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COMPANY REGISTRATION NUMBER: 01501386
Fiabrook Limited
Filleted Unaudited Financial Statements
31 March 2023
Fiabrook Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
17,031,027
17,027,408
Investments
7
1
786,807
-------------
-------------
17,031,028
17,814,215
Current assets
Debtors
8
114,397
74,745
Cash at bank and in hand
263,237
231,453
---------
---------
377,634
306,198
Creditors: amounts falling due within one year
9
( 453,842)
( 550,653)
---------
---------
Net current liabilities
( 76,208)
( 244,455)
-------------
-------------
Total assets less current liabilities
16,954,820
17,569,760
Creditors: amounts falling due after more than one year
10
( 264,315)
( 399,659)
Provisions
Taxation including deferred tax
( 1,785,141)
( 1,355,020)
-------------
-------------
Net assets
14,905,364
15,815,081
-------------
-------------
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss account
13
14,885,364
15,795,081
-------------
-------------
Shareholders funds
14,905,364
15,815,081
-------------
-------------
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 income and retained earnings has not been delivered.
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 .
Fiabrook Limited
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mr Abdul Rashid Karim
Mr Mahomed Iqbal Karim
Director
Director
Company registration number: 01501386
Fiabrook 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 and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The directors have assessed the company's ability to continue as a going concern which has included a review of expected future rental income and based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated 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:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The Company only enters into basic financial instruments 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 non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense.
Defined contribution plans
The company operates a defined contribution scheme for its employees under Auto Enrollment Scheme. Contributions payable are charged to the profit and loss account in the year they are payable.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
142,582
148,271
Deferred tax:
Origination and reversal of timing differences
430,121
---------
---------
Tax on (loss)/profit
572,703
148,271
---------
---------
In the Spring Budget 2021, the Government announced that from 1 April 2023, the corporation tax rate would increase to 25% and accordingly, deferred tax has been provided at the rate of 25% (2022: 19%).
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 99,014)
361,739
--------
---------
(Loss)/profit on ordinary activities by rate of tax
( 18,813)
68,731
Effect of expenses not deductible for tax purposes
13,389
21,139
Effect of capital allowances and depreciation
201
( 5,668)
Indexation allowance
(1,688)
Impairment losses not deductible for tax purposes
149,493
64,069
Origination and reversal of timing differences
430,121
---------
---------
Tax on (loss)/profit
572,703
148,271
---------
---------
6. Tangible assets
Investment properties
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
17,003,128
159,751
18,594
17,181,473
Additions
13,000
3,697
16,697
Disposals
( 4,299)
( 4,299)
-------------
---------
--------
-------------
At 31 March 2023
17,011,829
163,448
18,594
17,193,871
-------------
---------
--------
-------------
Depreciation
At 1 April 2022
149,416
4,649
154,065
Charge for the year
5,293
3,486
8,779
-------------
---------
--------
-------------
At 31 March 2023
154,709
8,135
162,844
-------------
---------
--------
-------------
Carrying amount
At 31 March 2023
17,011,829
8,739
10,459
17,031,027
-------------
---------
--------
-------------
At 31 March 2022
17,003,128
10,335
13,945
17,027,408
-------------
---------
--------
-------------
The investment properties were valued by the directors at fair value at the balance sheet date. In respect of investment properties stated at valuations, the comparable historical cost is £4,443,413 (2022: £4,434,712).
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022 and 31 March 2023
3,861,400
------------
Impairment
At 1 April 2022
3,074,593
Impairment losses
786,806
------------
At 31 March 2023
3,861,399
------------
Carrying amount
At 31 March 2023
1
------------
At 31 March 2022
786,807
------------
The above comprises investments in building development projects.
8. Debtors
2023
2022
£
£
Trade debtors
83,575
48,501
Prepayments and accrued income
2,601
2,736
Other debtors
28,221
23,508
---------
--------
114,397
74,745
---------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
137,714
138,718
Accruals and deferred income
73,583
144,412
Corporation tax
142,582
148,271
Social security and other taxes
3,250
199
Other creditors
96,713
119,053
---------
---------
453,842
550,653
---------
---------
Bank loans and overdrafts due within one year include an amount of £137,714 (2022: £138,718) for which security has been given. The bank loans are secured by a fixed charge over the company's investment properties.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
264,315
399,659
---------
---------
Bank loans due after more than one year include an amount of £264,315 (2022: £399,659) for which security has been given. The bank loans are secured by a fixed charge over the company's investment properties.
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,785,141
1,355,020
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
1,785,141
1,355,020
------------
------------
12. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
49,558
----
--------
13. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £4,102,090 (2022: £4,581,686) and non-distributable profits of £10,783,274 (2022: £11,213,395) in respect of revaluation gains on investment properties.
14. Financial commitments
Operating lease commitments not included in the balance sheet amounts to £20,000 (2022: £20,000).
15. Related party transactions
During the year, the company carried out the following transactions with related parties. 1. Included in other debtors due within one year, is a loan to the directors' close family of £13,994 (2022: Creditor of £84,302). This loan is interest-free and was repaid after the year end. 2. The directors' have given personal guarantees in respect of the company's bank overdraft.