Registrar
Registration number:
FSE Property Limited
for the Year Ended 31 March 2024
FSE Property Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
FSE Property Limited
Company Information
Directors |
R Oxborough H J Bisset DG Bisset |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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FSE Property Limited
(Registration number: 10279299)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Revaluation reserve |
- |
742,184 |
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Retained earnings |
803,061 |
52,265 |
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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:
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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
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FSE Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
No members of staff are employed directly through FSE Property Limited and staff costs are recharged through management charges by other group members.
Investment properties |
2024 |
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At 1 April 2023 |
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Fair value adjustments |
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At 31 March 2024 |
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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.
Debtors |
2024 |
2023 |
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Prepayments |
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FSE Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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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 |
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Due after one year |
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Loans and borrowings |
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Creditors due after one year include bank loans which are secured of £547,189 (2023 - £579,766).
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
FSE Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is