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REGISTERED NUMBER: 05131945 (England and Wales)










Unaudited Financial Statements

for the Year Ended 29 February 2024

for

FIGURE PROPERTIES LIMITED

FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)






Contents of the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FIGURE PROPERTIES LIMITED

Company Information
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mr S L Williams Junior





SECRETARY: Mrs J N Williams





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 05131945 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)

Balance Sheet
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,716 468
Investment property 5 491,490 491,490
494,206 491,958

CURRENT ASSETS
Debtors 6 115,075 121,975
Cash at bank 5,289 -
120,364 121,975
CREDITORS
Amounts falling due within one year 7 3,516 5,756
NET CURRENT ASSETS 116,848 116,219
TOTAL ASSETS LESS CURRENT
LIABILITIES

611,054

608,177

CREDITORS
Amounts falling due after more than one
year

8

(349,255

)

(342,360

)

PROVISIONS FOR LIABILITIES (9,703 ) (9,703 )
NET ASSETS 252,096 256,114

CAPITAL AND RESERVES
Called up share capital 102 102
Fair value reserve 271,634 271,634
Retained earnings (19,640 ) (15,622 )
SHAREHOLDERS' FUNDS 252,096 256,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)

Balance Sheet - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





Mr S L Williams Junior - Director


FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)

Notes to the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Figure Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents rent and service charges received or receivable for the year, net of value added tax.

Goodwill
Goodwill is capitalised and is being amortised over its useful life of 10 years.

Tangible fixed assets
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost included costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis:

Fixtures fittings and equipment 15% on Reducing Balance


The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors, 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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 11,574 1,299 12,873
Additions 2,727 - 2,727
At 29 February 2024 14,301 1,299 15,600
DEPRECIATION
At 1 March 2023 11,106 1,299 12,405
Charge for year 479 - 479
At 29 February 2024 11,585 1,299 12,884
NET BOOK VALUE
At 29 February 2024 2,716 - 2,716
At 28 February 2023 468 - 468

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 491,490
NET BOOK VALUE
At 29 February 2024 491,490
At 28 February 2023 491,490

FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2008 40,000
Valuation in 2011 10,000
Valuation in 2013 30,000
Valuation in 2014 50,000
Valuation in 2015 50,000
Valuation in 2016 50,000
Cost 261,490
491,490

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 261,490 261,490

Investment property was valued on an open market basis on 28 February 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 500
Amounts owed by connected companies 113,475 121,475
Other debtors 1,600 -
115,075 121,975

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 1,797
Other creditors 3,516 3,959
3,516 5,756

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 349,255 342,360

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans > 5yr 349,255 342,360

FIGURE PROPERTIES LIMITED (REGISTERED NUMBER: 05131945)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 349,255 342,360

The bank loan is secured by way of floating charges over the property and other assets of the company and contains a negative pledge.

10. RELATED PARTY DISCLOSURES

Included in debtors, amounts falling due within one year, is an amount of £113,475.42 (2023: £121,475.42) owed by a connected company having a common director. The loan is interest free and repayable on demand.