Company No:
Contents
Note | 31.10.2023 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
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2,015,500 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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148,157 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 43,632 | |
Total assets less current liabilities | 2,059,132 | |
Provision for liabilities | 6 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 7 |
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Fair value reserve | 7 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Foulis Property Investments Ltd (registered number:
C M D Haynes
Director |
J H C Haynes
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Foulis Property Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, United Kingdom. The principal place of business is Foulis Property Investments Ltd, Sparkford, Yeovil, BA22 7LH.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Rental income is recognised at the fair value of the consideration received for the period to which it relates. Rental income received in advance of the period to which it relates is recognised within deferred income in other creditors on the balance sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 20.05.2022 to 31.10.2023 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 20 May 2022 |
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Additions | 1,896,629 |
Fair value movement | 118,871 |
As at 31 October 2023 |
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Valuation
The investment properties were revalued at 31 October 2023 by the directors on an open market basis. The directors have considered the valuation of all investment properties at the balance sheet date and the conclusion drawn that they remain materially correct.
There has been no valuation of investment property by an independent valuer.
The investment property additions during the period were transferred at fair value from an entity controlled by the directors of the company. The resultant loan debt within other creditors was then subsequently waived.
31.10.2023 | |
£ | |
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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31.10.2023 | |
£ | |
Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Other creditors |
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31.10.2023 | |
£ | |
Deferred tax |
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Called-up share capital | Fair value reserve | ||
£ | £ | ||
At 20 May 2022 |
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Transfer of fair value revaluation from profit & loss |
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Transfer of deferred tax adjustments on fair value adjustments |
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Total comprehensive income |
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Issue of share capital |
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At 31 October 2023 |
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Other related party transactions
The company has taken advantage of the exemptions provided from disclosing transactions with its parent on the grounds that it is a wholly owned subsidiary.
Its registered office address is Hendford Manor, Hendford, Yeovil, Somerset BA20 1UN.
These financial statements are available upon request from Companies House, Cardiff.