IRIS Accounts Production v23.3.0.418 11195757 Board of Directors 1.4.22 31.3.23 31.3.23 27/10/2023 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure111957572022-03-31111957572023-03-31111957572022-04-012023-03-31111957572021-03-31111957572021-04-012022-03-31111957572022-03-3111195757ns16:EnglandWales2022-04-012023-03-3111195757ns15:PoundSterling2022-04-012023-03-3111195757ns11:Director12022-04-012023-03-3111195757ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3111195757ns11:SmallEntities2022-04-012023-03-3111195757ns11:Audited2022-04-012023-03-3111195757ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3111195757ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111195757ns11:FullAccounts2022-04-012023-03-3111195757ns11:Director22022-04-012023-03-3111195757ns11:Director32022-04-012023-03-3111195757ns11:RegisteredOffice2022-04-012023-03-3111195757ns6:CurrentFinancialInstruments2023-03-3111195757ns6:CurrentFinancialInstruments2022-03-3111195757ns6:ShareCapital2023-03-3111195757ns6:ShareCapital2022-03-3111195757ns6:FurtherSpecificReserve1ComponentTotalEquity2023-03-3111195757ns6:FurtherSpecificReserve1ComponentTotalEquity2022-03-3111195757ns6:RetainedEarningsAccumulatedLosses2023-03-3111195757ns6:RetainedEarningsAccumulatedLosses2022-03-3111195757ns6:CostValuation2022-03-3111195757ns6:DisposalsRepaymentsInvestments2023-03-3111195757ns6:CostValuation2023-03-3111195757ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3111195757ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3111195757ns6:RetainedEarningsAccumulatedLosses2022-03-3111195757ns6:FurtherSpecificReserve1ComponentTotalEquity2022-03-3111195757ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3111195757ns6:FurtherSpecificReserve1ComponentTotalEquity2022-04-012023-03-31
REGISTERED NUMBER: 11195757 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

FPROP CLUJ LIMITED

FPROP CLUJ LIMITED (REGISTERED NUMBER: 11195757)

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 CLUJ 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: 11195757 (England and Wales)





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

FPROP CLUJ LIMITED (REGISTERED NUMBER: 11195757)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £ £ £ £
Fixed assets
Investments 4 1,502,645 2,152,151

Current assets
Debtors 5 20 -
Cash at bank 3,074 20,859
3,094 20,859
Creditors
Amounts falling due within one year 6 1,335,849 2,127,305
Net current liabilities (1,332,755 ) (2,106,446 )
Total assets less current liabilities 169,890 45,705

Provisions for liabilities 2,709 -
Net assets 167,181 45,705

Capital and reserves
Called up share capital 26,455 26,455
Foreign exchange
translation reserve 7 11,549 (84,445 )
Retained earnings 7 129,177 103,695
167,181 45,705

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 CLUJ LIMITED (REGISTERED NUMBER: 11195757)

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


1. Statutory information

Fprop Cluj 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 Cluj Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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. There were no areas which required significant judgement or measurement uncertainty.

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.The Leu loans advanced to its Romanian subsidiary are included in the cost of the investment because they are deemed to be long term sources of finance, as permanent as equity, where settlement is neither planned nor likely to occur in the foreseeable future.

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 CLUJ LIMITED (REGISTERED NUMBER: 11195757)

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.

Monetary items which are denominated in foreign currency, such as loans which form part of the net
investment in the subsidiary undertaking, are translated into sterling at the balance sheet date with the unrealised gains being recognised in Other Comprehensive Income. Reversals of foreign exchange gains are first in Other Comprehensive Income and subsequently in the Profit and Loss account.

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. 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.

The shareholder loan notes included in 'Other Creditors' of £1,289,605 are repayable by 28 June 2028, unless in the event of a special resolution being passed by the noteholders. The directors are satisfied that the likelihood of such a repayment is remote, having regard to all available information about the intentions of the noteholders for the twelve months following the approval of the financial statements.

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
£ £
Shares in group undertakings 8,719 8,719
Loans to group undertakings 1,493,926 2,143,432
1,502,645 2,152,151

FPROP CLUJ LIMITED (REGISTERED NUMBER: 11195757)

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 8,719
Net book value
At 31 March 2023 8,719
At 31 March 2022 8,719
Loans to
group
undertakings
£
At 1 April 2022 2,143,432
Repayment in year (649,506 )
At 31 March 2023 1,493,926

The long term loans receivable from its subsidiary Fprop CJ SRL are included as part of the net investment in the subsidiary.

5. Debtors: amounts falling due within one year
31/3/23 31/3/22
£ £
Other debtors 20 -

6. Creditors: amounts falling due within one year
31/3/23 31/3/22
£ £
Trade creditors 6,345 1,117
Other creditors 1,329,504 2,126,188
1,335,849 2,127,305

FPROP CLUJ LIMITED (REGISTERED NUMBER: 11195757)

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


7. Reserves
Foreign
exchange
Retained translation
earnings reserve Totals
£ £ £

At 1 April 2022 103,695 (84,445 ) 19,250
Profit for the year 25,482 25,482
Unrealised fx profits in year - 95,994 95,994
At 31 March 2023 129,177 11,549 140,726

The foreign exchange translation reserve is made up of the unrealised gains of £14,258 (2022: £84,445 unrealised losses) arising from the re-translation at the year-end rate of the Romanian Leu loans receivable that are included in investments, less the deferred tax of £2,709 (2022: £Nil) that would be payable if these foreign exchange gains were realised.

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

The Report of the Auditors was unqualified.

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

9. 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.

10. Ultimate controlling party

There is no ultimate controlling party.