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Registered number: 12728804
Fuerte Properties Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12728804
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,398 -
Investment Properties 5 591,585 631,986
593,983 631,986
CURRENT ASSETS
Debtors 6 2,405 1,249
Cash at bank and in hand 9,689 2,069
12,094 3,318
Creditors: Amounts Falling Due Within One Year 7 (526 ) (480 )
NET CURRENT ASSETS (LIABILITIES) 11,568 2,838
TOTAL ASSETS LESS CURRENT LIABILITIES 605,551 634,824
Creditors: Amounts Falling Due After More Than One Year 8 (627,805 ) (624,033 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (4,174 )
NET (LIABILITIES)/ASSETS (22,254 ) 6,617
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 17,795 17,795
Profit and Loss Account (40,149 ) (11,278 )
SHAREHOLDERS' FUNDS (22,254) 6,617
Page 1
Page 2
For the 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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Shan ZHOU
Director
18th March 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fuerte Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12728804 . The registered office is Flat 28 Kaleidoscope House, 25 Mirabelle Gardens, London, E20 1BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Rental income
Turnover from rental income in relation to the rent charged on investment properties is recognised in the period for which it relates to.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 30%, reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account with those values held in a separate non-distributable reserve. These reserves are ring-fenced from distribution.
Deferred taxation is recognised at each valuation period based on measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Computer Equipment
£
Cost or Valuation
As at 1 August 2022 -
Additions 2,398
As at 31 July 2023 2,398
Net Book Value
As at 31 July 2023 2,398
As at 1 August 2022 -
5. Investment Property
2023
£
Fair Value
As at 1 August 2022 631,986
Revaluations (40,401)
As at 31 July 2023 591,585
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 610,017 610,017
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 2,405 1,249
2,405 1,249
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Accruals and deferred income 526 480
526 480
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 433,240 433,240
Directors loan account 194,565 190,793
627,805 624,033
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 August 2022 17,795
As at 31 July 2023 17,795
11. Ultimate Controlling Party
The company's ultimate controlling party is Ms Shan ZHOU by virtue of his ownership of 100% of the issued share capital in the company.
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