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REGISTERED NUMBER: 02637508




















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

F C S Properties Limited

F C S Properties Limited (Registered number: 02637508)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


F C S Properties Limited

Company Information
for the year ended 30 June 2024







DIRECTORS: Mr M B Fay
Mr K E Williams
Mr A Biddle
Mr M S Tamburro





SECRETARY: Mr M B Fay





REGISTERED OFFICE: Wood Lane
Erdington
Birmingham
West Midlands
B24 9QL





REGISTERED NUMBER: 02637508





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

F C S Properties Limited (Registered number: 02637508)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,559,571 4,559,571

CURRENT ASSETS
Debtors 5 21,600 1,051
Cash at bank and in hand 119,348 91,393
140,948 92,444
CREDITORS
Amounts falling due within one year 6 169,858 378,081
NET CURRENT LIABILITIES (28,910 ) (285,637 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,530,661

4,273,934

PROVISIONS FOR LIABILITIES 190,830 190,830
NET ASSETS 4,339,831 4,083,104

CAPITAL AND RESERVES
Called up share capital 8 600 600
Fair value reserve 9 604,070 604,070
Retained earnings 9 3,735,161 3,478,434
SHAREHOLDERS' FUNDS 4,339,831 4,083,104

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

F C S Properties Limited (Registered number: 02637508)

Balance Sheet - continued
30 June 2024


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 3 September 2024 and were signed on its behalf by:




Mr M B Fay - Director



Mr K E Williams - Director


F C S Properties Limited (Registered number: 02637508)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

F C S Properties Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for the investment property.

The financial statements prepared to 30 June each year and are presented in Sterling (£).

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value added tax and other sales tax in relation to the rental of a property under a lease.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

F C S Properties Limited (Registered number: 02637508)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate 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.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 4,559,571
NET BOOK VALUE
At 30 June 2024 4,559,571
At 30 June 2023 4,559,571

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2021 763,320
Cost 3,796,251
4,559,571

Both properties were revalued to an open market basis in October, 2021. The Birmingham based Investment property valuation was carried out by Holt Commercial and the Nottingham based Investment property valuation was carried out by Chivers Commercial.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,600 573
Other debtors - 478
21,600 1,051

F C S Properties Limited (Registered number: 02637508)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans - 50,000
Tax 84,258 67,814
VAT 17,100 17,099
Other creditors 67,500 67,500
Directors' current accounts - 174,026
Accruals and deferred income 1,000 1,642
169,858 378,081

7. FINANCIAL RISK MANAGEMENT

The company does not have exposure to foreign currency or credit risks, but does have some exposure to interest rate and Liquidity risks. These risks are limited by the company's financial management policies and practices described below.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. The directors manage liquidity between secured bank financing and interest free, unsecured, related party borrowings.

Interest rate risk

The company is exposed to interest rate risk and any movements in the Bank of England's base rate, but the company actively manages the risk by overpaying on mortgages to try and eliminate the balance during a time of low interest rate to protect against rises in interest rate which will inevitably happen over time.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600 Ordinary £1 600 600

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2023 3,478,434 604,070 4,082,504
Profit for the year 256,727 256,727
At 30 June 2024 3,735,161 604,070 4,339,231

10. RELATED PARTY DISCLOSURES

At the year end, the company owed £nil (2023: £224,026) by persons with significant control, with £224,999 being repaid in the year.

During the year, the company charged rent amounting to £343,433 (2023: £343,814) to a company in which there was common control. There was sales ledger balance outstanding of £21,600 (2023: £573), which was paid shortly after the year end.