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REGISTERED NUMBER: 10389672 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FLARE PROPERTIES LTD

FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FLARE PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S S Krishan
S S Krishan
P K Krishan
K S Krishan





REGISTERED OFFICE: 7 Bell Yard
London
WC2A 2JR





REGISTERED NUMBER: 10389672 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,195 3,782
Investment property 5 3,180,000 3,180,000
3,183,195 3,183,782

CURRENT ASSETS
Debtors 6 222,684 218,956
Cash at bank 18,675 120,208
241,359 339,164
CREDITORS
Amounts falling due within one year 7 72,759 251,973
NET CURRENT ASSETS 168,600 87,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,351,795

3,270,973

CREDITORS
Amounts falling due after more than one
year

8

(1,988,062

)

(1,986,317

)

PROVISIONS FOR LIABILITIES 10 (89,810 ) (90,756 )
NET ASSETS 1,273,923 1,193,900

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 845,741 845,741
Revaluation reserve 274,840 274,840
Retained earnings 143,342 63,319
1,273,923 1,193,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:





S S Krishan - Director


FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Flare Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income. Rental income is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings20% per annum on a straight line basis

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 9,459
Additions 1,444
At 31 December 2023 10,903
DEPRECIATION
At 1 January 2023 5,677
Charge for year 2,031
At 31 December 2023 7,708
NET BOOK VALUE
At 31 December 2023 3,195
At 31 December 2022 3,782

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 3,180,000
NET BOOK VALUE
At 31 December 2023 3,180,000
At 31 December 2022 3,180,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 (14,169 )
Valuation in 2022 362,346
Cost 2,831,823
3,180,000

Investment property was valued on an open market basis on 31 December 2023 by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,594 16,172
Other debtors 171,221 392
Directors' current accounts - 158,484
Prepayments and accrued income 30,869 43,908
222,684 218,956

Included within other debtors is an amount of £170,000 (2022: £0) due from a company under common control. This amount is interest free and repayable on demand.

FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 839 -
Tax 24,511 8,327
Other creditors 200 124,176
Directors' current accounts 20,564 22,920
Accruals and deferred income 26,645 96,550
72,759 251,973

The amount due to the directors is interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,988,062 1,986,317

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,988,062 1,986,317

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,988,062 1,986,317

Paragon Bank PLC holds charges over specific investment properties.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 89,810 90,756

Deferred
tax
£   
Balance at 1 January 2023 90,756
Provided during year (946 )
Balance at 31 December 2023 89,810