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Company registration number:
08901130
Felix Estates Limited
Unaudited filleted financial statements
31 December 2023
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Felix Estates Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Felix Estates Limited
Directors and other information
|
|
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|
Directors |
Mr A Sheibani |
|
|
Mr O Sheibani |
|
|
Mr A A Sheibani |
|
|
Mr Y Muhammad |
|
|
|
|
|
|
|
Company number |
08901130 |
|
|
|
|
|
|
|
Registered office |
Unit 1 Prospect Park |
|
|
Grangefield Road |
|
|
Pudsey |
|
|
Leeds |
|
|
LS28 6LF |
|
|
|
|
|
|
|
Accountants |
The Barker Partnership |
|
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17 Central Buildings |
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Market Place |
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Thirsk |
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North Yorkshire |
|
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YO7 1HD |
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|
Felix Estates Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Felix Estates Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Felix Estates Limited for the year ended 31 December 2023 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Felix Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Felix Estates Limited and state those matters that we have agreed to state to the board of directors of Felix Estates Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Felix Estates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Felix Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Felix Estates Limited. You consider that Felix Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Felix Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
23 September 2024
Felix Estates Limited
Balance sheet
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
1,471,316 |
|
|
|
1,483,492 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,471,316 |
|
|
|
1,483,492 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
40,331 |
|
|
|
37,273 |
|
|
Cash at bank and in hand |
|
|
152,558 |
|
|
|
64,734 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
192,889 |
|
|
|
102,007 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
1,673,545) |
|
|
|
(
1,593,805) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
1,480,656) |
|
|
|
(
1,491,798) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
9,340) |
|
|
|
(
8,306) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
9,340) |
|
|
|
(
8,306) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
(
9,440) |
|
|
|
(
8,406) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
9,340) |
|
|
|
(
8,306) |
|
|
|
|
|
_______ |
|
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|
_______ |
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
23 September 2024
, and are signed on behalf of the board by:
Mr A Sheibani
Director
Company registration number:
08901130
Felix Estates Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Prospect Park, Grangefield Road, Pudsey, Leeds, LS28 6LF.
The principal activity of the company is that of property rental.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on the going concern basis, the validity of which is dependent upon the continued support of the director and companies associated with him.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for rents and service charges, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in thereporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured atthe amounts of tax expected to pay or recover using the tax rates and laws that have been enacted orsubstantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that it is probable that they will berecovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax ismeasured using the tax rates and laws that have been enacted or substantively enacted by thereporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
2 % |
straight line |
|
Leasehold properties |
- |
over the term of the lease |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangementconstitutes a financing transaction, where it is recognised at the present value of the future paymentsdiscounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
2
).
5.
Tangible assets
|
|
Investment property |
Long leasehold property |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
983,782 |
598,745 |
1,582,527 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
- |
99,035 |
99,035 |
|
|
|
|
|
Charge for the year |
- |
12,176 |
12,176 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
- |
111,211 |
111,211 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
983,782 |
487,534 |
1,471,316 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
983,782 |
499,710 |
1,483,492 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
18,265 |
36,988 |
|
Other debtors |
|
22,066 |
285 |
|
|
|
_______ |
_______ |
|
|
|
40,331 |
37,273 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,542 |
25,203 |
|
Corporation tax |
|
3,109 |
3,389 |
|
Social security and other taxes |
|
11,239 |
- |
|
Other creditors |
|
1,657,655 |
1,565,213 |
|
|
|
_______ |
_______ |
|
|
|
1,673,545 |
1,593,805 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Related party transactions
During the period the company charged rent and service charges to Metprint Limited, a company connected to
Mr A Sheibani
. In addition, Metprint Limited charged the company other operating costs.At the year end a net amount of £58,840 (2022 - £768 debtor) was owed to Metprint Limited. During the period one of the Directors provided the company with an interest free unsecured loan, which has no fixed repayment terms. The balance outstanding and included in creditors is £1,181,597 (2022 - £1,181,597).Included within creditors are amounts totalling £334,881 (2022 - £372,282) which are due to other companies connected to Mr Sheibani.