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Registration number: 12097655

Fitzpen Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

Fitzpen Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Fitzpen Ltd

(Registration number: 12097655)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

375

-

Investment property

698,000

671,000

 

698,375

671,000

Current assets

 

Debtors

104

104

Cash at bank and in hand

 

4,554

4,695

 

4,658

4,799

Creditors: Amounts falling due within one year

(529,446)

(528,444)

Net current liabilities

 

(524,788)

(523,645)

Total assets less current liabilities

 

173,587

147,355

Provisions for liabilities

(32,941)

(27,740)

Net assets

 

140,646

119,615

Capital and reserves

 

Called up share capital

100

100

Other reserves

140,130

118,260

Profit and loss account

416

1,255

Total equity

 

140,646

119,615

 

Fitzpen Ltd

(Registration number: 12097655)
Abridged Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 February 2024 and signed on its behalf by:
 

Mrs H Gamble

Director

Mrs B A McGrane

Director

 

Fitzpen Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

The principal place of business is:
3 Sherborne Road
Burbage
Hinckley
LE10 2BE

These financial statements were authorised for issue by the Board on 29 February 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities, an amount is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover comprises rental receipts received in respect of it's investment property. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Fitzpen Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Straight line

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Total
£

Cost or valuation

Additions

500

At 31 July 2023

500

Depreciation

Charge for the year

125

At 31 July 2023

125

Carrying amount

At 31 July 2023

375

5

Investment properties

2023
£

At 1 August

671,000

Fair value adjustments

27,000

At 31 July

698,000

The fair value has been reached by looking at the current market price of similar property in the area.

There has been no valuation of investment property by an independent valuer.