Registration number:
Firestone Investments Limited
for the Year Ended 31 December 2023
Firestone Investments Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Firestone Investments Limited
(Registration number:
01223322
)
Balance Sheet
as at
31 December 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account - non-distributable |
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Profit and loss account - distributable |
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Shareholders' funds |
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For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Firestone Investments Limited
(Registration number:
01223322
)
Balance Sheet
as at
31 December 2023
Approved and authorised by the
.........................................
Mrs Rachel Catherine Abbott
Director
Firestone Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital incorporated in England. The address of the registered office is 29 Bridge Street, Belper, Derby, DE56 1AY.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with FRS102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS102) and the requirements of the Companies Act 2006 as applicable to the small companies regime. The requirements of Section 1A of FRS102 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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents gross sale of completed property developments and rental income generated from the company's investment property portfolio. Revenue from property development sales is recognised on legal completion. Rental income is recognised in accordance with the terms of the property leases.
Interest income and dividends on equity securities are recognised in income when receivable.
Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
It also represents any over/under provision of corporation tax for a prior year.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
Firestone Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office and computer equipment |
33.3% Straight line |
Plant and equipment |
25% Reducing balance |
Investment properties
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors and creditors receivable/payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing stocks to their present location and condition.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Firestone Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Office and computer equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
2023 |
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Fair value |
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At 1 January 2023 |
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Additions |
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Fair value adjustments |
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At 31 December 2023 |
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The fair value of the freehold investment properties has been determined by David Brown MRICS at 31 December 2022 on an open market basis with consideration for the nature and condition of the properties and subject to existing tenancies and by reference to similar properties. The director's have considered the fair values as at 31 December 2023 and consider that these remain a true reflection of the open market values. The historical cost is £2,804,006 (2022 - £2,680,039).
Firestone Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Shares in participating interests |
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Listed investments |
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Shares in participating interests |
£ |
Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Listed Investments |
£ |
Valuation |
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At 1 January 2023 |
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Revaluation |
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Additions |
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Disposals |
( |
At 31 December 2023 |
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Stocks |
2023 |
2022 |
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Developments in progress |
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Firestone Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Expenditure with and payables to related parties
2023 |
Key management |
Amounts payable to related party |
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2022 |
Key management |
Amounts payable to related party |
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