Registered number
10061886
Finchley Property Partnership Limited
Filleted Accounts
31 March 2023
Finchley Property Partnership Limited
Registered number: 10061886
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,601 3,901
Investment property 5 14,826,067 14,654,529
14,828,668 14,658,430
Current assets
Debtors 6 1,882,949 1,991,267
Cash at bank and in hand 109,306 114,945
1,992,255 2,106,212
Creditors: amounts falling due within one year 7 (294,913) (442,958)
Net current assets 1,697,342 1,663,254
Total assets less current liabilities 16,526,010 16,321,684
Creditors: amounts falling due after more than one year 8 (4,544,269) (4,553,953)
Net assets 11,981,741 11,767,731
Capital and reserves
Called up share capital 1,100 1,100
Share premium 9,999,960 9,999,960
Profit and loss account 1,980,681 1,766,671
Shareholders' funds 11,981,741 11,767,731
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J O'Reilly
Director
Approved by the board on 21 December 2023
Finchley Property Partnership Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No Depreciation
Leasehold land and buildings No Depreciation
Plant and machinery over 5 years
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 30,000 5,200 35,200
At 31 March 2023 30,000 5,200 35,200
Depreciation
At 1 April 2022 29,999 1,300 31,299
Charge for the year - 1,300 1,300
At 31 March 2023 29,999 2,600 32,599
Net book value
At 31 March 2023 1 2,600 2,601
At 31 March 2022 1 3,900 3,901
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 31 March 2023 - - -
5 Investment property 2023 2022
£ £
B/fwd 14,654,529 14,509,733
Additions 171,538 399,796
Revaluation - -
Disposals - (255,000)
14,826,067 14,654,529
The fair value of the Investment Property at 31 March 2019 has been arrived at on the basis of a valuation carried out at that date by Mr Jim O'Reilly, a director of the company who is not a professionally qualified valuer. The Directors confirm that there has been no change at 31st March 2023.
6 Debtors 2023 2022
£ £
Directors' loan account - 124,606
Other debtors 1,882,949 1,866,661
1,882,949 1,991,267
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,149 7,149
Taxation and social security costs 66,665 165,369
Other creditors 221,099 270,440
294,913 442,958
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,544,269 4,553,953
9 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 4,544,269 4,553,953
Secured bank loans 4,544,269 4,553,953
Secured on Property
10 Other information
Finchley Property Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
148A
East Barnet Road
New Barnet
Hertfordshire
EN4 8RD
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