Silverfin false false 29/02/2024 01/03/2023 29/02/2024 F Vanoli 09/02/2021 28 November 2024 The principal activity of the company was that of the leasing of investment property. 13188735 2024-02-29 13188735 bus:Director1 2024-02-29 13188735 2023-02-28 13188735 core:CurrentFinancialInstruments 2024-02-29 13188735 core:CurrentFinancialInstruments 2023-02-28 13188735 core:ShareCapital 2024-02-29 13188735 core:ShareCapital 2023-02-28 13188735 core:RetainedEarningsAccumulatedLosses 2024-02-29 13188735 core:RetainedEarningsAccumulatedLosses 2023-02-28 13188735 bus:OrdinaryShareClass1 2024-02-29 13188735 2023-03-01 2024-02-29 13188735 bus:FilletedAccounts 2023-03-01 2024-02-29 13188735 bus:SmallEntities 2023-03-01 2024-02-29 13188735 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13188735 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13188735 bus:Director1 2023-03-01 2024-02-29 13188735 2022-03-01 2023-02-28 13188735 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13188735 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13188735 (England and Wales)

FB REAL ESTATE LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

FB REAL ESTATE LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

FB REAL ESTATE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
FB REAL ESTATE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,856,486 1,856,486
1,856,486 1,856,486
Current assets
Debtors 4 764 7,952
Cash at bank and in hand 60,696 28,940
61,460 36,892
Creditors: amounts falling due within one year 5 ( 1,877,874) ( 1,871,373)
Net current liabilities (1,816,414) (1,834,481)
Total assets less current liabilities 40,072 22,005
Net assets 40,072 22,005
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 39,972 21,905
Total shareholder's funds 40,072 22,005

For the financial 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.

Director's responsibilities:

The financial statements of FB Real Estate Limited (registered number: 13188735) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

F Vanoli
Director
FB REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
FB REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FB Real Estate 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 2 Leman Street, London, E1W 9US, 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 March 2023 1,856,486
As at 29 February 2024 1,856,486

The fair value of the investment property is determined by the director with the benefit of external professionals and available data on current market rents and rental yields for comparable local properties adjusted for any difference in nature, location or condition of the specific property.

4. Debtors

2024 2023
£ £
Other debtors 764 7,952

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 6,858 5,137
Other creditors 1,871,016 1,866,236
1,877,874 1,871,373

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100