REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
FPROP GDYNIA PODOLSKA LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Auditors: |
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 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | 8 | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | 9 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
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 |
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 |
New in year |
Provision b/f | ( |
) |
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. |
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 |
6. | Creditors: amounts falling due within one year |
31/3/23 | 31/3/22 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
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 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Fprop Gydnia Sp. Z.o.o. |
8. | Provisions for liabilities |
31/3/23 | 31/3/22 |
£ | £ |
Deferred tax | 35,615 | - |
Deferred tax |
£ |
Provided during year |
Balance at 31 March 2023 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2023 | ( |
) |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |