FMP Rentals 1 Limited 10895078 false 2023-01-29 2024-01-27 2024-01-27 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 10895078 2023-01-29 2024-01-27 10895078 2024-01-27 10895078 bus:Director1 1 2024-01-27 10895078 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-27 10895078 core:CurrentFinancialInstruments 2024-01-27 10895078 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-27 10895078 core:Non-currentFinancialInstruments 2024-01-27 10895078 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-27 10895078 core:FurnitureFittingsToolsEquipment 2024-01-27 10895078 core:OtherRelatedParties 2024-01-27 10895078 bus:SmallEntities 2023-01-29 2024-01-27 10895078 bus:AuditExemptWithAccountantsReport 2023-01-29 2024-01-27 10895078 bus:FilletedAccounts 2023-01-29 2024-01-27 10895078 bus:SmallCompaniesRegimeForAccounts 2023-01-29 2024-01-27 10895078 bus:RegisteredOffice 2023-01-29 2024-01-27 10895078 bus:Director1 2023-01-29 2024-01-27 10895078 bus:Director1 1 2023-01-29 2024-01-27 10895078 bus:Director2 2023-01-29 2024-01-27 10895078 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-29 2024-01-27 10895078 bus:PrivateLimitedCompanyLtd 2023-01-29 2024-01-27 10895078 core:FurnitureFittings 2023-01-29 2024-01-27 10895078 core:FurnitureFittingsToolsEquipment 2023-01-29 2024-01-27 10895078 core:OtherRelatedParties 2023-01-29 2024-01-27 10895078 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-01-29 2024-01-27 10895078 countries:EnglandWales 2023-01-29 2024-01-27 10895078 2023-01-28 10895078 bus:Director1 1 2023-01-28 10895078 core:FurnitureFittingsToolsEquipment 2023-01-28 10895078 2022-01-30 2023-01-28 10895078 2023-01-28 10895078 bus:Director1 1 2023-01-28 10895078 bus:Director2 1 2023-01-28 10895078 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-28 10895078 core:CurrentFinancialInstruments 2023-01-28 10895078 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-28 10895078 core:Non-currentFinancialInstruments 2023-01-28 10895078 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-28 10895078 core:FurnitureFittingsToolsEquipment 2023-01-28 10895078 core:OtherRelatedParties 2023-01-28 10895078 bus:Director1 1 2022-01-30 2023-01-28 10895078 bus:Director2 1 2022-01-30 2023-01-28 10895078 bus:Director1 1 2022-01-29 10895078 bus:Director2 1 2022-01-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10895078

FMP Rentals 1 Limited

Unaudited Filleted Financial Statements

for the Period from 29 January 2023 to 27 January 2024

 

FMP Rentals 1 Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

FMP Rentals 1 Limited

(Registration number: 10895078)
Balance Sheet as at 27 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

402

536

Investment property

5

222,480

222,480

 

222,882

223,016

Current assets

 

Debtors

6

38,200

30,044

Cash at bank and in hand

 

1,026

433

 

39,226

30,477

Creditors: Amounts falling due within one year

7

(35,684)

(35,689)

Net current assets/(liabilities)

 

3,542

(5,212)

Total assets less current liabilities

 

226,424

217,804

Creditors: Amounts falling due after more than one year

7

(192,605)

(192,605)

Provisions for liabilities

(100)

(101)

Net assets

 

33,719

25,098

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

33,619

24,998

Shareholders' funds

 

33,719

25,098

 

FMP Rentals 1 Limited

(Registration number: 10895078)
Balance Sheet as at 27 January 2024

For the financial period ending 27 January 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 period 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 January 2025 and signed on its behalf by:
 

.........................................
Mr D J McNeill
Director

 

FMP Rentals 1 Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 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:
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

These financial statements were authorised for issue by the Board on 11 January 2025.

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.

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 the letting of properties or services in the ordinary course of the company’s activities.

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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

FMP Rentals 1 Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% per annum reducing balance basis

Investment property

The company's property is held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), as follows:

No depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate.

The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

FMP Rentals 1 Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2023 - 0).

 

FMP Rentals 1 Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

4

Tangible assets

Fixtures and fittings
 £

Total
£

Cost

At 29 January 2023

2,323

2,323

At 27 January 2024

2,323

2,323

Depreciation

At 29 January 2023

1,787

1,787

Charge for the period

134

134

At 27 January 2024

1,921

1,921

Carrying amount

At 27 January 2024

402

402

At 28 January 2023

536

536

5

Investment properties

2024
£

At 29 January

222,480

At 27 January

222,480

There has been no valuation of investment property by an independent valuer.

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

10

38,200

26,079

Other debtors

 

-

3,965

 

38,200

30,044

 

FMP Rentals 1 Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Amounts owed to related parties

10

19,316

20,762

Taxation and social security

 

9,288

7,847

Accruals and deferred income

 

7,080

7,080

 

35,684

35,689

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

192,605

192,605


Creditors due after one year include bank loans which are secured of £192,605 (2022 - £192,605).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

192,605

192,605

10

Related party transactions

Transactions with directors

2024

At 29 January 2023
£

Repayments by director
£

At 27 January 2024
£

Ms K L Finnigan

Loans to director

3,964

(3,964)

-

 

FMP Rentals 1 Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

2023

At 30 January 2022
£

Repayments by director
£

At 28 January 2023
£

Mr D J McNeill

Loans to director

4,379

(4,379)

-

Ms K L Finnigan

Loans to director

3,964

-

3,964

Summary of transactions with other related parties

Finnigan-McNeill Properties (Lettings Agency) Limited
Finnigan-McNeill Properties (Sourcing) Limited
FMP Rentals Limited
FMP Rentals 2 Limited
The Finnigan-McNeill Property Group Limited

 

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

38,200

2023

Other related parties
£

Amounts receivable from related party

26,079

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

10,000

Amounts payable to related party

19,316

2023

Other related parties
£

Amounts payable to related party

20,762