Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activitytrue2023-04-01false22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09362548 2023-04-01 2024-03-31 09362548 2022-04-01 2023-03-31 09362548 2024-03-31 09362548 2023-03-31 09362548 c:Director1 2023-04-01 2024-03-31 09362548 d:FreeholdInvestmentProperty 2024-03-31 09362548 d:FreeholdInvestmentProperty 2023-03-31 09362548 d:CurrentFinancialInstruments 2024-03-31 09362548 d:CurrentFinancialInstruments 2023-03-31 09362548 d:Non-currentFinancialInstruments 2024-03-31 09362548 d:Non-currentFinancialInstruments 2023-03-31 09362548 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09362548 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09362548 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09362548 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09362548 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 09362548 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 09362548 d:ShareCapital 2024-03-31 09362548 d:ShareCapital 2023-03-31 09362548 d:RetainedEarningsAccumulatedLosses 2024-03-31 09362548 d:RetainedEarningsAccumulatedLosses 2023-03-31 09362548 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09362548 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09362548 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09362548 c:OrdinaryShareClass1 2024-03-31 09362548 c:OrdinaryShareClass1 2023-03-31 09362548 c:FRS102 2023-04-01 2024-03-31 09362548 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09362548 c:FullAccounts 2023-04-01 2024-03-31 09362548 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09362548 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09362548









FPC CONVENIENCE NO.1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FPC CONVENIENCE NO.1 LIMITED
REGISTERED NUMBER: 09362548

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,640,000
2,640,000

  
2,640,000
2,640,000

Current assets
  

Debtors: amounts falling due within one year
 6 
47,079
56,905

Cash at bank and in hand
 7 
7,556
47,405

  
54,635
104,310

Creditors: amounts falling due within one year
 8 
(2,010,038)
(1,004,713)

Net current liabilities
  
 
 
(1,955,403)
 
 
(900,403)

Total assets less current liabilities
  
684,597
1,739,597

Creditors: amounts falling due after more than one year
 9 
-
(1,055,000)

Provisions for liabilities
  

Deferred tax
 11 
(169,658)
(169,658)

  
 
 
(169,658)
 
 
(169,658)

Net assets
  
514,939
514,939


Capital and reserves
  

Called up share capital 
 12 
185
185

Profit and loss account
  
514,754
514,754

  
514,939
514,939


Page 1

 
FPC CONVENIENCE NO.1 LIMITED
REGISTERED NUMBER: 09362548
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Lansman
Director

Date: 12 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

FPC Convenience No.1 Limited is a private company limited by shares and incorporated in England and Wales (registered number: 09362548). 
The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH, and the principal place of business address is 14-16 Great Pulteney Street, London, W1F 9ND.
The principal activity of the company continued to be that of property investment.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Investment property

£



Valuation


At 1 April 2023
2,640,000



At 31 March 2024
2,640,000




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,961,365
1,961,365

1,961,365
1,961,365


6.


Debtors

2024
2023
£
£


Trade debtors
12,103
10,624

Other debtors
416
5,657

Prepayments and accrued income
34,560
40,624

47,079
56,905



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,556
47,405

7,556
47,405


Page 6

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,055,079
-

Trade creditors
12,799
23,669

Amounts owed to group undertakings
925,067
963,939

Corporation tax
-
11

Other creditors
-
1

Accruals and deferred income
17,093
17,093

2,010,038
1,004,713


The following liabilities were secured:

2024
2023
£
£



Bank loans
1,055,079
1,055,000

1,055,079
1,055,000

Details of security provided:

The bank loan is secured by a fixed and floating charge over the company's assets.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
1,055,000

-
1,055,000


Page 7

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,055,079
-


1,055,079
-

Amounts falling due 1-2 years

Bank loans
-
1,055,000


-
1,055,000



1,055,079
1,055,000



11.


Deferred taxation




2024


£






At beginning of year
(169,658)



At end of year
(169,658)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value movement
(169,658)
(169,658)

(169,658)
(169,658)

Page 8

 
FPC CONVENIENCE NO.1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £185.00
185
185



13.


Related party transactions

Included within debtors is £nil (2023: £nil) due from related parties.
Included within creditors is £810,067 (2023: £848,354) due to related parties.


14.


Controlling party

The immediate and ultimate parent company is FPC Income & Growth PLC, a public company limited by shares incorporated in England and Wales (registered number: 11494690).
The registered office address for FPC Income & Growth PLC is 101 New Cavendish Street, 1st Floor Southn, London, W1W 6XH.

 
Page 9