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Registered Number: 11665336
England and Wales

 

 

 

FRIEND PROPERTY GROUP LTD


Abridged Accounts
 


Period of accounts

Start date: 01 December 2021

End date: 30 November 2022
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Friend Property Group Ltd for the year ended 30 November 2022.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Friend Property Group Ltd for the year ended 30 November 2022 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Friend Property Group Ltd, as a body, in accordance with the terms of our engagement letter dated 30 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Friend Property Group Ltd and state those matters that we have agreed to state to the Board of Directors Friend Property Group Ltd, 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 Friend Property Group Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Friend Property Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Friend Property Group Ltd. You consider that Friend Property Group Ltd 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 accounts of Friend Property Group Ltd. 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 accounts 30 November 2022.













....................................................
aa Chartered Accountants
Fenlake House
Fenlake Business Centre
Peterborough
PE1 5BQ
25 August 2023
1
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 1,980,592    1,348,898 
1,980,592    1,348,898 
Current assets      
Debtors 2,731    2,638 
Cash at bank and in hand 48,656    3,946 
51,387    6,584 
Creditors: amount falling due within one year (89,939)   (69,606)
Net current liabilities (38,552)   (63,022)
 
Total assets less current liabilities 1,942,040    1,285,876 
Creditors: amount falling due after more than one year (1,568,868)   (1,088,116)
Provisions for liabilities (60,296)   (56,538)
Net assets 312,876    141,222 
 

Capital and reserves
     
Called up share capital 4 100    100 
Reserves 5 419,325    241,032 
Profit and loss account (106,549)   (99,910)
Shareholder's funds 312,876    141,222 
 


For the year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 25 August 2023 and were signed on its behalf by:


-------------------------------
Natasha Jane Friend
Director
2
General Information
Friend Property Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 11665336, registration address Fenlake House, Fenlake Business Centre,Fengate, Peterborough, PE1 5BQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees including directors

Average number of employees during the year was 2 (2021 : 2).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Investment properties   Total
  £   £   £
At 01 December 2021 1,147    1,348,108    1,349,255 
Additions   453,599    453,599 
Disposals    
Revaluations   178,293    178,293 
At 30 November 2022 1,147    1,980,000    1,981,147 
Depreciation
At 01 December 2021 357      357 
Charge for year 198      198 
On disposals    
At 30 November 2022 555      555 
Net book values
Closing balance as at 30 November 2022 592    1,980,000    1,980,592 
Opening balance as at 01 December 2021 790    1,348,108    1,348,898 


4.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
100 Class A shares of £1.00 each 100    100 
100    100 

3