REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FLAIRCROSS PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FLAIRCROSS PROPERTIES LIMITED |
FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FLAIRCROSS PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bedford I-Lab |
Priory Business Park |
Stannard Way |
Bedford |
Bedfordshire |
MK44 3RZ |
FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve | 8 |
Retained earnings | 8 |
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. |
FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Flaircross Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of houses and property exclusive of value added tax and direct selling expenses and rents received from properties retained in the company. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
Fair values are determined by the directors who review the property against similar properties that have been recently sold details of which can be found on the internet. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
During the year the directors continued to take steps to actively improve the saleability of the land at Hemingford Grey. At present it can only be described as agricultural land suitable for pasture and has been valued on that basis. |
Should it be classed as development land then the potential value could be as high as £25,000 per acre compared to the £7,425 per acre that it is currently estimated using data from Frank Knight published March 2022. |
The land has been put forward for consideration by the local council as part of their "Call for sites" initiative. Drainage and transport studies were carried at to support this application. It is not expected for any decision to be made on this until later on in 2024. |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 1999 | 34,927 |
Valuation in 2010 | 195,600 |
Valuation in 2016 | 85,000 |
Valuation in 2017 | 10,000 |
Valuation in 2020 | 50,000 |
Valuation in 2021 | 15,000 |
Valuation in 2022 | 72,373 |
Cost | 15,301 |
478,201 |
The residential property is revalued by the directors who take in to consideration recent market values of similar properties and the estimated value per Zoopla. There was no revaluation in the year ended 31 December 2023 or 2022. |
FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary shares | £1 | 93 | 93 |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 610,858 |
Deficit for the year | ( |
) | - | ( |
) |
At 31 December 2023 | 602,660 |
The revaluation of the Investments Properties is net of £115,725 of deferred tax. |