1 April 2022 false Taxfiler 2023.9.1 true 06008410business:PrivateLimitedCompanyLtd2022-04-012023-03-31 060084102022-03-31 060084102022-04-012023-03-31 06008410business:AuditExemptWithAccountantsReport2022-04-012023-03-31 06008410business:FilletedAccounts2022-04-012023-03-31 060084102023-03-31 060084102022-03-31 06008410core:WithinOneYear2023-03-31 06008410core:WithinOneYear2022-03-31 06008410core:AfterOneYear2023-03-31 06008410core:AfterOneYear2022-03-31 06008410core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 06008410core:ShareCapitalcore:PreviouslyStatedAmount2022-03-31 06008410core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 06008410core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-03-31 06008410core:PreviouslyStatedAmount2023-03-31 06008410core:PreviouslyStatedAmount2022-03-31 06008410business:SmallEntities2022-04-012023-03-31 06008410business:Director22022-04-012023-03-31 06008410countries:EnglandWales2022-04-012023-03-31 06008410business:RegisteredOffice2022-04-012023-03-31 06008410core:FurnitureFittings2022-04-012023-03-31 06008410core:FurnitureFittings2022-03-31 06008410core:FurnitureFittings2023-03-31 06008410core:MoreThanFiveYears2023-03-31 06008410core:MoreThanFiveYears2022-03-31 06008410business:OrdinaryShareClass12022-04-012023-03-31 06008410business:OrdinaryShareClass12021-04-012022-03-31 06008410business:OrdinaryShareClass22022-04-012023-03-31 06008410business:OrdinaryShareClass22021-04-012022-03-31 06008410business:OrdinaryShareClass32022-04-012023-03-31 06008410business:OrdinaryShareClass32021-04-012022-03-31 06008410business:AllOrdinaryShares2022-04-012023-03-31 06008410business:AllOrdinaryShares2021-04-012022-03-31 06008410core:BetweenOneFiveYears2023-03-31 06008410core:BetweenOneFiveYears2022-03-31 060084102021-04-012022-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 06008410 (England and Wales)
FLC Properties Limited Unaudited financial statements for the year ended 31 March 2023
FLC Properties Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
207 
Investment property
3,475,000 
3,585,000 
3,475,000 
3,585,207 
Current assets
Debtors
4,331 
3,274 
Cash at bank and in hand
378,462 
1,989,686 
382,793 
1,992,960 
Creditors: amounts falling due within one year
(12,166)
(51,003)
Net current assets
370,627 
1,941,957 
Total assets less current liabilities
3,845,627 
5,527,164 
Creditors: amounts falling due after more than one year
(1,656,120)
(3,199,068)
Provisions for liabilities
Deferred tax
(47,517)
(56,728)
Net assets
2,141,990 
2,271,368 
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
2,131,990 
2,261,368 
Shareholders' funds
2,141,990 
2,271,368 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by
Mrs E L Donovan Director Company Registration No. 06008410
- 2 -
FLC Properties Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
FLC Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 06008410. The registered office is Shearwater, 1b Harbour View Road, Poole, Dorset, BH14 0PD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents amounts receivable for rent and goods and services net of trade discounts.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. Changes in fair value are recognised in the profit and loss account.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
The company is reliant upon the continued support of its directors. The financial statements are prepared on a going concern basis as it is not expected that the directors will withdraw funding in the near future.
- 3 -
FLC Properties Limited Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 April 2022
29,581 
At 31 March 2023
29,581 
Depreciation
At 1 April 2022
29,374 
Charge for the year
207 
At 31 March 2023
29,581 
Net book value
At 31 March 2023
- 
At 31 March 2022
207 
5
Investment property
2023 
£ 
Fair value at 1 April 2022
3,585,000 
Net loss from fair value adjustments
(110,000)
At 31 March 2023
3,475,000 
The valuations of investment properties were made as at 19 October 2022 by professional valuers, Carter Jonas. No material differences have occurred since that date. No depreciation is provided in respect of these properties.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Other debtors
4,331 
3,274 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
9,096 
47,769 
Other creditors
670 
834 
Accruals
2,400 
2,400 
12,166 
51,003 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
- 
543,042 
Loans from directors
1,656,120 
2,656,026 
1,656,120 
3,199,068 
Aggregate of amounts that fall due for payment after five years
- 
2,656,026 
- 4 -
FLC Properties Limited Notes to the Accounts for the year ended 31 March 2023
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
3,500 A Ordinary Shares of £1 each
3,500 
3,500 
3,500 B Ordinary Shares of £1 each
3,500 
3,500 
3,000 C Ordinary Shares of £1 each
3,000 
3,000 
10,000 
10,000 
10
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
- 
6,723 
Later than one year and not later than five years
17,156 
- 
17,156 
6,723 
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).
- 5 -