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Registration number: 11424055

Foundry Property Investments Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Foundry Property Investments Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Foundry Property Investments Limited

Company Information

Directors

Mr Michael James Richards

Mr Robert John Salisbury

Mr James Michael Salisbury

Registered office

C/o Westley Group Limited
Doulton Road
Cradley Heath
West Midlands
B64 5QS

Accountants

Walker Hubble
5 Parsons Street
Dudley
West Midlands
DY1 1JJ

 

Foundry Property Investments Limited

(Registration number: 11424055)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

2,980,000

1,444,243

Current assets

 

Debtors

5

48,544

50,654

Cash at bank and in hand

 

30,124

126,663

 

78,668

177,317

Creditors: Amounts falling due within one year

6.1

(1,050,615)

(384,447)

Net current liabilities

 

(971,947)

(207,130)

Total assets less current liabilities

 

2,008,053

1,237,113

Creditors: Amounts falling due after more than one year

6.2

-

(817,815)

Accruals and deferred income

 

(41,000)

(58,731)

Net assets

 

1,967,053

360,567

Capital and reserves

 

Called up share capital

7

100,000

100,000

Revaluation reserve

1,535,757

-

Retained earnings

331,296

260,567

Shareholders' funds

 

1,967,053

360,567

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Foundry Property Investments Limited

(Registration number: 11424055)
Abridged Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr James Michael Salisbury
Director

 

Foundry Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
C/o Westley Group Limited
Doulton Road
Cradley Heath
West Midlands
B64 5QS

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises current 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 income 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Foundry Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Foundry Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Investment properties

2023
£

At 1 July

1,444,243

Fair value adjustments

1,535,757

At 30 June

2,980,000


The fair value of the company's land and buildings was revalued on 30th May 2023 by an independant valuer.

The basis of this valuation was in accordance with RICS Valuation - Global Standards.

Had this class of asset been measured on an historical cost basis, the carrying amount would have been £1,442,243 (2022 - £1,442,243).

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Current loans and borrowings

Bank borrowings

817,056

57,408

Creditors: amounts falling due after more than one year

Bank borrowings

Barclays Bank plc Term Loan is denominated in Sterling with a nominal interest rate of Base rate plus 1.5%, and the final instalment is due on 30 June 2027. The carrying amount at year end is £817,056 (2022 - £875,222).

The Barclays Bank plc term loan was repaid in August 2023 on draw down of the new term loan from HSBC UK Bank plc.

HSBC UK Bank plc Term Loan is denominated in Sterling with a nominal interest rate of Base rate plus 1.89%, and the final instalment is due on 31 May 2028. The carrying amount at year end is £Nil (2022 - £Nil).

The term loan of £1,000,000 is secured by a charge over the freehold property and the assets of the company.The loan was drawn down in August 2023 to enable repayment of a term loan from Barclays Bank plc.The loan is repayable by annual installments of £100,000 with a final repayment of £500,000 on 31st May 2028

 

Foundry Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100,000

100,000

100,000

100,000

         

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,535,757

1,535,757

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £1.00 per each Ordinary Shares

 

20,000

 

20,000

         

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Musgrave Holdings Limited

The Company was loaned £150,000 in July 2020 by Musgrave Holdings Limited, the balance outstanding at 30th June 2023 was £116,065 (2022 - £133,725). There is no fixed repayment date and interest is charged at 2.7% over base per annum.

 Foundry Property Investments Ltd provide consultancy services to Musgrave Holdings Limited.
 

 

Foundry Property Investments Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Receipt of services

15,000

2022

Entities with joint control or significant influence
£

Receipt of services

15,000

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Settlement of liabilities

7,254

2022

Entities with joint control or significant influence
£

Settlement of liabilities

11,775

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

133,725

133,725

Repaid

(17,660)

(17,660)

At end of period

116,065

116,065

2022

Entities with joint control or significant influence
£

Total
£

At start of period

145,500

145,500

Repaid

(16,500)

(16,500)

Interest transactions

4,725

4,725

At end of period

133,725

133,725