Registered number
11127391
Feigin Estates Ltd
Unaudited Filleted Accounts
31 December 2022
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
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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.
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.
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