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REGISTERED NUMBER: 08530178 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

FPROP GDYNIA PODOLSKA LIMITED

FPROP GDYNIA PODOLSKA LIMITED (REGISTERED NUMBER: 08530178)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FPROP GDYNIA PODOLSKA LIMITED

Company Information
for the year ended 31 March 2023







Directors: B N Habib
M S Pryce
J A Aubrey





Registered office: 32 St James's Street
London
SW1A 1HD





Registered number: 08530178 (England and Wales)





Auditors: Haines Watts
Chartered Accountants and Statutory Auditor
3 Danebrook Court
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ

FPROP GDYNIA PODOLSKA LIMITED (REGISTERED NUMBER: 08530178)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £ £ £ £
Fixed assets
Investments 4 938,200 846,704

Current assets
Debtors 5 5,446,915 5,287,979
Cash at bank 2,444 2,501
5,449,359 5,290,480
Creditors
Amounts falling due within one year 6 3,306,678 3,301,278
Net current assets 2,142,681 1,989,202
Total assets less current liabilities 3,080,881 2,835,906

Creditors
Amounts falling due after more than one
year

7

(18,194,355

)

(17,780,829

)

Provisions for liabilities 8 (35,615 ) -
Net liabilities (15,149,089 ) (14,944,923 )

Capital and reserves
Called up share capital 2 2
Retained earnings 9 (15,149,091 ) (14,944,925 )
Shareholders' funds (15,149,089 ) (14,944,923 )

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 Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





M S Pryce - Director


FPROP GDYNIA PODOLSKA LIMITED (REGISTERED NUMBER: 08530178)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

Fprop Gdynia Podolska 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.

Preparation of consolidated financial statements
The financial statements contain information about Fprop Gdynia Podolska Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, First Property Group Plc, 32 St James's Street,London,SW1A 1HD.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires management to use accounting estimates and exercise judgement in the process of applying the company's accounting policies. The only area that involved significant judgement concerned the valuation of the investment in its Polish subsidiary Fprop Gdynia Sp Z.o.o. at 31 March 2023.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost. Monetary items which are denominated in foreign currencies, such as loans which form part of the net investment in the subsidiary undertaking, are translated into sterling at the balance sheet date.

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.

FPROP GDYNIA PODOLSKA LIMITED (REGISTERED NUMBER: 08530178)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, based upon a confirmation from its parent company First Property Group Plc of future support. Whilst this confirmation is not legally binding, the directors have no indication that group support would not continue at the date of signing of the financial statements. However a material uncertainty relating to going concern exists owing to the fact that the company has total liabilities that exceeded its total assets by £15,149,089 at 31 March 2023.

On 17 March 2022 Fprop Gdynia Sp. z.o.o merged with Gdynia Podolska Sp. z o.o. The merger was carried out using the share merger method by transferring the assets of Gdynia Podolska Sp. z o.o. to Fprop Gdynia Sp. z o.o. As of the date of registration of the merger, Fprop Gdynia Sp Zoo entered into all the rights and obligations of the acquired company - Gdynia Podolska Sp z.o.o.

Fprop Gdynia Sp. z o.o. has confirmed that it will not demand repayment of the £18,194,355 due from Fprop Gdynia Podolska Ltd in the next twelve months. The current repayment date of this loan is 2052.

The directors have considered a period of twelve months from the date of approval of the financial statements, which has included a review of the potential impact on trading that the current high inflation and rising interest rate environment may have for the company going forward. Having taken account of all available information about the future, including the company's most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. Employees and directors

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

4. Fixed asset investments

31/3/23 31/3/22
£ £
Loans to group undertakings 938,200 846,704

FPROP GDYNIA PODOLSKA LIMITED (REGISTERED NUMBER: 08530178)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


4. Fixed asset investments - continued

Additional information is as follows:
Shares in
group
undertakings
£
Cost
At 1 April 2022
and 31 March 2023 19,040,312
Provisions
At 1 April 2022
and 31 March 2023 19,040,312
Net book value
At 31 March 2023 -
At 31 March 2022 -
Loans to
group
undertakings
£
At 1 April 2022 905,555
New in year 91,496
Provision b/f (58,851 )
At 31 March 2023 938,200

On 17 March 2022 Fprop Gdynia Sp. z.o.o merged with Gdynia Podolska Sp. z o.o. The merger was carried out using the share merger method by transferring the assets of Gdynia Podolska Sp. z o.o. to Fprop Gdynia Sp. z o.o. As of the date of registration of the merger, Fprop Gdynia Sp Zoo entered into all the rights and obligations of the acquired company - Gdynia Podolska Sp z.o.o.

The Company's investment is now made up of a 50% stake in Fprop Gdynia Sp. z.o.o.

5. Debtors: amounts falling due within one year
31/3/23 31/3/22
£ £
Other debtors 5,446,915 5,287,979

6. Creditors: amounts falling due within one year
31/3/23 31/3/22
£ £
Amounts owed to group undertakings 3,301,279 3,296,929
Other creditors 5,399 4,349
3,306,678 3,301,278

FPROP GDYNIA PODOLSKA LIMITED (REGISTERED NUMBER: 08530178)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


7. Creditors: amounts falling due after more than one year
31/3/23 31/3/22
£ £
Other creditors 18,194,355 17,780,829

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Fprop Gydnia Sp. Z.o.o. 18,194,355 17,780,829

8. Provisions for liabilities
31/3/23 31/3/22
£ £
Deferred tax 35,615 -

Deferred tax
£
Provided during year 35,615
Balance at 31 March 2023 35,615

9. Reserves
Retained
earnings
£

At 1 April 2022 (14,944,925 )
Deficit for the year (204,166 )
At 31 March 2023 (15,149,091 )

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

George Style ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts

11. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. Ultimate controlling party

The ultimate controlling party is First Property Group Plc .