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Registration number: 13642760

Flying Horses Property Ltd

Unaudited Filleted Financial Statements

for the Period from 24 September 2021 to 30 September 2022

 

Flying Horses Property Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Flying Horses Property Ltd

Company Information

Director

Mr Thomas Ball

Company secretary

Mrs Elizabeth Ball

Registered office

Jacaranda
Solsbro Road
Torquay
Devon
TQ2 6PF

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Flying Horses Property Ltd

(Registration number: 13642760)
Balance Sheet as at 30 September 2022

Note

2022
£

Fixed assets

 

Tangible assets

4

868,832

Current assets

 

Investments

5

50,000

Cash at bank and in hand

 

38,426

 

88,426

Creditors: Amounts falling due within one year

6

(966,154)

Net current liabilities

 

(877,728)

Net liabilities

 

(8,896)

Capital and reserves

 

Called up share capital

7

20

Retained earnings

(8,916)

Shareholders' deficit

 

(8,896)

For the financial period ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2023
 

.........................................
Mr Thomas Ball
Director

 

Flying Horses Property Ltd

Notes to the Unaudited Financial Statements for the Period from 24 September 2021 to 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jacaranda
Solsbro Road
Torquay
Devon
TQ2 6PF

These financial statements were authorised for issue by the director on 29 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Flying Horses Property Ltd

Notes to the Unaudited Financial Statements for the Period from 24 September 2021 to 30 September 2022

Asset class

Depreciation method and rate

Freehold Property

Nil

Plant and machinery

25% reducing balance basis

Furniture and fittings

25% reducing balance basis

Investments

The company has placed an investment in a property fund which it intends to hold for the foreseeable future

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2.

 

Flying Horses Property Ltd

Notes to the Unaudited Financial Statements for the Period from 24 September 2021 to 30 September 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

859,792

10,553

1,500

871,845

At 30 September 2022

859,792

10,553

1,500

871,845

Depreciation

Charge for the period

-

2,638

375

3,013

At 30 September 2022

-

2,638

375

3,013

Carrying amount

At 30 September 2022

859,792

7,915

1,125

868,832

Included within the net book value of land and buildings above is £859,792 in respect of freehold land and buildings.
 

5

Current asset investments

2022
£

Other investments

50,000

 

Flying Horses Property Ltd

Notes to the Unaudited Financial Statements for the Period from 24 September 2021 to 30 September 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

Due within one year

 

Loans and borrowings

8

735,017

Accruals and deferred income

 

825

Other creditors

 

230,312

 

966,154

7

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary A of £0.01 each

1,800

18

Ordinary B of £0.01 each

180

2

 

1,980

20

8

Loans and borrowings

2022
£

Current loans and borrowings

Other borrowings

735,017

9

Dividends

Final dividends paid

   

2022
£

 

Final dividend of Nil per each NewRow_0

 

111

 
       

Reconciliation to Dividends categories

Difference to be corrected

 

111

 

10

Related party transactions

 

Flying Horses Property Ltd

Notes to the Unaudited Financial Statements for the Period from 24 September 2021 to 30 September 2022

Transactions with the director

2022

At 24 September 2021
£

Other payments made to company by director
£

At 30 September 2022
£

Mr Thomas Ball

Loan from Director

-

(230,312)

(230,312)