REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Fallings Park Industrial Estate Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Fallings Park Industrial Estate Limited |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Chairman’s Statement | 2 |
Report of the Directors | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
Fallings Park Industrial Estate Limited |
Company Information |
for the Year Ended 31 March 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
120 New Cavendish Street, |
London |
W1W 6XX |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Chairman’s Statement |
for the Year Ended 31 March 2024 |
General |
Industrial property seems to remain in demand for both occupation and investment despite the wider political uncertainties and bank interest rate challenges. Many in the business world might welcome clear political direction following a General Election to allow greater certainty for business planning and decision making. |
Financial Results |
We have secured a modest increase in income by depositing some cash at enhanced rates whilst expenditure has remained controlled at previous year levels, hence a slightly improved net profit in the year. The trade debtor figure at year end is related to a timing issue and expected quickly to be reduced. Significant legal expenditure on recovering monies due or other breaches of contract has been avoided. |
Board Composition |
Board membership has remained stable over the year. The appointment of at least one additional director remains a priority. |
The Estate |
Security and estate safety remain priorities whilst unauthorised parking has become a recurrent issue. Increasing building costs are an issue with implications for insurance costs. Service charge expenditure is having to increase given rising costs and the need to maintain a positive appearance for the estate. The balance of units believed to be "owner-occupied" (15) compared to investor-underlet (14) has changed only marginally. |
Professional Services |
The joint experience of Jaggard Macland LLP and Benjamin Taylor Diner Ltd continues to benefit the company. |
Martin Taylor |
Chairman |
17th July 2024 |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
£ | £ |
Turnover |
Administrative expenses | ( | ) | ( | ) |
Operating profit |
Interest receivable and similar income |
Profit before taxation |
Tax on profit | ( | ) | ( | ) |
Profit for the financial year |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( | ) | ( | ) |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 | 29 | 29 |
Non-distributable fair value | 9 | 500 | 500 |
Retained earnings | 9 | 24,315 | 22,237 |
Shareholders' funds |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is 24 Old Burlington Street, London, England, W1S 3AW. |
The company's principal business activity is the ownership and general administration of the industrial estate at Fallings Park, Wolverhampton. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is defined as management charges and expenses recoverable. |
Tangible fixed assets |
The company's interest in its freehold property is recorded at a nominal valuation. |
Going concern |
After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Land and |
buildings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
The value of the company's interest in its freehold property is shown at a purely nominal value as the principal income producing interest in that property, comprising the industrial buildings on the site, is subject to long leases at nominal ground rent. |
The remainder of the property is not generally open to beneficial use, as it is subject to rights of way in favour of the tenants of the industrial buildings. |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | Debtors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Tax |
Other creditors |
Accruals and deferred income |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary £1 Shares | 29 | 29 | 29 |
Share Capital |
Called-up share capital represents the nominal value of shares that have been issued. |
9. | Reserves |
Non-distributable |
Retained | fair |
earnings | value | Totals |
£ | £ | £ |
At 1 April 2023 | 22,237 | 500 | 22,737 |
Profit for the year | 2,078 | 2,078 |
At 31 March 2024 | 24,315 | 500 | 24,815 |
Retained earnings reserve records retained earnings and accumulated losses. |
The Non-distributable fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
10. | Related party disclosures |
During the year Martin Taylor Associates Limited, a company in which M.L. Taylor is a director and shareholder, invoiced Fallings Park Industrial Estate Limited £2,000 (2023: £2,000) for services provided. As at 31st March 2024: £Nil (2023: £Nil) was owed to Martin Taylor Associates Limited. |
Fallings Park Industrial Estate Limited (Registered number: 01514543) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | Ultimate controlling party |
The company is controlled by a voting majority of its members: there is no controlling related party. Management expenses are recovered from the members, including directors where applicable. |