FLAGSHIP PROPERTY SOLUTIONS LIMITED

Company Registration Number:
SC627405 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company's principal activity during the year continued to be that of Property Investment.

Additional information

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

D Weston
J Reynolds


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
16 September 2024

And signed on behalf of the board by:
Name: D Weston
Status: Director

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 133,563 187,376
Investments: 4 1,462,650 1,462,650
Total fixed assets: 1,596,213 1,650,026
Current assets
Debtors: 5 137,260 98,886
Cash at bank and in hand: 155,580 194,256
Total current assets: 292,840 293,142
Creditors: amounts falling due within one year: 6 ( 176,890 ) ( 160,954 )
Net current assets (liabilities): 115,950 132,188
Total assets less current liabilities: 1,712,163 1,782,214
Creditors: amounts falling due after more than one year: 7 ( 1,253,290 ) ( 1,361,715 )
Provision for liabilities: ( 77,449 ) ( 125,034 )
Total net assets (liabilities): 381,424 295,465
Capital and reserves
Called up share capital: 10 10
Other reserves: 330,177 330,177
Profit and loss account: 51,237 (34,722 )
Total Shareholders' funds: 381,424 295,465

The notes form part of these financial statements

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 September 2024
and signed on behalf of the board by:

Name: D Weston
Status: Director

The notes form part of these financial statements

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents amounts receivable for rents and services net of VAT and trade discounts.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life: Fixture and Fittings 20%.

    Other accounting policies

    Taxation Taxation for the period 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 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 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 period 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.

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 274,141 274,141
Additions 1,150 1,150
Disposals
Revaluations
Transfers
At 31 December 2023 275,291 275,291
Depreciation
At 1 January 2023 86,765 86,765
Charge for year 54,963 54,963
On disposals
Other adjustments
At 31 December 2023 141,728 141,728
Net book value
At 31 December 2023 133,563 133,563
At 31 December 2022 187,376 187,376

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Fixed assets investments note

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 indirectly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit and loss.

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 109,950 57,103
Prepayments and accrued income 27,310 41,783
Total 137,260 98,886

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 22,935 31,083
Accruals and deferred income 149,711 99,661
Other creditors 4,244 30,210
Total 176,890 160,954

FLAGSHIP PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 1,253,290 1,361,715
Total 1,253,290 1,361,715