Company registration number 11795656 (England and Wales)
FLAMINGO PARK DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
FLAMINGO PARK DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
FLAMINGO PARK DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
529,192
-
0
Investment property
5
2,640,029
2,467,185
3,169,221
2,467,185
Current assets
Stocks
663,110
663,110
Debtors
6
118,382
114,452
Cash at bank and in hand
22,360
32,561
803,852
810,123
Creditors: amounts falling due within one year
7
(29,650)
(45,468)
Net current assets
774,202
764,655
Total assets less current liabilities
3,943,423
3,231,840
Creditors: amounts falling due after more than one year
8
(3,288,418)
(2,510,352)
Net assets
655,005
721,488
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
749,801
749,801
Profit and loss reserves
(95,796)
(29,313)
Total equity
655,005
721,488

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 31 January 2024 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.

FLAMINGO PARK DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
J Miller
Director
Company Registration No. 11795656
FLAMINGO PARK DEVELOPMENTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2022
1,000
749,801
(22,160)
728,641
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
(7,153)
(7,153)
Balance at 31 January 2023
1,000
749,801
(29,313)
721,488
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
(66,483)
(66,483)
Balance at 31 January 2024
1,000
749,801
(95,796)
655,005
FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Flamingo Park Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Flamingo Park, Sidcup by-Pass, Chislehurst, BR7 6HL.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

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% Straight line
Football pitch facility
10% Straight line

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
Stocks

Work in progress, being property development, is valued at the lower of cost and net realisable value. The company capitalises interest on specific finance raised once development commences and until practical completion, based on the total actual finance cost incurred on borrowings during the year. Any interest costs not directly attributable to the development are expensed to the profit and loss account.

 

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and equipment
Football pitch facility
Total
£
£
£
Cost
At 1 February 2023
12,133
-
0
12,133
Additions
-
0
587,991
587,991
At 31 January 2024
12,133
587,991
600,124
Depreciation and impairment
At 1 February 2023
12,133
-
0
12,133
Depreciation charged in the year
-
0
58,799
58,799
At 31 January 2024
12,133
58,799
70,932
Carrying amount
At 31 January 2024
-
0
529,192
529,192
At 31 January 2023
-
0
-
0
-
0
5
Investment property
2024
£
Fair value
At 1 February 2023
2,467,185
Additions
172,844
At 31 January 2024
2,640,029
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,335
23,405
Other debtors
91,047
91,047
118,382
114,452
FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
781
17,475
Other creditors
28,869
27,993
29,650
45,468
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
788,066
60,729
Other creditors
2,500,352
2,449,623
3,288,418
2,510,352
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