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Company registration number: 13909680
F&R Properties Ltd
Unaudited filleted financial statements
29 February 2024
F&R Properties Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
F&R Properties Ltd
Directors and other information
Directors Mr M Wardle
Mrs C Wardle
Company number 13909680
Registered office Unit 3
Brooks Street
Stockport
SK1 3HS
Business address Unit 3
Brooks Street
Stockport
SK1 3HS
Accountants Wills Accountants Ltd
2 Endeavour House
Longbridge Road
Plymouth
PL6 8LR
F&R Properties Ltd
Statement of financial position
29 February 2024
29/02/24 28/02/23
Note £ £ £ £
Fixed assets
Tangible assets 5 346,129 212,936
_______ _______
346,129 212,936
Current assets
Debtors 6 735 91
Cash at bank and in hand 359 671
_______ _______
1,094 762
Creditors: amounts falling due
within one year 7 ( 358,918) ( 221,784)
_______ _______
Net current liabilities ( 357,824) ( 221,022)
_______ _______
Total assets less current liabilities ( 11,695) ( 8,086)
_______ _______
Net liabilities ( 11,695) ( 8,086)
_______ _______
Capital and reserves
Called up share capital 400 400
Profit and loss account ( 12,095) ( 8,486)
_______ _______
Shareholders deficit ( 11,695) ( 8,086)
_______ _______
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mr M Wardle
Director
Company registration number: 13909680
F&R Properties Ltd
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 11 February 2022 - - -
Loss for the year ( 8,486) ( 8,486)
_______ _______ _______
Total comprehensive income for the year - ( 8,486) ( 8,486)
Issue of shares 400 400
_______ _______ _______
Total investments by and distributions to owners 400 - 400
_______ _______ _______
At 28 February 2023 and 1 March 2023 400 ( 8,486) ( 8,086)
Loss for the year ( 3,609) ( 3,609)
_______ _______ _______
Total comprehensive income for the year - ( 3,609) ( 3,609)
_______ _______ _______
At 29 February 2024 400 ( 12,095) ( 11,695)
_______ _______ _______
F&R Properties Ltd
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, Brooks Street, Stockport, SK1 3HS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No Deferred Tax Applied
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. As there are no taxable timing differences to date, no deferred tax provision has been applied.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Freehold property is accounted for in accordance with the Financial Reporting Standard 102 section 1A. No depreciation is provided in respect of such properties. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets, it is believed that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount, which might otherwise have been shown, cannot be separately identified or quantified.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2023 212,936 - 212,936
Additions 126,922 6,421 133,343
_______ _______ _______
At 29 February 2024 339,858 6,421 346,279
_______ _______ _______
Depreciation
At 1 March 2023 - - -
Charge for the year - 150 150
_______ _______ _______
At 29 February 2024 - 150 150
_______ _______ _______
Carrying amount
At 29 February 2024 339,858 6,271 346,129
_______ _______ _______
At 28 February 2023 212,936 - 212,936
_______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 March 2023 212,936
Additions 126,922
Fair value adjustments -
Disposals -
Other movements -
_______
At 29 February 2024 339,858
_______
6. Debtors
29/02/24 28/02/23
£ £
Other debtors 735 91
_______ _______
7. Creditors: amounts falling due within one year
29/02/24 28/02/23
£ £
Other creditors 358,918 221,784
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 29/02/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Wardle - ( 27,656) - ( 27,656)
Mrs C Wardle ( 956) ( 55,156) - ( 56,112)
_______ _______ _______ _______
( 956) ( 82,812) - ( 83,768)
_______ _______ _______ _______
Period ended 28/02/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Wardle - ( 200) 200 -
Mrs C Wardle - ( 1,156) 200 ( 956)
_______ _______ _______ _______
- ( 1,356) 400 ( 956)
_______ _______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Year Period Year Period
ended ended ended ended
29/02/24 28/02/23 29/02/24 28/02/23
£ £ £ £
Bolt out of Blue Ltd 54,250 219,088 ( 274,058) ( 219,088)
_______ _______ _______ _______
There are common directors between the company and Bolt out of the Blue Ltd, a company registered in England number 04986928. Monies have been borrowed by the company on a normal commercial basis, at arm's length, from Bolt of the Blue Ltd, but no interest has been paid, or accrued, to date.
10. Going Concern
The company has negative net current assets. The company is therefore reliant upon the continued financial support of its directors in order to continue operations. The directors have indicated their willingness to provide financial support to ensure that the company has sufficient resources to meet third parties debts as they fall due. Accordingly the accounts have been prepared on a going concern basis. If the support of the directors were withdrawn, then the going concern basis may not be acceptable. Adjustments may then have to be made to adjust the value of the assets to their recoverable amounts, to provide for any further liabilities that might arise, and to reclassify fixed assets and long term loans as current assets and current liabilities.