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Company No: 14120551 (England and Wales)

FOULIS PROPERTY INVESTMENTS LTD

Unaudited Financial Statements
For the financial period from 20 May 2022 to 31 October 2023
Pages for filing with the registrar

FOULIS PROPERTY INVESTMENTS LTD

Unaudited Financial Statements

For the financial period from 20 May 2022 to 31 October 2023

Contents

FOULIS PROPERTY INVESTMENTS LTD

BALANCE SHEET

As at 31 October 2023
FOULIS PROPERTY INVESTMENTS LTD

BALANCE SHEET (continued)

As at 31 October 2023
Note 31.10.2023
£
Fixed assets
Investment property 3 2,015,500
2,015,500
Current assets
Debtors 4 30,300
Cash at bank and in hand 117,857
148,157
Creditors: amounts falling due within one year 5 ( 104,525)
Net current assets 43,632
Total assets less current liabilities 2,059,132
Provision for liabilities 6 ( 35,913)
Net assets 2,023,219
Capital and reserves
Called-up share capital 7 1
Fair value reserve 7 104,866
Profit and loss account 1,918,352
Total shareholder's funds 2,023,219

For the financial period ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Foulis Property Investments Ltd (registered number: 14120551) were approved and authorised for issue by the Director on 19 February 2024. They were signed on its behalf by:

C M D Haynes
Director
J H C Haynes
Director
FOULIS PROPERTY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 20 May 2022 to 31 October 2023
FOULIS PROPERTY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 20 May 2022 to 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Taxation

Current tax
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
20.05.2022 to
31.10.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Investment property

Investment property
£
Valuation
As at 20 May 2022 0
Additions 1,896,629
Fair value movement 118,871
As at 31 October 2023 2,015,500

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.

4. Debtors

31.10.2023
£
Trade debtors 27,514
Amounts owed by Group undertakings 211
Other debtors 2,575
30,300

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

5. Creditors: amounts falling due within one year

31.10.2023
£
Trade creditors 16,031
Accruals and deferred income 32,212
Corporation tax 20,484
Other creditors 35,798
104,525

There are no amounts included above in respect of which any security has been given by the small entity.

6. Provision for liabilities

31.10.2023
£
Deferred tax 35,913

7. Changes in equity

Called-up share capital Fair value reserve
£ £
At 20 May 2022 0 0
Transfer of fair value revaluation from profit & loss 0 118,871
Transfer of deferred tax adjustments on fair value adjustments 0 ( 14,005)
Total comprehensive income 0 104,866
Issue of share capital 1 0
At 31 October 2023 1 104,866

8. Related party transactions

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.

9. Ultimate controlling party

The company's immediate parent is Foulis Holdings Ltd, incorporated in England and Wales.

Its registered office address is Hendford Manor, Hendford, Yeovil, Somerset BA20 1UN.

These financial statements are available upon request from Companies House, Cardiff.