Company registration number 07991942 (England and Wales)
FURLONG & HIGGS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FURLONG & HIGGS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FURLONG & HIGGS PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
300,000
300,000
Current assets
Cash at bank and in hand
383
383
Creditors: amounts falling due within one year
4
(48,642)
(37,068)
Net current liabilities
(48,259)
(36,685)
Total assets less current liabilities
251,741
263,315
Creditors: amounts falling due after more than one year
5
(109,854)
(118,132)
Provisions for liabilities
(25,507)
(25,507)
Net assets
116,380
119,676
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
113,008
113,008
Profit and loss reserves
3,371
6,667
Total equity
116,380
119,676

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

FURLONG & HIGGS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
A J B Higgs
Director
Company Registration No. 07991942
FURLONG & HIGGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Furlong & Higgs Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 501, The Nexus Building, Broadway, Letchworth Garden City, Herts, SG6 9BL.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Included within current liabilities is a balance of £48,642 owing to Furlong and Higgs Limited, a company where A J B Higgs is director and shareholder. This loan is not repayable on demand and Furlong & Higgs Properties have its continued support in order to meet its obligations as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable from property rental net of VAT.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FURLONG & HIGGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value, which are dealt with through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FURLONG & HIGGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
300,000

The value of this investment property was reviewed by the director and was deemed to be the fair value at the balance sheet date.

FURLONG & HIGGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
428
Other creditors
48,642
36,640
48,642
37,068
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
109,854
118,132

The mortgage is secured by a legal charge over the property.

6
Related party transactions

At the balance sheet date the company owed £48,642 (2023: £36,640) to Furlong and Higgs Limited, a company where A J B Higgs is also director.

 

There are no terms relating to the payment of interest or repayment of capital on this loan.

7
Parent company

The ultimate controlling party is A J B Higgs, the director.

FURLONG & HIGGS PROPERTIES LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
£
£
Administrative expenses
Rental costs
1,610
1,783
1,610
1,783
2024-03-312023-04-01false30 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityA J B Higgsfalsefalse079919422023-04-012024-03-31079919422024-03-31079919422023-03-3107991942core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107991942core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107991942core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3107991942core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107991942core:CurrentFinancialInstruments2024-03-3107991942core:CurrentFinancialInstruments2023-03-3107991942core:ShareCapital2024-03-3107991942core:ShareCapital2023-03-3107991942bus:Director12023-04-012024-03-31079919422022-04-012023-03-31079919422023-03-3107991942core:Non-currentFinancialInstruments2024-03-3107991942core:Non-currentFinancialInstruments2023-03-3107991942bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107991942bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107991942bus:FRS1022023-04-012024-03-3107991942bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107991942bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP