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Company Registration No. NI639670 (Northern Ireland)
Flanagan Properties Limited Unaudited accounts for the year ended 31 October 2023
Flanagan Properties Limited Unaudited accounts Contents
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Flanagan Properties Limited Company Information for the year ended 31 October 2023
Directors
Sean Flanagan Karin Flanagan
Company Number
NI639670 (Northern Ireland)
Registered Office
11 Limavady Road Waterside Derry BT47 6JU Northern Ireland
Accountants
Satori Accounting 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU
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Flanagan Properties Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
305,140 
284,740 
Current assets
Cash at bank and in hand
193 
92 
Creditors: amounts falling due within one year
(10,453)
(11,630)
Net current liabilities
(10,260)
(11,538)
Total assets less current liabilities
294,880 
273,202 
Creditors: amounts falling due after more than one year
(295,241)
(259,752)
Net (liabilities)/assets
(361)
13,450 
Capital and reserves
Called up share capital
2 
2 
Revaluation reserve
48,082 
48,082 
Profit and loss account
(48,445)
(34,634)
Shareholders' funds
(361)
13,450 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by
Sean Flanagan Director Company Registration No. NI639670
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Flanagan Properties Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Flanagan Properties Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI639670. The registered office is 11 Limavady Road, Waterside, Derry, BT47 6JU, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Income
Rents received from the company's investment property are included in the Income Statement as "Other Operating Income" on the cash basis.
Exceptional item
The company incurred exceptional repair costs in the current year in respect of extensive works to repair a leaking roof and associated costs for damp proofing to fix dry rot. The cost of these repairs was £33,790. This is included within repairs and maintance in the Income Statement.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Flanagan Properties Limited Notes to the Accounts for the year ended 31 October 2023
Going concern
The company continues to be supported by its directors by way of injection of funds to contribute to its ongoing costs and bank obligations. The directors are confident that the company will obtain a new commercial tenant in the near future and that ongoing rental income will be sufficient to cover recurring costs. The financial statements are, therefore, prepared on the going concern basis.
4
Investment property
2023 
£ 
Fair value at 1 November 2022
284,740 
Additions
20,400 
At 31 October 2023
305,140 
The directors are satisfied that there is no material difference between the value of the company's investment property as disclosed above and the market value.
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
9,000 
9,000 
Accruals
1,453 
2,630 
10,453 
11,630 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
98,432 
104,514 
Loans from directors
196,809 
155,238 
295,241 
259,752 
Bank Of Ireland hold first legal charge over the company's investment property as security against the company's borrowings.
7
Transactions with related parties
During the year, Mr Flanagan, a director of the company, introduced personal funds to the company in the sum of £41,570. At the year-end date, the amount owed to the directors was £196,809. This is disclosed within creditors falling due after more than one year at note 6.
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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