REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023 |
FOR |
FDG PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023 |
FOR |
FDG PROPERTIES LIMITED |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FDG PROPERTIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
BALANCE SHEET |
31st August 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 |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
BALANCE SHEET - continued |
31st August 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st August 2023 |
1. | STATUTORY INFORMATION |
FDA Properties Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10908238. The address of the registered office is KJG, 100 Barbirolli Square, Manchester, M2 3BD. The principal place of business is 12 Eton Grove, London, SE13 5BY. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is presented net of value-added-tax, rebates and discounts. |
Rental income from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Leasehold improvements - 10% Straight line method |
Fixtures & fittings - 33.33% and 20% Straight line method |
Computer equipment - 33.33% and 20% Straight line method |
At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
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. |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit or loss in the period which they arise. |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st September 2022 |
Additions |
At 31st August 2023 |
DEPRECIATION |
At 1st September 2022 |
Charge for year |
At 31st August 2023 |
NET BOOK VALUE |
At 31st August 2023 |
At 31st August 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st September 2022 |
Revaluations | (30,290 | ) |
At 31st August 2023 |
NET BOOK VALUE |
At 31st August 2023 |
At 31st August 2022 |
Fair value at 31st August 2023 is represented by: |
£ |
Valuation in 2020 | 16,458 |
Valuation in 2021 | 49,606 |
Valuation in 2022 | 53,461 |
Valuation in 2023 | (30,290 | ) |
Cost | 553,763 |
642,998 |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Directors' current accounts | 181,390 | 172,699 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank borrowings are secured by a fixed and floating charge over the relevant assets. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 22,309 | 29,881 |
Deferred |
tax |
£ |
Balance at 1st September 2022 |
Provided during year | ( |
) |
Balance at 31st August 2023 |
FDG PROPERTIES LIMITED (REGISTERED NUMBER: 10908238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A share | £1 | 1 | 1 |
Ordinary B share | £1 | 1 | 1 |
2 | 2 |
12. | RELATED PARTY DISCLOSURES |
At the year end, the company owed the directors £181,390 (2022:£172,699). This balance relates to an interest free loan account that is repayable on demand. |