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REGISTERED NUMBER: 09449096 (England and Wales)

















Fleet Home Improvements Limited

Financial Statements

for the Year Ended 28 February 2023






Fleet Home Improvements Limited (Registered number: 09449096)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Fleet Home Improvements Limited

Company Information
for the year ended 28 February 2023







DIRECTOR: L S Coles





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 09449096 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Fleet Home Improvements Limited (Registered number: 09449096)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,375 1,718
Investment property 5 305,000 300,000
306,375 301,718

CURRENT ASSETS
Debtors 6 - 6,377
Cash at bank and in hand 46,538 77,868
46,538 84,245
CREDITORS
Amounts falling due within one year 7 13,629 45,141
NET CURRENT ASSETS 32,909 39,104
TOTAL ASSETS LESS CURRENT
LIABILITIES

339,284

340,822

CREDITORS
Amounts falling due after more than one
year

8

(315,636

)

(325,636

)

PROVISIONS FOR LIABILITIES 10 (6,848 ) (5,963 )
NET ASSETS 16,800 9,223

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserves 11 28,081 24,031
Retained earnings 11 (11,381 ) (14,908 )
SHAREHOLDERS' FUNDS 16,800 9,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 November 2023 and were signed by:





L S Coles - Director


Fleet Home Improvements Limited (Registered number: 09449096)

Notes to the Financial Statements
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Fleet Home Improvements Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings, equipment - 20% on reducing balance
Motor vehicles - 20% on reducing balance

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.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Undistributable reserves
Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account, 'undistributable reserves'.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Fleet Home Improvements Limited (Registered number: 09449096)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings, Motor
equipment vehicles Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 2,032 5,500 7,532
DEPRECIATION
At 1 March 2022 1,467 4,347 5,814
Charge for year 113 230 343
At 28 February 2023 1,580 4,577 6,157
NET BOOK VALUE
At 28 February 2023 452 923 1,375
At 28 February 2022 565 1,153 1,718

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 300,000
Revaluations 5,000
At 28 February 2023 305,000
NET BOOK VALUE
At 28 February 2023 305,000
At 28 February 2022 300,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2020 14,668
Valuation in 2021 10,000
Valuation in 2022 5,000
Valuation in 2023 5,000
Cost 270,332
305,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 270,332 270,332

Investment property was valued on a fair value basis on 28 February 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 6,377

Fleet Home Improvements Limited (Registered number: 09449096)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,214 -
Taxation and social security 893 6,026
Other creditors 1,522 29,115
13,629 45,141

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 315,636 325,636

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 293,081 293,081

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 293,081 293,081

The Shawbrook Bank mortgage is secured by a legal charge created 6 January 2020 over freehold property.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 261 326
Capital gains on investment property 6,587 5,637
6,848 5,963

Deferred
tax
£   
Balance at 1 March 2022 5,963
Charge to Income Statement during year 885
Balance at 28 February 2023 6,848

Fleet Home Improvements Limited (Registered number: 09449096)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


11. RESERVES
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 March 2022 (14,908 ) 24,031 9,123
Profit for the year 7,577 7,577
Transfer unrealised gain/loss on
investment property to
undistributable reserves


(4,050


)


4,050


-


At 28 February 2023 (11,381 ) 28,081 16,700

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.