Company registration number 12545088 (England and Wales)
Fax Properties Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Fax Properties Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Fax Properties Ltd
Statement of financial position
as at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
439,054
547,752
Current assets
Debtors
4
32,698
Cash at bank and in hand
4,224
13,277
36,922
13,277
Creditors: amounts falling due within one year
5
(188,479)
(414,398)
Net current liabilities
(151,557)
(401,121)
Total assets less current liabilities
287,497
146,631
Creditors: amounts falling due after more than one year
6
(114,536)
(116,186)
Net assets
172,961
30,445
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
172,861
30,345
Total equity
172,961
30,445
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
L S Nuttall
Director
Company registration number 12545088 (England and Wales)
Fax Properties Ltd
Notes to the financial statements
for the year ended 30 April 2024
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of rental income received in the normal course of business.
Turnover is recognised on a cash basis.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 May 2023
547,752
Disposals
(108,698)
At 30 April 2024
439,054
Fax Properties Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
3
Investment property
(continued)
- 3 -
Investment property comprises of residential properties that are included at cost. The directors do not think that their open market value is materially different to cost.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
32,698
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,650
1,589
Corporation tax
2,429
1,604
Other creditors
183,500
410,305
Accruals and deferred income
900
900
188,479
414,398
The bank loan is secured.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
114,536
116,186
The bank loan is secured.
7
Company information
Fax Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.