REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
FLOW PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
FLOW PROPERTIES LIMITED |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FLOW PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
19-21 Middle Row |
Stevenage |
Hertfordshire |
SG1 3AW |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
BALANCE SHEET - continued |
31 MARCH 2023 |
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 |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Flow Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director has assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The director has not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31st March 2023 have been prepared using the going concern basis of accounting. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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 |
Investment property |
The company's properties are held for investment purposes. Investment properties are shown at their most recent fair values. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on such gains at the tax rate expected to apply when properties are sold. |
Under FRS 102 valuations as above are made under the fair value provisions of the Companies Act 2006 (CA 2006) and consequently the non-depreciation of investment properties is not a departure from the provisions of CA 2006. |
The directors determine fair value by reference to online sales websites. |
Rents receivable from investment properties are credited to the income statement on a receivable basis. |
Investment properties are first recognised in the financial statements once an irrevocable purchase contract has been entered into. A sale of an investment property is recorded once an irrevocable sales contract has been entered into, provided that the sale has been completed by the date the financial statements are approved by the Board. |
Investment properties are treated as fixed asset investments until the date of sale. |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. All basic financial instruments including trade and other debtors, cash and cash equivalents, and trade and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost. |
Trade and other receivables and payables |
Trade and other receivables and payables are measured at amortised cost which approximates to fair value given the short term nature of these assets and liabilities. |
Trade receivables are valued at original invoice amount less an allowance for potentially un-collectable debts. Provision is made where there is objective evidence to suggest that the company will not be in a position to collect receivables as they fall due. Bad and Doubtful debts are written off in the profit and loss account on identification. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash commitments. |
Interest Bearing Borrowings |
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost using the effective interest rate method, less any impairment losses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The valuation of each property is determined according to the average of two third party estimates. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2022 | 28,606 |
Cost | 456,394 |
485,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments |
FLOW PROPERTIES LIMITED (REGISTERED NUMBER: 04680614) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Directors' current accounts | 66,665 | 276,118 |
Deferred income |
Accrued expenses |
8. | PARENT COMPANY |
The company's immediate parent company is Rogers Row Limited, a company registered in England and Wales. Rogers Row Limited is not required to prepare consolidated group accounts. |