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COMPANY REGISTRATION NUMBER: 11229487
FITZALAN HOUSE (CARDIFF) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
FITZALAN HOUSE (CARDIFF) LIMITED
FINANCIAL STATEMENTS
Year ended 31 March 2024
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
FITZALAN HOUSE (CARDIFF) LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
4
2,608,716
2,608,716
CURRENT ASSETS
Debtors
5
70,486
45,070
Cash at bank and in hand
222,161
189,579
---------
---------
292,647
234,649
CREDITORS: amounts falling due within one year
6
( 272,428)
( 254,356)
---------
---------
NET CURRENT ASSETS/(LIABILITIES)
20,219
( 19,707)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,628,935
2,589,009
CREDITORS: amounts falling due after more than one year
7
( 1,649,014)
( 1,783,930)
------------
------------
NET ASSETS
979,921
805,079
------------
------------
CAPITAL AND RESERVES
Called up share capital
5
5
Capital redemption reserve
1
1
Profit and loss account
979,915
805,073
---------
---------
SHAREHOLDERS FUNDS
979,921
805,079
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FITZALAN HOUSE (CARDIFF) LIMITED
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
Mr L El-Khatib
Director
Company registration number: 11229487
FITZALAN HOUSE (CARDIFF) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Howells Legal Limited, Fitzalan House, Fitzalan Court, Fitzalan Road, Cardiff, CF24 0EL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. TANGIBLE ASSETS
Investment property
£
Cost
At 1 April 2023 and 31 March 2024
2,608,716
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
2,608,716
------------
At 31 March 2023
2,608,716
------------
The directors consider that the carrying value of the investments property is not materially different to its fair value.
Tangible fixed assets with a carrying value of £2,608,716 are pledged as security for the company's bank loans.
5. DEBTORS
2024
2023
£
£
Trade debtors
35,884
Other debtors
34,602
45,070
--------
--------
70,486
45,070
--------
--------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
128,420
121,840
Corporation tax
58,302
46,607
Social security and other taxes
27,513
28,782
Other creditors
58,193
57,127
---------
---------
272,428
254,356
---------
---------
The bank loan is secured by the company.
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,649,014
1,783,930
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £1,330,543 (2023: £1,357,616) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
There is one loans that is repayable after more than five years from the balance sheet date:
- The loan is repayable in monthly instalments over the period to April 2038 at an interest rate of 1.50% above the bank's base rate.
The bank loan is secured on the freehold property of the company which has a carrying value of £2,608,716 (2023 - £2,608,716).
8. RELATED PARTY TRANSACTIONS
During the year the company received income from entities related by common totalling £299,819 (2023 - £268,429). During the year the company purchased goods and services from entities related by common totalling £23,412 (2023 - £25,363).