Company registration number 13216245 (England and Wales)
FLINDERS REAL ESTATE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PAGES FOR FILING WITH REGISTRAR
FLINDERS REAL ESTATE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FLINDERS REAL ESTATE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
AUD
AUD
AUD
AUD
Fixed assets
Investments
3
2,947,500
2,947,500
Current assets
Debtors
5
43,092,368
36,267,370
Cash at bank and in hand
8,219
32,462
43,100,587
36,299,832
Creditors: amounts falling due within one year
6
(44,775,892)
(38,329,595)
Net current liabilities
(1,675,305)
(2,029,763)
Net assets
1,272,195
917,737
Capital and reserves
Called up share capital
7
178
178
Profit and loss reserves
1,272,017
917,559
Total equity
1,272,195
917,737
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Paolo Balen
Madan Harree
Director
Director
Company registration number 13216245 (England and Wales)
FLINDERS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Flinders Real Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 13 Charles II Street, London, United Kingdom, SW1Y 4QU.
1.1
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 AUD which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest AUD.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
Debtors
Other than loans, debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
FLINDERS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as 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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than AUD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FLINDERS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
AUD
AUD
Shares in group undertakings and participating interests
2,947,500
2,947,500
FLINDERS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Coweley Flinders Pty Ltd
Australia
Ordinary
98.25
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
AUD
AUD
Coweley Flinders Pty Ltd
(11,489,062)
(18,776,301)
5
Debtors
2023
2022
Amounts falling due within one year:
AUD
AUD
Amounts owed by group undertakings
43,092,220
36,267,238
Other debtors
148
132
43,092,368
36,267,370
6
Creditors: amounts falling due within one year
2023
2022
AUD
AUD
Corporation tax
23,294
55,859
Other taxation and social security
168
133
Other creditors
44,752,430
38,273,603
44,775,892
38,329,595
7
Called up share capital
2023
2022
AUD
AUD
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
178
178
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
FLINDERS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Sooreeyen Iyaroo
Statutory Auditor:
Barnes Roffe LLP
Date:
FLINDERS REAL ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Related party transactions
Included within debtors is a loan of AUD 43,092,220 (2022 - AUD 36,267,238) due from the subsidiary. This loan includes interest of AUD 1,569,720 of which AUD 464,982 which was accrued during the year. This loan is repayable upon demand.
Other creditors include interest free loans from the shareholder of AUD 44,725,707 (2022 - AUD 38,260,438). The loans are unsecured and repayable upon demand.
Also included within other creditors is an amount due to Coweley Limited a related company, of AUD 19,723 (2022 - AUD 13,165) in respect of costs incurred during the period paid by Coweley Limited. This is an interest free loan and repayable upon demand.
10
Parent company
The Company's immediate parent company is Flinders Properties S.A., a company domiciled and registered in the Cayman Islands.
The ultimate controlling party is ST Group Holding Inc. which is a company registered in the Cayman Islands.