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Registration number: 04446851

Faulkner Flats Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Faulkner Flats Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Faulkner Flats Limited

(Registration number: 04446851)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,075

17,227

Investment property

5

850,000

1,000,000

 

852,075

1,017,227

Current assets

 

Debtors

6

1,767

517

Cash at bank and in hand

 

1,597

1,874

 

3,364

2,391

Creditors: Amounts falling due within one year

7

(18,073)

(33,315)

Net current liabilities

 

(14,709)

(30,924)

Total assets less current liabilities

 

837,366

986,303

Provisions for liabilities

(519)

(17,352)

Net assets

 

836,847

968,951

Capital and reserves

 

Called up share capital

8

1,030

1,000

Other reserves

-

103,842

Profit and loss account

835,817

864,109

Shareholders' funds

 

836,847

968,951

 

Faulkner Flats Limited

(Registration number: 04446851)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 



 

Mrs A Faulkner
Company secretary and director



 

Mr C N Faulkner
Director

 

Faulkner Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
215 Newmarket Road
Norwich
Norfolk
NR4 6AP

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and equipment

25% straight line

 

Faulkner Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment properties are valued at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

8,671

66,312

74,983

Disposals

(2,572)

-

(2,572)

At 31 March 2024

6,099

66,312

72,411

Depreciation

At 1 April 2023

3,433

54,323

57,756

Charge for the year

1,396

11,985

13,381

Eliminated on disposal

(801)

-

(801)

At 31 March 2024

4,028

66,308

70,336

Net book value

At 31 March 2024

2,071

4

2,075

At 31 March 2023

5,238

11,989

17,227

5

Investment property

2024
£

2023
£

At 1 April

1,000,000

1,000,000

Fair value adjustments

(150,000)

-

At 31 March

850,000

1,000,000

On 28 September 2023 a professional valuation was undertaken by Aldreds Estate Agents. The directors consider the value to be unchanged at the balance sheet date.

 

Faulkner Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Prepayments

1,767

517

1,767

517

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

1,850

1,630

Taxation and social security

4,231

-

Other creditors

795

1,155

Other loans

8,466

27,843

Accruals

2,731

2,687

18,073

33,315

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

-

-

1,000

1,000

Ordinary shares A of £1 (2023 - £0) each

500

500

-

-

Ordinary shares B of £1 (2023 - £0) each

500

500

-

-

Ordinary shares C of £1 (2023 - £0) each

30

30

-

-

 

1,030

1,030

1,000

1,000