REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
FOR |
FLONET PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
FOR |
FLONET PROPERTIES LTD |
FLONET PROPERTIES LTD (REGISTERED NUMBER: 13553289) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FLONET PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
FLONET PROPERTIES LTD (REGISTERED NUMBER: 13553289) |
BALANCE SHEET |
6 NOVEMBER 2022 |
Notes | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FLONET PROPERTIES LTD (REGISTERED NUMBER: 13553289) |
BALANCE SHEET - continued |
6 NOVEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
FLONET PROPERTIES LTD (REGISTERED NUMBER: 13553289) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Flonet Properties Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements and key sources of estimation uncertainty |
Judgements made by the director in the application of these accounting policies that have significant effect on the financial statements and estimate with a significant risk of material adjustment in the next year are discussed below. |
The company's investment property is valued by the director. The valuation of the company's property is inherently subjective, depending on many factors, including the individual nature of the property, its location and expected future net rental value, market yields and comparable market conditions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate in periods of difficult market or economic conditions. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shared which are measured at fair value, with changes recognised in profit or loss. derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
FLONET PROPERTIES LTD (REGISTERED NUMBER: 13553289) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
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 period 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
Additions |
Revaluations |
At 6 November 2022 |
NET BOOK VALUE |
At 6 November 2022 |
The director is of the opinion that £250,000 represents the open market value of the company's investment property as 7 November 2022. The historical cost of the investment property is £214,800. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
Other creditors include amounts of £67,103 owed to companies of which the director of the company is also a director. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
The bank loan is secured by legal charges over the company's investment property. |
FLONET PROPERTIES LTD (REGISTERED NUMBER: 13553289) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 AUGUST 2021 TO 6 NOVEMBER 2022 |
9. | RELATED PARTY DISCLOSURES |
Other than the amounts disclosed elsewhere in the financial instruments, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102. |