Company No:
Contents
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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Investment property | 4 |
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2,428,402 | ||
Current assets | ||
Debtors | 5 |
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Cash at bank and in hand |
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20,148 | ||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (1,885,909) | |
Total assets less current liabilities | 542,493 | |
Provision for liabilities | 7, 8 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account | (
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Fina Properties Limited (registered number:
E B Burrows
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Fina Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 10 Tuddenham Avenue, Ipswich, IP4 2HE, England, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £1,885,909. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Fixtures and fittings |
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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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 15.02.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 15 February 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 15 February 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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Investment property | |
£ | |
Valuation | |
As at 15 February 2023 |
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Additions | 1,730,237 |
Fair value movement | 694,763 |
As at 31 March 2024 |
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Valuation
A full market valuation of investment property was completed by the directors at the Statement of Financial Position date.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
31.03.2024 | |
£ | |
Historic cost | 1,730,237 |
31.03.2024 | |
£ | |
Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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31.03.2024 | |
£ | |
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Other creditors |
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31.03.2024 | |
£ | |
Deferred tax |
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31.03.2024 | |
£ | |
At the beginning of financial period |
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Charged to the Income Statement | (
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At the end of financial period | (
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The deferred taxation balance is made up as follows:
31.03.2024 | |
£ | |
Revaluation of investment property | (
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Parent Company:
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10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE |