Company registration number 02069520 (England and Wales)
F.H.A. PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
F.H.A. PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
F.H.A. PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
907
23
Investment property
4
7,575,372
7,575,372
7,576,279
7,575,395
Current assets
Debtors
5
177,569
187,359
Cash at bank and in hand
23,311
13,035
200,880
200,394
Creditors: amounts falling due within one year
6
(73,482)
(72,073)
Net current assets
127,398
128,321
Total assets less current liabilities
7,703,677
7,703,716
Creditors: amounts falling due after more than one year
7
(1,385,000)
(1,385,000)
Provisions for liabilities
(1,037,444)
(1,037,221)
Net assets
5,281,233
5,281,495
Capital and reserves
Called up share capital
100
100
Fair value reserve
8
5,281,092
5,281,092
Profit and loss reserves
41
303
Total equity
5,281,233
5,281,495
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 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.
F.H.A. PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
F Anabtawi
Director
Company registration number 02069520 (England and Wales)
F.H.A. PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
F.H.A. Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Curtis House, 34 Third Avenue, Hove, Sussex, BN3 2PD.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents total rents and services due in the year.
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:
Fixtures, fittings & equipment
12.5% straight line
Computer equipment
25% 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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
F.H.A. PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
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.
1.7
Basic financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
F.H.A. PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
5,153
Additions
1,209
At 31 October 2023
6,362
Depreciation and impairment
At 1 November 2022
5,130
Depreciation charged in the year
325
At 31 October 2023
5,455
Carrying amount
At 31 October 2023
907
At 31 October 2022
23
4
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
7,575,372
Investment property comprises residential properties. The fair value of the investment property has been arrived at on the basis of valuations made by F Anabtawi, a director of the company. Valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
F.H.A. PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
150
1,675
Corporation tax recoverable
2,006
Other debtors
175,413
185,684
177,569
187,359
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,078
2,910
Corporation tax
39,207
41,239
Other taxation and social security
470
396
Other creditors
30,727
27,528
73,482
72,073
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,385,000
1,385,000
The bank loan is secured on certain investment properties.
8
Fair value reserve
2023
2022
£
£
At the beginning and end of the year
5,281,092
5,281,092
The fair value reserve represents the change in the fair value of investment properties and the deferred tax provided on these fair value changes.
9
Operating lease commitments
Lessor
F.H.A. PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Operating lease commitments
(Continued)
- 7 -
The operating leases represent tenancy agreements with third parties. The lessees do not have any option to purchase property at the expiry of the lease period.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
63,335
60,685
10
Directors' transactions
Loans have been granted by the company to its directors, with interest charged at the official rate, as follows:
The loan was repaid in full on 27 July 2023 by way of a dividend declared on the ordinary shares.
F.H.A. PROPERTIES LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023