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Registrar

Registration number: 10279299

FSE Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

FSE Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

FSE Property Limited

Company Information

Directors

R Oxborough

H J Bisset

DG Bisset

Registered office

11 Swinbourne Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2YP

Solicitors

Gisby Harrison Solicitors
Goffs Oak House
Goffs Lane
Goffs Oak
Herts
EN7 5HG

Bankers

Handelsbanken
Greenwood House
91 - 99 New London Road
Chelmsford
Essex
CM2 0PP

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

FSE Property Limited

(Registration number: 10279299)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,800,000

2,660,000

Current assets

 

Debtors

5

1,813

4,229

Cash at bank and in hand

 

36,420

34,284

 

38,233

38,513

Creditors: Amounts falling due within one year

6

(1,195,588)

(1,066,903)

Net current liabilities

 

(1,157,355)

(1,028,390)

Total assets less current liabilities

 

1,642,645

1,631,610

Creditors: Amounts falling due after more than one year

6

(547,189)

(579,766)

Provisions for liabilities

(282,395)

(247,395)

Net assets

 

813,061

804,449

Capital and reserves

 

Called up share capital

7

10,000

10,000

Revaluation reserve

-

742,184

Retained earnings

803,061

52,265

Shareholders' funds

 

813,061

804,449

For the financial 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.

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 23 October 2024 and signed on its behalf by:
 

H J Bisset
Director

   
     
 

FSE Property 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 & Wales.

The address of its registered office and the principal place of business is: 11 Swinbourne Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2YP.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property rental in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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;

Tax

Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for rent receivable in the ordinary course of business.

 

FSE Property Limited

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

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

No members of staff are employed directly through FSE Property Limited and staff costs are recharged through management charges by other group members.

4

Investment properties

2024
£

At 1 April 2023

2,660,000

Fair value adjustments

140,000

At 31 March 2024

2,800,000

Following the revaluation by Kemsley LLP on 18th January 2022 (£2.66m), it was considered that the property should be reclassified as an investment property. The directors consider that there is a fair value uplift in the market value of the property in the period to 31st March 2024 to £2.8m.

5

Debtors

2024
£

2023
£

Prepayments

1,813

4,229

1,813

4,229

 

FSE Property Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

33,897

33,897

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,133,060

1,007,102

Taxation and social security

 

6,130

8,441

Accruals and deferred income

 

22,501

17,463

 

1,195,588

1,066,903

Included within Creditors are balances owed to Group Undertakings, whilst these amounts are due on demand it is unlikely they will be repaid in full during the coming year.

Creditors due within one year include bank loans which are secured of £33,897 (2023 - £33,897).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

547,189

579,766

Creditors due after one year include bank loans which are secured of £547,189 (2023 - £579,766).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       
 

FSE Property Limited

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

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

33,897

33,897

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

547,189

579,766

9

Parent and ultimate parent undertaking

The company's immediate parent is Finch Seaman Enfield Group Limited, incorporated in England and Wales.

 The ultimate parent is Bisset Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Bisset Holdings Limited. These financial statements are available upon request from Old Station Road, Loughton, Essex, United Kingdom, IG10 4PL.