Registered number
13180093
FLANNERY PROPERTIES LIMITED
Filleted Accounts
28 February 2023
FLANNERY PROPERTIES LIMITED
Registered number: 13180093
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,007,497 9,007,497
Current assets
Debtors 4 41,500 49,500
Cash at bank and in hand 35,186 142,223
76,686 191,723
Creditors: amounts falling due within one year 5 (3,678,358) (3,650,590)
Net current liabilities (3,601,672) (3,458,867)
Total assets less current liabilities 5,405,825 5,548,630
Creditors: amounts falling due after more than one year 6 (5,123,791) (5,349,289)
Net assets 282,034 199,341
Capital and reserves
Called up share capital 300 300
Profit and loss account 281,734 199,041
Shareholders' funds 282,034 199,341
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 Martin Flannery
Director
Approved by the board on 11 October 2023
FLANNERY PROPERTIES LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention modified to include investment property at fair value and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the letting of property.
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:
Land and buildings Not depreciated
Investment property
Investment property is initially recognised at cost and the subsequently measured at fair value. Changes in value are recognised in profit and loss.
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 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2022 9,007,497
At 28 February 2023 9,007,497
Depreciation
At 28 February 2023 -
Net book value
At 28 February 2023 9,007,497
At 28 February 2022 9,007,497
4 Debtors 2023 2022
£ £
Trade debtors 3,000 -
Other debtors 38,500 49,500
41,500 49,500
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 492,158 492,158
Amounts owed to related company 3,165,183 3,110,183
Taxation and social security costs 19,397 46,689
Other creditors 1,620 1,560
3,678,358 3,650,590
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 5,123,791 5,349,289
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 5,615,949 5,841,447
The bank loan is secured by way of a debenture on the company's assets including fixed charge over the freehold property know as the Pallet Yard & Adjacent undeveloped land of 2.5 acres.

Repayments are made monthly with each instalment comprising both capital and interest elements. The interest on the loan is 2.75% per annum over the Bank of England Base Rate as published from time to time.
8 Related party transactions
Mr Martin Flannery, Mr Patrick Flannery and Mr Paul Flannery are the directors of P.Flannery Plant Hire (Oval) Limited. As at the balance sheet date, the amount owed to P.Flannery Plant Hire (Oval) Limited was £3,165,183. There are no fixed terms for repayment.
9 Other information
FLANNERY PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
27A MAXWELL ROAD
NORTHWOOD
MIDDLESEX
HA6 2XY
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