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REGISTERED NUMBER: 00796582 (England and Wales)















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: J E Pask
J Papworth





REGISTERED OFFICE: Appleacre
6 Church Street
Fenstanton
Huntingdon
Cambridgeshire
PE28 9JL





REGISTERED NUMBER: 00796582 (England and Wales)





ACCOUNTANTS: Wright Connections Limited
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 4 333 392
Investment property 5 478,201 478,201
478,534 478,593

CURRENT ASSETS
Cash at bank 241,479 249,629

CREDITORS
Amounts falling due within one year 6 1,535 1,546
NET CURRENT ASSETS 239,944 248,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

718,478

726,676

PROVISIONS FOR LIABILITIES 115,725 115,725
NET ASSETS 602,753 610,951

CAPITAL AND RESERVES
Called up share capital 7 93 93
Fair value reserve 8 347,175 347,175
Retained earnings 8 255,485 263,683
SHAREHOLDERS' FUNDS 602,753 610,951

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

FLAIRCROSS PROPERTIES LIMITED (REGISTERED NUMBER: 00796582)

BALANCE SHEET - continued
31 DECEMBER 2023


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 11 September 2024 and were signed on its behalf by:




J E Pask - Director



J Papworth - Director


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 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.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

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 2 (2022 - 2 ) .

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 3,588
DEPRECIATION
At 1 January 2023 3,196
Charge for year 59
At 31 December 2023 3,255
NET BOOK VALUE
At 31 December 2023 333
At 31 December 2022 392

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 478,201
NET BOOK VALUE
At 31 December 2023 478,201
At 31 December 2022 478,201

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 245 147
Other creditors 1,290 1,399
1,535 1,546

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
93 Ordinary shares £1 93 93

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

At 1 January 2023 263,683 347,175 610,858
Deficit for the year (8,198 ) - (8,198 )
At 31 December 2023 255,485 347,175 602,660

The revaluation of the Investments Properties is net of £115,725 of deferred tax.