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REGISTERED NUMBER: 12494356 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FSC PROPERTY HOLDINGS LTD

FSC PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 12494356)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FSC PROPERTY HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: O S Harris
F S Collman
A M Collman





REGISTERED OFFICE: Thameside House
Hurst Road
East Molesey
KT8 9AY





REGISTERED NUMBER: 12494356 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

FSC PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 12494356)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,145,524 1,145,524

CURRENT ASSETS
Debtors 5 10,418 10,003
Cash at bank 3,803 2,813
14,221 12,816
CREDITORS
Amounts falling due within one year 6 510,353 425,438
NET CURRENT LIABILITIES (496,132 ) (412,622 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

649,392

732,902

CREDITORS
Amounts falling due after more than one
year

7

735,000

735,000
NET LIABILITIES (85,608 ) (2,098 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (85,609 ) (2,099 )
(85,608 ) (2,098 )

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.

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 2 April 2024 and were signed on its behalf by:





O S Harris - Director


FSC PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 12494356)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

FSC Property Holdings Ltd 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 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.

Going concern
Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has the support of the director via a creditor which is subject to common control and has confirmed it will not demand repayment of amounts owing to it to the detriment of the company's ability to meet it's liabilities as they fall due for the foreseeable future. The director confirms financial facilities will remain available to the company for at least the next 12 months.

Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover comprises of rental income recognised on an accrual basis.

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

FSC PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 12494356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,145,524
NET BOOK VALUE
At 31 December 2023 1,145,524
At 31 December 2022 1,145,524

Investment property is held at cost which the director believes to be fair value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 9,977 9,595
Prepayments 441 408
10,418 10,003

FSC PROPERTY HOLDINGS LTD (REGISTERED NUMBER: 12494356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 508,283 423,565
Accruals and deferred income 2,070 1,873
510,353 425,438

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 735,000 735,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 735,000

The loan is an interest only mortgage repayable over 5 years relating to the investment property held by the company. A guarantee is held over the mortgage charge by the director, O Harris, limited to £735,000 plus any related interest and costs.

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 735,000 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 735,000

9. RELATED PARTY DISCLOSURES

Montreux Group Overseas Limited
Common control

During the year, the company received net loan advances of £32,000 (2022: £5,499) from Montreux Group Overseas Limited. As at 31st December 2023 the net balance outstanding to Montreux Group Overseas Limited was £455,565 (2022: £423,565). Interest is charged on the loan at 12% per annum and during the year interest of £52,718 (2022: £nil) was charged on the loan. The loan is repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is O S Harris.

11. CHARGES

The company has five existing charges held against property in relation to mortgages, that remain outstanding at the balance sheet date.