Flintshire Properties Limited
Registered number: 04442141
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 864,619 950,541
Current assets
Debtors 4 242 229
Cash at bank and in hand 4,659 4,364
4,901 4,593
Creditors: amounts falling due within one year 5 (69,961) (60,120)
Net current liabilities (65,060) (55,527)
Total assets less current liabilities 799,559 895,014
Creditors: amounts falling due after more than one year 6 (162,639) (260,475)
Provisions for liabilities (525) (700)
Net assets 636,395 633,839
Capital and reserves
Called up share capital 100 100
Profit and loss account 636,295 633,739
Shareholder's funds 636,395 633,839
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions of the small companies regime in FRS 102 (Section 1A). The profit and loss account has not been delivered to the Registrar of Companies.
C Jackson
Director
Approved by the board on 19 October 2023
Flintshire Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
These accounts have been prepared in accordance with the small company regime in FRS 102 (section 1A). The accounts have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain tangible fixed assets, and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.
Turnover
Turnover comprises rents receivable for the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on reducing balance
Motor vehicles 25% on reducing balance
Government Grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are included using the performance model.
Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The properties have been valued on an open market basis by Paterson Macaulay & Owens, Chartered Architects.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 April 2022 1,027,848 6,058 20,613 1,054,519
Disposals (85,000) - - (85,000)
At 31 March 2023 942,848 6,058 20,613 969,519
Depreciation
At 1 April 2022 80,994 5,887 17,097 103,978
Charge for the year - 43 879 922
At 31 March 2023 80,994 5,930 17,976 104,900
Net book value
At 31 March 2023 861,854 128 2,637 864,619
At 31 March 2022 946,854 171 3,516 950,541
Investment properties: 2023 2022
£ £
Historical cost 639,866 723,243
Revaluation surplus 221,988 223,611
861,854 946,854
4 Debtors 2023 2022
£ £
Other debtors 242 229
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,064 26,851
Corporation tax 2,182 6,580
Other taxes and social security costs 1,010 153
Other creditors 45,705 26,536
69,961 60,120
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 122,639 200,475
Other creditors 40,000 60,000
162,639 260,475
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 3,882 79,708
Secured bank loans 128,546 210,159
The loans are secured against the company's investment properties.
Loan from director 50,117 68,662
Interest at 10% is charged. There is no fixed date for repayment.
8 Controlling party
The company is controlled by the director, Mr C Jackson, who holds all of the share capital.
9 Other information
Flintshire Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Clifton House
18 Wrexham Street
Mold
Flintshire
CH7 1ES
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