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Sage Accounts Production 23.0 - FRS102_2021
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09961328
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09961328
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09961328
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2023-03-31
Company registration number:
09961328
Flint Family Investments Limited
Unaudited filleted financial statements
31 March 2023
Flint Family Investments Limited
Contents
Accountants report
Statement of financial position
Notes to the financial statements
Flint Family Investments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Flint Family Investments Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flint Family Investments Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Flint Family Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Flint Family Investments Limited and state those matters that we have agreed to state to the board of directors of Flint Family Investments Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flint Family Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Flint Family Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flint Family Investments Limited. You consider that Flint Family Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Flint Family Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
David Fishel Accountancy Services Limited
Chartered Accountants
First Floor Winston House
349 Regents Park Road
London
N3 1DH
Date: 9 November 2023
Flint Family Investments Limited
Statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
7,786,245 |
|
|
|
6,887,022 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
7,786,245 |
|
|
|
6,887,022 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
325,560 |
|
|
|
471,628 |
|
|
Cash at bank and in hand |
|
|
93,842 |
|
|
|
63,590 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
419,402 |
|
|
|
535,218 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
1,763,857) |
|
|
|
(
1,066,620) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
1,344,455) |
|
|
|
(
531,402) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
6,441,790 |
|
|
|
6,355,620 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
3,264,000) |
|
|
|
(
3,324,000) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
3,177,790 |
|
|
|
3,031,620 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
9 |
|
|
1,000 |
|
|
|
1,000 |
Profit and loss account |
|
|
|
|
3,176,790 |
|
|
|
3,030,620 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
3,177,790 |
|
|
|
3,031,620 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 November 2023
, and are signed on behalf of the board by:
Mr James Robert Jacomb Gibbon
Director
Company registration number:
09961328
Flint Family Investments Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 37 Webb's Road, London, SW11 6RX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated at a rate so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows
|
|
|
|
|
|
Motor vehicles |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
No depreciation is provided on the company's freehold property portfolio. This treatment may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy is therefore necessary for the accounts to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model as permitted by FRS 102.
Grants of a revenue nature are recognised in other income within profit or loss in the same period as the related expenditure. This includes the Governemrnt Coronavirus Job Retention Scheme ("Furlough")
The company has not directly benefitted from any other forms of government assistance.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset or settle the liability immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
|
Freehold property |
Motor vehicles |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
6,840,945 |
57,596 |
6,898,541 |
|
|
|
|
|
Additions |
910,742 |
- |
910,742 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
7,751,687 |
57,596 |
7,809,283 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
- |
11,519 |
11,519 |
|
|
|
|
|
Charge for the year |
- |
11,519 |
11,519 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
- |
23,038 |
23,038 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
7,751,687 |
34,558 |
7,786,245 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 |
6,840,945 |
46,077 |
6,887,022 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
The properties were acquired in specie from Languard New Homes Limited, a company in which Mr Gibbon has a one third interest, at market value. The valuation was made by London Surveyors and Valuers Limited acting on behalf of the company's bankers, Handelsbanken. The directors consider that there has been no material increase in valuation since acquisition.
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
325,560 |
471,628 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
60,000 |
60,000 |
|
Corporation tax |
|
35,575 |
31,663 |
|
Social security and other taxes |
|
3,360 |
3,732 |
|
Other creditors |
|
1,664,922 |
971,225 |
|
|
|
_______ |
_______ |
|
|
|
1,763,857 |
1,066,620 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loans are secured by charges over the company's investment portfolio and the company's motor vehicle.
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
3,264,000 |
3,324,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loans are secured by charges over the company's investment portfolio and the company's motor vehicle. Interest is being paid on the investment portfolio loans on a quarterly basis. Capital is being repaid on these loans at the rate of £50,000 per annum.The loans have a five year term. In addition the company has taken out an interest free loan in respect of the company's motor vehicle which was purchased in the previous accounting period. The loan is being repaid over three year at £10,000 per annum.
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Related party transactions
Mr J R J Gibbon, one of the company's directors, has made a loan to the company. At balance sheet date the amount of the loan was £1,160,854. Part of this loan represents funds that were used to purchase a property acquired by the company during the year for which in turn Mr Gibbon took out a personal loan. The company pays the interest arising on that loan. Dutring the year this totalled £10,625. In addition Flint House Investments Limited, a company under the control of Mr Gibbon, has also made a loan to the company. At balance sheet date the amount of the loan was £500,000.Otherr than as explained above, both loans are interest free with no stipulation as to repayment.