REGISTERED NUMBER: 13200440

 

 

 

 

 

 

 

 

 

 

 

 

Fajita Properties Limited

 

Unaudited Financial Statements

 

For the Year Ended 29 February 2024

Fajita Properties Limited (Registered number: 13200440)

 

 

 

 

Directors

R Turner

S Turner

 

 

 

 

 

 

Registered office

3 Maximus Gardens

Keynsham

Bristol

BS31 2GX

 

 

Registered number

13200440

 

 

 

 

Fajita Properties Limited

 

Contents

 

for the year ended 29 February 2024

 

 

Page

 

 

Statement of financial position

4 - 5

 

 

Notes to the financial statements

6 - 9

Fajita Properties Limited

 

Statement of Financial Position

 

as at 29 February 2024

 

 

 

2024

2023

Note

£

£

Fixed assets

 

 

 

Investment Property

5

259,529

259,529

Tangible assets

6

330

413

 

 

 

 

 

259,860

259,942

 

 

 

 

Current assets

 

 

 

Debtors

7

96

110

Cash at bank and in hand

8

2,537

2,495

 

 

 

 

 

2,633

2,606

 

 

 

 

Creditors: amounts falling due within one year

9

(61,598)

(67,962)

 

 

 

 

Net current assets

 

(58,966)

(65,357)

 

 

 

 

Total assets less current liabilities

 

200,894

194,586

 

 

 

 

Creditors: amounts falling due after more than one year

10

(190,313)

(190,313)

 

 

 

 

Provisions for liabilities

 

 

 

Deferred tax

 

(63)

(78)

 

 

 

 

Net assets

 

10,582

4,195

 

 

 

 

Capital and Reserves

 

 

 

Called up share capital

 

2

2

Retained earnings

 

10,517

4,193

 

 

 

 

Shareholders’ funds

 

10,519

4,195

 

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024

 

The director acknowledges his 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 Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statement, so far as applicable to the company.

 

Fajita Properties Limited

 

Statement of Financial Position – continued

 

as at 29 February 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 Statement of Comprehensive Income has not been delivered.

 

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:

 

 

 

 

R Turner - Director

Fajita Properties Limited

 

Notes to the Financial Statements

 

for the year ended 29 February 2024

 

1.     Statutory information

 

Fajita Properties Limited is a private company, limited by shares, registered in England and Wales. The company’s registered number and registered office can be found on the Company Information page.

 

The presentation currency of the financial statements is in the Pound Sterling (£).

 

The principle activity of the company is buying, selling and letting of real estate.

 

2.     Accounting policies

 

Basis of preparation of 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.

 

Turnover

 

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

 

The company recognises revenue when the amount of revenue can be measured reliably, when it is probably that future economic benefits will flow to the entity.

 

Investment property

 

Investment property is carried at cost. No deprecation is provided.

 

Tangible fixed assets

 

Tangible fixed assets ate measured at cost less accumulated depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

 

Fixtures, fittings & equipment

over 7 years

 

Debtors

 

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measure at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Fajita Properties Limited

 

Notes to the Financial Statements (continued)

 

for the year ended 29 February 2024

 

2.     Accounting policies (continued)

 

Creditors

 

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transactions costs and subsequently measured at amortised cost determined using the effective interest method.

 

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 the 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 statement of financial position date.

 

Deferred tax

 

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 loses 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.

 

Provisions

 

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

 

3.     Turnover

 

The company's turnover is derived from its principal activity. Turnover principally arises in the United Kingdom.

 

4.     Employees

2024

2023

 

 

 

Average number of persons employed by the company

2

2

Fajita Properties Limited

 

Notes to the Financial Statements (continued)

 

for the year ended 29 February 2024

 

5.     Investment Property

 

 

Investment Property

 

£

Cost

 

At 1 March 2023

259,529

At 29 February 2024

 

 

259,529

Net book value

 

At 29 February 2024

259,529

 

6.     Tangible fixed assets

 

Fixtures, fittings & equipment

£

Cost

 

At 1 March 2023

578

 

 

At 29 February 2024

578

 

 

Depreciation

 

At 1 March 2023

163

Charge for the year

85

 

 

At 29 February 2024

248

 

 

Net book value

 

At 29 February 2024

330

 

 

At 28 February 2023

413

 

7.     Debtors

2024

2023

£

£

 

 

 

Prepayments

96

110

 

 

 

96

110

Fajita Properties Limited

 

Notes to the Financial Statements (continued)

 

for the year ended 29 February 2024

 

8.     Cash

 

2024

2023

£

£

 

 

 

Cash at bank and at hand

2,537

2,495

 

 

 

2,537

2,495

 

9.     Creditors: amounts falling due within one year

 

2024

2023

£

£

Accruals

220

200

Corporation tax

1,499

905

Other creditors

59,879

66,857

 

 

 

61,598

67,962

 

10.     Creditors: amounts falling due after more than one year

 

2024

2023

£

£

Bank loan

190,313

190,313

 

 

 

190,313

190,313

 

12.     Related party disclosure

 

At the year end the company owed the directors £59,879.

 

The directors have a personal guarantee over the bank loan of £190,313.

 

13.     Ultimate controlling party

 

R Turner and S Turner are the ultimate controlling parties.