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REGISTERED NUMBER: 04158138 (England and Wales)






The Finest Flats Company Limited

Financial Statements

for the Year Ended 31 March 2024






The Finest Flats Company Limited (Registered number: 04158138)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Finest Flats Company Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr J R Quarmby
Mrs J M Quarmby
Mr O A Quarmby
Mrs L G I Davies
Mrs H M Eames





SECRETARY: Mr J A Batty





REGISTERED OFFICE: Holt Farm Farmhouse
Harewood Road
Arthington
Otley
West Yorkshire
LS21 1PN





REGISTERED NUMBER: 04158138 (England and Wales)





AUDITORS: SMH Jolliffe Cork Audit Ltd
Chartered Accountants & Statutory Auditor
33 George Street
Wakefield
West Yorkshire
WF1 1LX

The Finest Flats Company Limited (Registered number: 04158138)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment property 4 4,312,078 4,313,745

CURRENT ASSETS
Debtors 5 6,601 7,727
Cash at bank 14,188 8,402
20,789 16,129
CREDITORS
Amounts falling due within one year 6 2,321,042 2,374,734
NET CURRENT LIABILITIES (2,300,253 ) (2,358,605 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,011,825

1,955,140

PROVISIONS FOR LIABILITIES 167,611 167,611
NET ASSETS 1,844,214 1,787,529

The Finest Flats Company Limited (Registered number: 04158138)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 7 2,000,000 2,000,000
Retained earnings (155,786 ) (212,471 )
SHAREHOLDERS' FUNDS 1,844,214 1,787,529

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:





Mr J R Quarmby - Director


The Finest Flats Company Limited (Registered number: 04158138)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

The Finest Flats Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amount receivable, in the ordinary course of business, from rental income received under the provisions of assured short hold tenancies, excluding value added tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fair value has been determined based on similar properties in the local area.

Leasehold investment property is depreciated over the term of the lease.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

The company has no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and hire purchase contracts, 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 receipts discounted at a market rate of interest.

The company has no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


The Finest Flats Company Limited (Registered number: 04158138)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY

LeaseholdFreehold
InvestmentInvestment
PropertyPropertyTotal
£   £   £   
COST OR FAIR VALUE
At 1 April 202350,0004,300,0004,350,000
Additions---
Disposal---
Fair value adjustment---
At 31 March 202450,0004,300,0004,350,000

DEPRECIATION
At 1 April 202336,255-36,255
Charge for year1,667-1,667
Fair value adjustment---
At 31 March 202437,922-37,922

NET BOOK VALUE
At 31 March 202412,0784,300,0004,312,078

At 31 March 202313,7454,300,0004,313,745

The Finest Flats Company Limited (Registered number: 04158138)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. INVESTMENT PROPERTY - continued

The investment properties have been valued by Feather Smailes Scales, Chartered Surveyors and Valuers, on 25 September 2024 at their fair value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 4,325 6,360
Other debtors 211 -
Prepayments and accrued income 2,065 1,367
6,601 7,727

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,512 1,418
Amounts owed to group undertakings 2,267,208 2,346,591
Tax 22,357 6,207
Other creditors 813 2,413
Accruals and deferred income 29,152 18,105
2,321,042 2,374,734

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2,000,000 Ordinary £1 2,000,000 2,000,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)
for and on behalf of SMH Jolliffe Cork Audit Ltd

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.