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REGISTERED NUMBER: 04110539 (England and Wales)












Unaudited Financial Statements

for the Year Ended 5 April 2023

for

Flag Associates Limited

Flag Associates Limited (Registered number: 04110539)






Contents of the Financial Statements
for the Year Ended 5 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Flag Associates Limited

Company Information
for the Year Ended 5 April 2023







DIRECTOR: Mr G W Reid





REGISTERED OFFICE: 1B Hill Head Road
Hill Head
Fareham
Hampshire
PO14 3JH





REGISTERED NUMBER: 04110539 (England and Wales)





ACCOUNTANTS: Butler & Co Alresford Limited
Chartered Accountants
Bennett House
The Dean
Alresford
Hampshire
SO24 9BH

Flag Associates Limited (Registered number: 04110539)

Balance Sheet
5 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 590 829
Investment property 5 1,704,678 1,694,245
1,705,268 1,695,074

CURRENT ASSETS
Debtors 6 - 6,226
Cash at bank and in hand 13,347 468
13,347 6,694
CREDITORS
Amounts falling due within one year 7 731,571 734,437
NET CURRENT LIABILITIES (718,224 ) (727,743 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

987,044

967,331

PROVISIONS FOR LIABILITIES 8 131,536 132,644
NET ASSETS 855,508 834,687

CAPITAL AND RESERVES
Called up share capital 9 4 4
Fair value reserve - non-distributable 586,874 586,874
Retained earnings 268,630 247,809
SHAREHOLDERS' FUNDS 855,508 834,687

Flag Associates Limited (Registered number: 04110539)

Balance Sheet - continued
5 April 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 October 2023 and were signed by:





Mr G W Reid - Director


Flag Associates Limited (Registered number: 04110539)

Notes to the Financial Statements
for the Year Ended 5 April 2023

1. STATUTORY INFORMATION

Flag Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 is measured at the fair value of consideration received or receivable, excluding discounts, rebates and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Flag Associates Limited (Registered number: 04110539)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 6 April 2022 4,299
Disposals (2,434 )
At 5 April 2023 1,865
DEPRECIATION
At 6 April 2022 3,470
Charge for year 208
Eliminated on disposal (2,403 )
At 5 April 2023 1,275
NET BOOK VALUE
At 5 April 2023 590
At 5 April 2022 829

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2022 1,694,245
Additions 10,433
At 5 April 2023 1,704,678
NET BOOK VALUE
At 5 April 2023 1,704,678
At 5 April 2022 1,694,245

Fair value at 5 April 2023 is represented by:
£   
Valuation in 2015 702,514
Valuation in 2016 241,880
Valuation in 2021 (219,858 )
Cost 980,142
1,704,678

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 980,142 969,709

Investment property was valued on an open market basis on 5 April 2023 by Mr G W Reid, the director .

Flag Associates Limited (Registered number: 04110539)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 6,226

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 6,366 8,661
Directors' current accounts 723,705 724,336
Accrued expenses 1,500 1,440
731,571 734,437

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 112 158
Unrelieved trading losses (538 ) (5,176 )
Investment property revaluations 131,962 137,662
131,536 132,644

Deferred
tax
£   
Balance at 6 April 2022 132,644
Accelerated capital allowances (46 )
Unrelieved trading losses 4,638
Inv property revaluations (5,700 )
Balance at 5 April 2023 131,536

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary £1 4 4

Flag Associates Limited (Registered number: 04110539)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023

10. RELATED PARTY DISCLOSURES

Mr G W Reid
Director

During the period under review the director loaned the company £nil (2022 - £600,000). At the balance sheet date £575,000 (2022 - £575,000) was outstanding. Interest at 5% was paid in the year and this amounted to £26,986 (2022 - £15,627).

2023 2022
£ £
Amount due from related party at balance sheet date
Mr G W Reid
Director 723,705 724,336