Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Other letting and operating of own or leased real estate1false2022-04-01true1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11227867 2022-04-01 2023-03-31 11227867 2021-04-01 2022-03-31 11227867 2023-03-31 11227867 2022-03-31 11227867 c:Director1 2022-04-01 2023-03-31 11227867 d:FreeholdInvestmentProperty 2023-03-31 11227867 d:FreeholdInvestmentProperty 2022-03-31 11227867 d:CurrentFinancialInstruments 2023-03-31 11227867 d:CurrentFinancialInstruments 2022-03-31 11227867 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11227867 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11227867 d:ShareCapital 2023-03-31 11227867 d:ShareCapital 2022-03-31 11227867 d:RetainedEarningsAccumulatedLosses 2023-03-31 11227867 d:RetainedEarningsAccumulatedLosses 2022-03-31 11227867 c:FRS102 2022-04-01 2023-03-31 11227867 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11227867 c:FullAccounts 2022-04-01 2023-03-31 11227867 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11227867 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 11227867










FANT PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FANT PROPERTIES LIMITED
REGISTERED NUMBER: 11227867

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
4,150,697
4,150,697

  
4,150,697
4,150,697

Current assets
  

Debtors: amounts falling due within one year
 6 
-
50,260

Cash at bank and in hand
  
129,155
88,647

  
129,155
138,907

Creditors: amounts falling due within one year
 7 
(3,661,823)
(3,798,648)

Net current liabilities
  
 
 
(3,532,668)
 
 
(3,659,741)

Total assets less current liabilities
  
618,029
490,956

  

Net assets
  
618,029
490,956


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
617,929
490,856

  
618,029
490,956


Page 1

 
FANT PROPERTIES LIMITED
REGISTERED NUMBER: 11227867
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T C Parker
Director

Date: 8 November 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
FANT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Fant Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Victoria Court,17-21 Ashford Road, Maidstone, Kent, ME14 5DA.
The presentation currency of the financial statements is the Pound Sterling (£). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis. On this basis, no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.

 
2.3

Turnover

Turnover represents rental income and,if applicable service charges and other rechargeable expenses. Income invoiced on quarter days in advance is treated as differed income at the Balance Sheet date.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Investment properties

Investment properties are carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estates, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

Page 3

 
FANT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Investment properties


Freehold investment properties

£



Valuation


At 1 April 2022
4,150,697



At 31 March 2023
4,150,697

The 2023 valuations were made by the director, on an open market value for existing use basis. In the director's opinion the value of the investment properties is line with current market rents and investment property yields for comparable real estates.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,150,697
4,150,697

4,150,697
4,150,697

Page 4

 
FANT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
44,295

Prepayments and accrued income
-
5,965

-
50,260



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
717
1,278

Amounts owed to other participating interests
819,301
833,760

Corporation tax
29,767
32,441

Other taxation and social security
7,688
7,594

Other creditors
2,762,537
2,882,012

Accruals and deferred income
41,813
41,563

3,661,823
3,798,648


Amounts owed to participating interests represents loans of equal amount from 3 shareholders who each hold 7.5%  of the share capital of the company. These loans arose from the assignment of loan notes issued by the owner of the properties as part of the satisfaction of the consideration of another transaction. No interest is charged and there are no formal terms for repayment, hence these loans are shown as current liabilities. 
However in 2019 the Company entered into a formal agreement to repay over a period of 4 years the sum of £514,100 due by the shareholders to the Company's tenant. At the Balance sheet date the amount due to the Company's tenant was NIL ( 2022: 383,350).


8.


Related party transactions

Creditors due within one year include interest free loan from the director. The loan taken out in the ordinary course of the business, is unsecured and repayable on demand.
During the year £119,474 (2022 - £174,367) was repaid to the director. At the balance sheet date, the amount due to the director was £2,762,537 (2022 - £2,882,012).

 
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