Company registration number 05434203 (England and Wales)
FISHNET PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
FISHNET PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FISHNET PROPERTIES LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
281
375
Investment property
4
13,901,873
16,589,373
13,902,154
16,589,748
Current assets
Debtors
5
2,122,282
1,437,656
Cash at bank and in hand
12,898
929
2,135,180
1,438,585
Creditors: amounts falling due within one year
6
(4,408,962)
(3,811,528)
Net current liabilities
(2,273,782)
(2,372,943)
Total assets less current liabilities
11,628,372
14,216,805
Creditors: amounts falling due after more than one year
7
(4,665,601)
(6,664,143)
Provisions for liabilities
(965,247)
(1,106,486)
Net assets
5,997,524
6,446,176
Capital and reserves
Called up share capital
4
4
Non-distributable profits reserve
8
3,840,817
4,606,637
Distributable profit and loss reserves
2,156,703
1,839,535
Total equity
5,997,524
6,446,176

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

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

FISHNET PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr P C Goodsir
Director
Company Registration No. 05434203
FISHNET PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Fishnet Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3a Chestnut House, Farm Close, Shenley, Hertfordshire, United Kingdom, WD7 9AD.

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 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 under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent and management charges receivable in respect of properties let to third party tenants under operating leases.

1.3
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:

Plant and equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

FISHNET PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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
FISHNET PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
3,750
Depreciation and impairment
At 1 May 2022
3,375
Depreciation charged in the year
94
At 30 April 2023
3,469
Carrying amount
At 30 April 2023
281
At 30 April 2022
375
4
Investment property
2023
£
Fair value
At 1 May 2022
16,589,373
Additions
132,525
Disposals
(1,912,966)
Revaluations
(907,059)
At 30 April 2023
13,901,873

Investment property comprises various freehold properties. The fair value of the investment property has been arrived at on the basis of the directors' estimate of the open market values for existing use as at the 30th April 2023.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
48,262
29,751
Other debtors
2,074,020
1,407,905
2,122,282
1,437,656
FISHNET PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
655,912
158,813
Trade creditors
58,500
11,613
Corporation tax
215,083
167,314
Other taxation and social security
5,993
4,604
Other creditors
3,473,474
3,469,184
4,408,962
3,811,528

 

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,665,601
6,664,143

The bank loans and overdraft are secured by fixed charges over the company's properties and by guarantees of up to £1,000,000 given by the shareholders.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,134,099
1,356,945
Payable other than by instalments
1,423,192
1,398,160
2,557,291
2,755,105
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
4,606,637
4,657,479
Non distributable profits in the year
(765,820)
(50,842)
At the end of the year
3,840,817
4,606,637
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