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REGISTERED NUMBER: 11855721 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Functional Property Solutions Ltd

Functional Property Solutions Ltd (Registered number: 11855721)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 4


Functional Property Solutions Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: C M M Henry





REGISTERED OFFICE: 176 Hasbury Road
Birmingham
B32 4DY





REGISTERED NUMBER: 11855721 (England and Wales)





ACCOUNTANTS: M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Functional Property Solutions Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Functional Property Solutions Ltd for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Functional Property Solutions Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Functional Property Solutions Ltd and state those matters that we have agreed to state to the director of Functional Property Solutions Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Functional Property Solutions Ltd and its director for our work or for this report.

It is your duty to ensure that Functional Property Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Functional Property Solutions Ltd. You consider that Functional Property Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Functional Property Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF


26 November 2024

Functional Property Solutions Ltd (Registered number: 11855721)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,277 6,376
Investment property 5 651,914 538,087
660,191 544,463

CURRENT ASSETS
Stocks - 203,897
Debtors 6 56,513 56,500
Cash at bank 26,649 14,915
83,162 275,312
CREDITORS
Amounts falling due within one year 7 294,026 298,360
NET CURRENT LIABILITIES (210,864 ) (23,048 )
TOTAL ASSETS LESS CURRENT LIABILITIES 449,327 521,415

CREDITORS
Amounts falling due after more than one year 8 (329,110 ) (476,298 )

PROVISIONS FOR LIABILITIES (34,615 ) (13,626 )

ACCRUALS AND DEFERRED INCOME (303 ) (1,230 )
NET ASSETS 85,299 30,261

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 134,434 95,423
Retained earnings (49,136 ) (65,163 )
85,299 30,261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 26 November 2024 and were signed by:




C M M Henry - Director


Functional Property Solutions Ltd (Registered number: 11855721)

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

1. STATUTORY INFORMATION

Functional Property Solutions Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax 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 year 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.

3. EMPLOYEES AND DIRECTORS

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

Functional Property Solutions Ltd (Registered number: 11855721)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 7,465
Additions 3,020
At 31 March 2024 10,485
DEPRECIATION
At 1 April 2023 1,089
Charge for year 1,119
At 31 March 2024 2,208
NET BOOK VALUE
At 31 March 2024 8,277
At 31 March 2023 6,376

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 538,087
Additions 53,827
Revaluations 60,000
At 31 March 2024 651,914
NET BOOK VALUE
At 31 March 2024 651,914
At 31 March 2023 538,087

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 109,048
Valuation in 2024 60,000
Cost 482,866
651,914

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

2024 2023
£    £   
Cost 482,866 429,039
Aggregate depreciation (19,315 ) (8,581 )

Investment property was valued on an open market basis on 31 March 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 56,513 56,500

Functional Property Solutions Ltd (Registered number: 11855721)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1 -
Amounts owed to participating interests 18,590 18,603
Other creditors 275,435 279,757
294,026 298,360

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 329,110 476,298

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 329,110 476,298

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 329,110 476,298

The director has provided a personal guarantee over the mortgages held by the company.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023 95,423
Transfer 39,011

At 31 March 2024 134,434