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Registration number: 12226335

Felgates Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Felgates Ltd

(Registration number: 12226335)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

440,890

248,508

Current assets

 

Debtors

5

3,942

56

Cash at bank and in hand

 

18,854

240

 

22,796

296

Creditors: Amounts falling due within one year

6

(124,261)

(69,781)

Net current liabilities

 

(101,465)

(69,485)

Total assets less current liabilities

 

339,425

179,023

Creditors: Amounts falling due after more than one year

6

(297,475)

(159,970)

Provisions for liabilities

(10,821)

(5,218)

Net assets

 

31,129

13,835

Capital and reserves

 

Called up share capital

100

100

Other reserves

46,134

22,245

Profit and loss account

(15,105)

(8,510)

Shareholders' funds

 

31,129

13,835

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

 

Felgates Ltd

(Registration number: 12226335)
Statement of Financial Position as at 31 March 2024

.........................................
Mr S R Deacon
Company secretary and director

 

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 43 Hall Lane, Yateley, GU46 6HP. England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental of the investment
properties held.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that
future economic benefits will flow to the entity and specific criteria have been met for each of the company's
activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April 2023

248,508

Additions

162,890

Fair value adjustments

29,492

At 31 March 2024

440,890

There has been no valuation of investment property by an independent valuer. The valuation in these accounts reflects the fair value estimated by the directors based on prices obtained for similar properties.

5

Debtors

2024
£

2023
£

Prepayments

3,942

56

3,942

56

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

3,520

-

Accruals and deferred income

 

2,439

1,833

Other creditors

 

118,302

67,948

 

124,261

69,781

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

297,475

159,970

Creditors includes four interest only mortgages of £60,000, £51,245, £63,725 and £106,024, due after more than five years. The mortgages are secured against investment properties held by the company. There is also a bank loan of £20,000 repayable by monthly instalments over 5 years (£3,520 due within one year with interest due of £1,145 and £16,480 due after more than one year with interest of £2,176).

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

297,475

159,970

 

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

3,520

-

8

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.