Company registration number 12294515 (England and Wales)
FIFTI PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIFTI PROPERTY LIMITED
COMPANY INFORMATION
Director
Mr B N Pattni
Company number
12294515
Registered office
Radcliffe House
Blenheim Court
Warwick Road
Solihull
West Midlands
B91 2AA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
1 Legg Street
Chelmsford
Essex
CM1 1JS
FIFTI PROPERTY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FIFTI PROPERTY LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIFTI PROPERTY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fifti Property Limited for the year ended 31 December 2023 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Fifti Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fifti Property Limited and state those matters that we have agreed to state to the board of directors of Fifti Property 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 Fifti Property Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Fifti Property 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 Fifti Property Limited. You consider that Fifti Property 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 Fifti Property 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.

Ormerod Rutter Limited
12 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FIFTI PROPERTY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,714
867
Current assets
Debtors
4
7,995
13,370
Cash at bank and in hand
1
-
0
7,996
13,370
Creditors: amounts falling due within one year
5
(10,386)
(10,292)
Net current (liabilities)/assets
(2,390)
3,078
Total assets less current liabilities
(676)
3,945
Creditors: amounts falling due after more than one year
6
-
0
(2,571)
Provisions for liabilities
7
(326)
(165)
Net (liabilities)/assets
(1,002)
1,209
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(1,102)
1,109
Total equity
(1,002)
1,209

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year 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 director acknowledges his 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 year 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.

FIFTI PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2024.
Mr B N Pattni
Director
Company Registration No. 12294515
FIFTI PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Fifti Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Radcliffe House, Blenheim Court, Warwick Road, Solihull, West Midlands, United Kingdom, B91 2AA.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.4
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:

Computer equipment
33% on cost
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

FIFTI PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
1,349
Additions
1,297
At 31 December 2023
2,646
Depreciation and impairment
At 1 January 2023
482
Depreciation charged in the year
450
At 31 December 2023
932
Carrying amount
At 31 December 2023
1,714
At 31 December 2022
867
FIFTI PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,995
13,370
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,969
1,085
Trade creditors
2,020
1,197
Taxation and social security
3,463
3,296
Other creditors
2,934
4,714
10,386
10,292
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
2,571
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
326
165
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
210
59
Bank loans
1,759
3,597
1,969
3,656
Bank loans are secured by way of a government-backed guarantee.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
FIFTI PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Control

Ultimate parent company

The ultimate parent company is FIFTI Holdings Limited, a company registered in England and Wales.

 

Ultimate controlling party

The ultimate controlling party is Mr B N Pattni by virtue of his controlling interest in the ultimate parent company.

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