Company registration number 12896824 (England and Wales)
UPPER FLOCO FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
UPPER FLOCO FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UPPER FLOCO FREEHOLD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 September 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
167,600
167,600
Current assets
Debtors
4
1,750
Cash at bank and in hand
21,060
24,539
21,060
26,289
Creditors: amounts falling due within one year
5
(21,931)
(24,570)
Net current (liabilities)/assets
(871)
1,719
Net assets
166,729
169,319
Capital and reserves
Called up share capital
6
15
15
Freehold contribution reserve
167,600
167,600
Profit and loss reserves
(886)
1,704
Total equity
166,729
169,319
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
TH Wood
Director
Company registration number 12896824 (England and Wales)
UPPER FLOCO FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Upper Floco Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is 130 Crofton Road, Orpington, Kent, BR6 8HZ.
1.1
Reporting period
The company has chosen to lengthen its reporting year date from 30 September to 31 December to report a 15 month period. The reason for the change is to align the dormant company accounts with the service charge year end for which they own the freehold interest and act as agent on behalf of the lessees.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2023 are the first financial statements of Upper Floco Freehold Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2021. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
UPPER FLOCO FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs . Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans are classified as debt, are initially recognised at transaction price Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
During the year the company has acted as agent for the lessees of the property at Florence Court, Florence Street, London N1 and The Old Police Station, 277 Upper Street, London N1. The funds in relation to the maintenance of the property are held in trust. As at 31 December 2023 the cash balance held on behalf of the lessees amounted to £53,521.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Upper Floco Freehold Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
UPPER FLOCO FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2022 and 31 December 2023
167,600
Depreciation and impairment
At 1 October 2022 and 31 December 2023
Carrying amount
At 31 December 2023
167,600
At 30 September 2022
167,600
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,750
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
21,931
24,570
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15
15
15
15
UPPER FLOCO FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2021
2022
£
£
Equity as reported under previous UK GAAP and under FRS 102
140,828
125,732
Adjustments to prior period (note 8)
27,338
43,587
As restated
168,166
169,319
Reconciliation of (loss)/profit for the financial period
2022
£
Loss as reported under previous UK GAAP and under FRS 102
(15,098)
Adjustments to prior period (note 8)
16,248
As restated
1,150
Notes to reconciliations on adoption of FRS 102
There were no adjustments to the prior year accounts as a result of the adoption of FRS 102
UPPER FLOCO FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
8
Prior period adjustment
On review of the previous accounts a number of prior year adjustments were carried out to correct the carried forward position as at 30 September 2022. The following adjustments are detailed and shown in the table below:
It was resolved that the service charge assets and associated liabilities in relation to the maintenance of the property governed by the lease should be held in trust and therefore reported separately from the statutory accounts. The costs reported in the 2022 accounts have therefore been removed.
It was noted that an additional share issue had not been recognised.
On review of the freeholder purchased documentation a reclassification from share premium to freehold contribution was made since no share were issued at a premium.
The costs of the freehold and associated contributions had not been fully recognised. The cost and associated reserve have therefore been increase to include the legal costs incurred.
Changes to the balance sheet
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment at 1 Oct 2021
Adjustment at 30 Sep 2022
As restated at 30 Sep 2022
£
£
£
£
Fixed assets
Tangible assets
140,000
27,600
-
167,600
Current assets
Debtors due within one year
18,946
-
(17,196)
1,750
Creditors due within one year
Other creditors
(57,753)
(262)
33,445
(24,570)
Net assets
125,732
27,338
16,249
169,319
Capital and reserves
Share capital
14
1
15
Share premium
141,566
(141,566)
-
-
Freehold contribution reserve
-
167,600
-
167,600
Profit and loss reserves
(15,848)
1,304
16,248
1,704
Total equity
125,732
27,338
16,249
169,319