2023-04-01 2024-03-31 12524291 FOLET PROPERTIES LIMITED false 12524291 2023-04-01 2024-03-31 12524291 uk-bus:Director1 2023-04-01 2024-03-31 12524291 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12524291 uk-bus:SmallEntities 2023-04-01 2024-03-31 12524291 uk-bus:FullAccounts 2023-04-01 2024-03-31 12524291 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12524291 2023-04-01 12524291 2024-03-31 12524291 2023-03-31 xbrli:pure iso4217:GBP 12524291 2022-04-01 2023-03-31
Company Registration Number : 12524291 (England and Wales)
12524291
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2024-03-31
false
FOLET PROPERTIES LIMITED
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2023-04-01
FOLET PROPERTIES LIMITED
Unaudited filleted financial statements
For the year ended 31 March 2024
FOLET PROPERTIES LIMITED
Contents
For the year ended 31 March 2024

CONTENTS PAGE
Company Information 3
Statement of Financial Position 4
Notes to the Financial Statements 5 - 6


FOLET PROPERTIES LIMITED
Company Information
For the year ended 31 March 2024

Company registration number 12524291 (England and Wales)
Director Odunayo Fadahunsi
Company secretary Omolola Ojikutu
Registered office address 71-75 Shelton Street
Covent Garden
London
England
WC2H 9JQ
Accountant DNS Accountants Ltd
Chartered Management Accountants
382 Kenton Road
Harrow, Middlesex
United Kingdom
HA3 8DP
FOLET PROPERTIES LIMITED
Statement of Financial Position
For the year ended 31 March 2024

2024 2023
Notes £ £
Fixed assets
Investment Property 647,000 536,513
5 647,000 536,513
Current assets
Debtors - 2,470
Cash and cash equivalents 1,510 9,271
1,510 11,741
Current liabilities
Creditors: Amounts falling due within one year (97,587) (53,624)
(97,587) (53,624)
Net current (liabilities)/assets (96,077) (41,884)
Total assets less current liabilities 550,923 494,629
Non-current liabilities
Creditors: Amounts falling due after more than one year (499,989) (500,000)
Provision for liabilities (13,596) -
Net assets/(liabilities) 37,338 (5,371)
Capital and reserves
Called up share capital 200 200
Retained earnings 37,138 (5,571)
Shareholder's funds 37,338 (5,371)
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small entities regime. All the members of the company have consented to the drawing up of the abridged balance sheet.
  • For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The director acknowledges their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 24 September 2024
.............................
Odunayo Fadahunsi (Director)
Company registration number: 12524291
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
Balance sheet at 2024-03-31 31 March 2024
2024 2023
£ £
Fixed Assets 647,000 536,513
Current Assets 1,510 11,741
Creditors: amounts falling due within one year (97,587) (53,624)
Net current assets (liabilities) (96,077) (41,884)
Total assets less current liabilities 550,923 494,629
CREDITORS: Amounts falling due more than one year (499,989) (500,000)
Provisions for liabilities (13,596) 0
Net Assets (liabilities) 37,338 (5,371)
Capital and Reserves 37,338 (5,371)
For the year ending 31/03/2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. For the year ending 31-03-2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit for the year in accordance with section 476.
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the small companies provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors on 24 September 2024 2024-09-24 and signed on behalf of the board,
.............................
Odunayo Fadahunsi
Director
Company registration number: 12524291
FOLET PROPERTIES LIMITED
Notes to the Financial Statements
For the year ended 31 March 2024

(1) General Information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ.

(2) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.

(3) Significant Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
Borrowing costs
All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Deferred Tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

(4) Employees
During the year, the average number of employees including director was 0 (2023 : 0).

(5) Fixed assets
Investments
Property
£
Cost
As at 01 April 2023536,513
Additions38,929
Revaluation71,558
As at 31 March 2024647,000
Depreciation/Amortisation
As at 31 March 2024-
Net book value
As at 31 March 2024647,000
As at 31 March 2023536,513

(6) Investment properties revaluation
These financial statements for the year ended 31st March 2024 are the financial statements of the company prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The property is being measured at fair value under FRS 102 and fair value gains and losses are reported in profit or loss.
FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, deferred tax of £13,596 was recognised at 31st March 2024 to reflect the provisions of FRS 102.
The profit on revaluation at 31st March 2024 has been reported in profit or loss and the effect on profit for the yearended 31st March 2024 is increase in the profit for the amount £57,962 is after deferred tax.

(7) Mortgage (Creditors > 1 year)
The mortgage is secured by the property known as 235 Forest Road Leytonstone, London E11 1LE.