IRIS Accounts Production v24.2.0.383 10317853 director 1.1.23 31.12.23 31.12.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103178532022-12-31103178532023-12-31103178532023-01-012023-12-31103178532021-12-31103178532022-01-012022-12-31103178532022-12-3110317853ns15:EnglandWales2023-01-012023-12-3110317853ns14:PoundSterling2023-01-012023-12-3110317853ns10:Director12023-01-012023-12-3110317853ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110317853ns10:SmallEntities2023-01-012023-12-3110317853ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3110317853ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110317853ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110317853ns10:FullAccounts2023-01-012023-12-3110317853ns10:RegisteredOffice2023-01-012023-12-3110317853ns5:CurrentFinancialInstruments2023-12-3110317853ns5:CurrentFinancialInstruments2022-12-3110317853ns5:Non-currentFinancialInstruments2023-12-3110317853ns5:Non-currentFinancialInstruments2022-12-3110317853ns5:ShareCapital2023-12-3110317853ns5:ShareCapital2022-12-3110317853ns5:RevaluationReserve2023-12-3110317853ns5:RevaluationReserve2022-12-3110317853ns5:RetainedEarningsAccumulatedLosses2023-12-3110317853ns5:RetainedEarningsAccumulatedLosses2022-12-3110317853ns5:FurnitureFittings2023-01-012023-12-3110317853ns5:MotorVehicles2023-01-012023-12-3110317853ns5:ComputerEquipment2023-01-012023-12-3110317853ns5:FurnitureFittings2022-12-3110317853ns5:MotorVehicles2022-12-3110317853ns5:ComputerEquipment2022-12-3110317853ns5:FurnitureFittings2023-12-3110317853ns5:MotorVehicles2023-12-3110317853ns5:ComputerEquipment2023-12-3110317853ns5:FurnitureFittings2022-12-3110317853ns5:MotorVehicles2022-12-3110317853ns5:ComputerEquipment2022-12-3110317853ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110317853ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110317853ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3110317853ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3110317853ns5:Secured2023-12-3110317853ns5:Secured2022-12-3110317853ns5:PreviouslyStatedAmountns5:DeferredTaxation2022-12-3110317853ns5:PriorPeriodIncreaseDecreasens5:DeferredTaxation2023-12-3110317853ns5:DeferredTaxation2023-12-3110317853ns5:DeferredTaxation2023-01-012023-12-31
REGISTERED NUMBER: 10317853 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FLARE HOMES LTD

FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FLARE HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: S S Krishan





REGISTERED OFFICE: 7 Bell Yard
London
WC2A 2JR





REGISTERED NUMBER: 10317853 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
As restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 148,797 188,454
Investment property 5 11,666,731 10,855,000
11,815,528 11,043,454

CURRENT ASSETS
Debtors 6 1,307,325 790,136
Cash at bank 9,859 478,506
1,317,184 1,268,642
CREDITORS
Amounts falling due within one year 7 (1,544,074 ) (69,882 )
NET CURRENT (LIABILITIES)/ASSETS (226,890 ) 1,198,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,588,638

12,242,214

CREDITORS
Amounts falling due after more than one
year

8

(7,060,370

)

(7,686,148

)

PROVISIONS FOR LIABILITIES 10 (354,900 ) (366,300 )
NET ASSETS 4,173,368 4,189,766

CAPITAL AND RESERVES
Called up share capital 3,850,100 3,850,100
Revaluation reserve 809,600 802,886
Retained earnings (486,332 ) (463,220 )
4,173,368 4,189,766

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 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 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.

FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

BALANCE SHEET - continued
31 DECEMBER 2023


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 director and authorised for issue on 25 September 2024 and were signed by:





S S Krishan - Director


FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

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


1. STATUTORY INFORMATION

Flare Homes 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.

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


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is comprised of rents received from investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss and then transferred to a revaluation reserve.

Financial instruments
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.

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.

FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

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


2. ACCOUNTING POLICIES - continued

Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence.

3. EMPLOYEES

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 291,571 75,898 10,155 377,624
Additions 120,461 - 95 120,556
Disposals - (75,898 ) - (75,898 )
Reclassification/transfer 30,079 - - 30,079
At 31 December 2023 442,111 - 10,250 452,361
DEPRECIATION
At 1 January 2023 133,982 46,590 8,598 189,170
Charge for year 160,434 5,743 550 166,727
Eliminated on disposal - (52,333 ) - (52,333 )
At 31 December 2023 294,416 - 9,148 303,564
NET BOOK VALUE
At 31 December 2023 147,695 - 1,102 148,797
At 31 December 2022 157,589 29,308 1,557 188,454

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 10,855,000
Additions 811,731
Revaluations 30,079
Reclassification/transfer (30,079 )
At 31 December 2023 11,666,731
NET BOOK VALUE
At 31 December 2023 11,666,731
At 31 December 2022 10,855,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 701,974
Valuation in 2021 (477,879 )
Valuation in 2022 89,302
Cost 11,353,334
11,666,731

FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

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


5. INVESTMENT PROPERTY - continued

All of the investment properties were valued by the director on an open market basis at 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
As restated
£    £   
Trade debtors 70,794 59,050
Amounts owed by group undertakings 1,152,785 637,489
Amounts owed by participating interests - 206
Other debtors 83,746 93,391
1,307,325 790,136

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
As restated
£    £   
Bank loans and overdrafts 1,410,480 -
Trade creditors 64,850 9,926
Amounts owed to group undertakings 22 -
Amounts owed to participating interests 663 -
Taxation and social security 38,931 7,794
Other creditors 29,128 52,162
1,544,074 69,882

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
As restated
£    £   
Bank loans 7,060,370 7,686,148

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 7,060,370 6,174,412

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
As restated
£    £   
Bank loans 8,470,850 7,686,148

Lloyds Bank PLC, Paragon Bank PLC and Onesavings Bank PLC hold fixed charges over specific investment property.

FLARE HOMES LTD (REGISTERED NUMBER: 10317853)

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


10. PROVISIONS FOR LIABILITIES
2023 2022
As restated
£    £   
Deferred tax 269,900 276,300
Other provisions 85,000 90,000
354,900 366,300

Deferred
tax
£   
Balance at 1 January 2023
As previously reported 269,000
Prior year adjustment 7,300
As restated 276,300
Provided during year (6,400 )
Balance at 31 December 2023 269,900