd |
Registered number: |
11127391 |
Balance Sheet |
as at 31 December 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
48,875 |
|
|
65,167 |
Investment property |
5 |
|
|
1,431,235 |
|
|
1,010,000 |
|
|
|
|
1,480,110 |
|
|
1,075,167 |
|
Current assets |
Debtors |
6 |
|
16,714 |
|
|
8,703 |
Cash at bank and in hand |
|
|
115,451 |
|
|
27,839 |
|
|
|
132,165 |
|
|
36,542 |
|
Creditors: amounts falling due within one year |
7 |
|
(337,546) |
|
|
(308,627) |
|
Net current liabilities |
|
|
|
(205,381) |
|
|
(272,085) |
|
Total assets less current liabilities |
|
|
|
1,274,729 |
|
|
803,082 |
|
Creditors: amounts falling due after more than one year |
8 |
|
|
(1,133,819) |
|
|
(689,443) |
|
Provisions for liabilities |
|
|
|
(23,688) |
|
|
(19,131) |
|
Net assets |
|
|
|
117,222 |
|
|
94,508 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Fair value reserve |
10 |
|
|
98,438 |
|
|
73,939 |
Profit and loss account |
|
|
|
18,783 |
|
|
20,568 |
|
Shareholders' funds |
|
|
|
117,222 |
|
|
94,508 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
Mr D E Feigin |
Director |
Approved by the board on 30/09/2023. |
|
Feigin Estates Ltd |
Notes to the Accounts |
for the year ended 31 December 2022 |
|
|
1 |
Statutory information |
|
|
Feigin Estates Ltd is a private company, limited by shares, registered in England and Wales. |
|
|
The company's registered number and registered office address are as below: |
|
|
Registered number: |
|
|
11127391 |
|
|
Registerd office: |
|
|
78 Ossulton Way |
|
|
|
|
London |
|
|
|
|
N2 0LB |
|
|
The presentation currency of the financial statements is the Pound Sterling. |
|
|
2 |
Accounting policies |
|
|
Basis of preparation |
|
These financial statements have been prepared in accordance with the 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 as modified by the revaluation of certain assets. |
|
|
Turnover |
|
Turnover represents rents received and receivable, excluding VAT. |
|
|
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: |
|
|
Motor vehicles |
- 25% on a reducing balance basis |
|
|
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. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
2 |
Accounting policies (continued) |
|
|
Taxation |
|
|
3 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Motor vehicles |
£ |
|
Cost |
|
At 1 January 2022 |
68,000 |
|
At 31 December 2022 |
68,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2022 |
2,833 |
|
Charge for the year |
16,292 |
|
At 31 December 2022 |
19,125 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2022 |
48,875 |
|
At 31 December 2021 |
65,167 |
|
|
5 |
Investment property |
Total |
£ |
|
Fair value |
|
At 1 January 2022 |
1,010,000 |
|
Additions |
390,990 |
|
Revaluation |
30,245 |
|
|
At 31 December 2022 |
1,431,235 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 January 2022 |
918,717 |
|
At 31 December 2022 |
1,309,707 |
|
|
|
|
|
|
|
|
|
|
The investment property was valued on an open market basis on 31 December 2022 by the |
|
directors. |
|
|
6 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
8,953 |
|
4,233 |
|
Prepayments and accrued income |
2,961 |
|
870 |
|
Other debtors |
4,800 |
|
3,600 |
|
|
|
|
|
|
16,714 |
|
8,703 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
9,509 |
|
9,001 |
|
Trade creditors |
1,000 |
|
- |
|
Directors' current account |
|
|
|
|
303,726 |
|
289,264 |
|
Accruals and deferred income |
|
|
|
|
16,803 |
|
5,810 |
|
Taxation and social security costs |
1,708 |
|
953 |
|
Other creditors |
4,800 |
|
3,599 |
|
|
|
|
|
|
337,546 |
|
308,627 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
1,103,815 |
|
649,930 |
|
Obligations under finance lease and hire purchase contracts |
30,004 |
|
39,513 |
|
|
|
|
|
|
1,133,819 |
|
689,443 |
|
|
|
|
|
|
|
|
|
|
9 |
Loans |
2022 |
|
2021 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
1,103,815 |
|
649,930 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,103,815 |
|
649,930 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured over the properties to which they relate. |
|
|
10 |
Fair value reserve |
2022 |
|
2021 |
£ |
£ |
|
|
At 1 January 2022 |
73,939 |
|
3,892 |
|
Reserve transfer |
24,499 |
|
70,047 |
|
|
At 31 December 2022 |
98,438 |
|
73,939 |
|
|
|
|
|
|
|
|
|
|
11 |
Related party transactions |
|
|
During the year £23,102 (2021: £48,335) was advanced from and £8,640 (2021: £5,605) was repaid to one of the directors and shareholders of the company. An amount of £303,726 (2021: £289,264) remained due to the director at the year end. |