Company registration number 03218872 (England and Wales)
FWB PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FWB PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FWB PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,395,000
3,760,000
Current assets
Cash at bank and in hand
222,504
130,304
Creditors: amounts falling due within one year
4
(616,548)
(662,668)
Net current liabilities
(394,044)
(532,364)
Total assets less current liabilities
4,000,956
3,227,636
Provisions for liabilities
(389,463)
(230,463)
Net assets
3,611,493
2,997,173
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
6
1,274,925
798,925
Profit and loss reserves
2,335,568
2,197,248
Total equity
3,611,493
2,997,173
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr A J Key
Mr J A Key
Director
Director
Company registration number 03218872 (England and Wales)
FWB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
FWB Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whieldon Road, Stoke on Trent, Staffordshire, ST4 4JE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of land and buildings at fair value.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable.Turnover is presented net of VAT and other sales related taxes.
Revenue from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease.
1.3
Tangible fixed assets
Depreciation on tangible fixed assets is charged to the profit or loss so as to write off their value, over their estimated useful lives on the following bases:
Freehold land and buildings
Not provided
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.
Depreciation on freehold buildings is not provided, as any uncharged depreciation for the year and the accumulated uncharged depreciation would be immaterial in aggregate, as a result of the company's policy to maintain properties in good condition which substantially prolongs their life, and the estimated higher residual values of the properties. Tangible fixed assets which are not depreciated will be reviewed for impairment annually by the directors in accordance with Financial Reporting Standard 102.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand. Bank borrowings and overdrafts are included in creditors.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FWB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.7
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.
1.8
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
FWB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 January 2023
3,760,000
Revaluation
635,000
At 31 December 2023
4,395,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
4,395,000
At 31 December 2022
3,760,000
During the year land and buildings with a carrying amount of £4,395,000 were revalued by Alder King Property Consultants and Mounsey Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Had the land and buildings been valued at historic cost:
Land and Buildings
2023
2022
£
£
Cost
2,833,741
2,833,741
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
526,429
625,509
Corporation tax
50,000
32,268
Other taxation and social security
20,119
4,891
Other creditors
20,000
616,548
662,668
FWB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
389,463
230,463
2023
Movements in the year:
£
Liability at 1 January 2023
230,463
Charge to profit or loss
159,000
Liability at 31 December 2023
389,463
The deferred tax asset set out above relates to the revaluation of land and buildings and will reverse when the land and buildings are sold.
6
Revaluation reserve
2023
2022
£
£
At the beginning of the year
798,925
798,925
Revaluation surplus arising in the year
476,000
At the end of the year
1,274,925
798,925
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Karen Staley FCA BSc (Hons)
Statutory Auditor:
Geens Limited
Date of audit report:
15 August 2024
8
Parent company
The ultimate controlling party is FWB Holdings Limited by virtue of their controlling interest.
The immediate parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is FWB Holdings Limited. Copies of FWB Holdings Limited financial statements can be obtained from the registered office at Whieldon Road, Stoke-on-Trent, ST4 4JE.