Registered number
03733904
FLEXIPLUS INVESTMENTS LIMITED
Unaudited Filleted Accounts
31 March 2023
FLEXIPLUS INVESTMENTS LIMITED
Registered number: 03733904
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,477 4,859
Investment property 4 6,957,716 6,300,000
6,961,193 6,304,859
Current assets
Debtors 5 4,273 5,428
Cash at bank and in hand 87,862 940,174
92,135 945,602
Creditors: amounts falling due within one year 6 (47,602) (52,341)
Net current assets 44,533 893,261
Total assets less current liabilities 7,005,726 7,198,120
Creditors: amounts falling due after more than one year 7 (3,207,361) (3,600,038)
Provisions for liabilities (674,172) (613,761)
Net assets 3,124,193 2,984,321
Capital and reserves
Called up share capital 100 100
Fair value reserve 9 2,759,556 2,582,230
Profit and loss account 364,537 401,991
Shareholders' funds 3,124,193 2,984,321
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.
Approved by the board on 8 March 2024
D R Walshe
Director
FLEXIPLUS INVESTMENTS 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 rent and services charges due to the company.
Investment property
Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted to reflect differences in the nature, location or condition of the investment property. Valuations are performed at the balance sheet date by the directors who have significant experience in the sector as it operates in the location of the investment properties. Changes in fair value are included in the profit and loss account.
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. 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 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
B/fwd 6,908
Additions -
Disposals -
C/fwd 6,908
Depreciation
B/fwd 2,049
Charge for the year 1,382
On disposals -
C/fwd 3,431
Net book value
C/fwd 3,477
B/fwd 4,859
4 Investment property
Land and buildings
£
Fair value
At 1 April 2022 6,300,000
Additions 419,716
Movements in year 238,000
At 31 March 2023 6,957,716
5 Debtors 2023 2022
£ £
Trade debtors 2,081 2,367
Other debtors 2,192 3,061
4,273 5,428
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 13,319 16,323
Taxation and social security costs 18,461 27,667
Other creditors 15,822 8,351
47,602 52,341
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 3,207,361 3,600,038
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 2,233,033 3,370,199
Secured bank loans 3,207,361 3,600,038
The loans are secured on the investment properties and provide for the payment of interest only until the expiry of the terms. Interest is currently charged at rates in the range of 3.19% and 6.25%. The loans are repayable at fixed dates between 4 years one month and 21 years 5 months from the balance sheet date.
9 Revaluation reserve 2023 2022
£ £
At 1 April 2022 2,582,230 2,397,725
Gain on revaluation of land and buildings 238,000 234,914
Deferred taxation arising on the revaluation of land and buildings (60,674) (50,409)
At 31 March 2023 2,759,556 2,582,230
10 Events after the reporting date
There were no significant events since the balance sheet date that in the opinion of the directors would effect these accounts.
11 Related party transactions
The company paid dividends of £57,500 (2022 - £27,200) to A B Walshe and £57,500 (2022 - £27,200) to D R Walshe, both of whom are directors of the company.
12 Other information
FLEXIPLUS INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 Malmains Way
Beckenham
Kent
BR3 6SA
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