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Registration number: 01528513

Falcon Products International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Falcon Products International Limited

Company Information

Director

Mrs Samia Islam

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
Charterd Accountants
9 Berners Place
London
W1T 3AD

 

Falcon Products International Limited

(Registration number: 01528513)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

36,301

40,335

Investment property

6

18,967,668

17,637,176

Investments

7

2,842,849

2,686,920

 

21,846,818

20,364,431

Current assets

 

Debtors

8

641

22,592

Cash at bank and in hand

 

1,077,567

1,894,071

 

1,078,208

1,916,663

Creditors: Amounts falling due within one year

9

(994,447)

(878,078)

Net current assets

 

83,761

1,038,585

Total assets less current liabilities

 

21,930,579

21,403,016

Creditors: Amounts falling due after more than one year

9

(7,556,290)

(9,145,625)

Provisions for liabilities

10

(2,224,075)

(1,440,710)

Net assets

 

12,150,214

10,816,681

Capital and reserves

 

Called up share capital

11

10,000

10,000

Revaluation reserve

6,645,103

6,098,985

Retained earnings

5,495,111

4,707,696

Shareholders' funds

 

12,150,214

10,816,681

For the financial year ending 30 April 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

 

Falcon Products International Limited

(Registration number: 01528513)
Balance Sheet as at 30 April 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 January 2025
 

.........................................
Mrs Samia Islam
Director

 

Falcon Products International Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

10,000

6,098,985

4,707,696

10,816,681

Profit for the year

-

-

1,333,533

1,333,533

Other comprehensive income

-

546,118

(546,118)

-

Total comprehensive income

-

546,118

787,415

1,333,533

At 30 April 2024

10,000

6,645,103

5,495,111

12,150,214

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

10,000

6,098,985

4,070,026

10,179,011

Profit for the year

-

-

637,670

637,670

At 30 April 2023

10,000

6,098,985

4,707,696

10,816,681

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 3 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 represents rents receivable from properties.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

238,785

153,396

UK corporation tax adjustment to prior periods

491

(3,888)

239,276

149,508

Deferred taxation

Arising from changes in tax rates and laws

(1,009)

(207)

Tax expense in the income statement

238,267

149,301

Deferred tax

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

324,065

324,065

At 30 April 2024

324,065

324,065

Depreciation

At 1 May 2023

283,730

283,730

Charge for the year

4,034

4,034

At 30 April 2024

287,764

287,764

Carrying amount

At 30 April 2024

36,301

36,301

At 30 April 2023

40,335

40,335

6

Investment properties

2024
£

At 1 May

18,360,489

Depreciation

(723,313)

Revaluation

1,330,492

At 30 April

18,967,668

Investment properties are stated at Fair value.

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The valuation of one freehold property was carried out by Evie Higgs MRICS of Allsop LLP on 10 March 2021 on the basis of open market valuation (for loan security purposes) for £1,600,000.
In the opinion of the director the valuation at 30 April 2024 is £1,600,000

One overseas property was acquired for £610,168.
In the opinion of the director the valuation at 30 April 2024 is £653,469.

One overseas property was purchased at a cost of £2,943,074.
In the opinion of the director the valuation at 30 April 2024 is £2,356,773

The valuation of four properties was carried out by Evie Higgs MRICS of Allsop LLP on 10 March 2021 on the basis of open Market valuation (for loan security purposes) for £10,785,000.
In the opinion of the director the valuation at 30 April 2024 is £10,785,000.

Two other properties were acquired in London at a cost of £2,224,831.
In the opinion of the director the valuation at 30 April 2024 is £1,700,000.

One overseas property was purchased at a cost of £604,645.
In the opinion of the director the valuation at 30 April 2024 is £653,469.

One other properties were acquired in London at a cost of £1,218,958.
In the opinion of the director the valuation at 30 April 2024 is £1,218,958.

2024
 £

Valuation in 2002

1,997,530

Valuation in 2009

3,152,206

Valuation in 2013

3,457,545

Valuation in 2015

1,885,798

Valuation in 2016

835,725

Valuation in 2017

1,464,707

Valuation in 2018

312,105

Valuation in 2019

(1,174,883)

Valuation in 2020

(1,539,405)

Valuation in 2021

(2,861,717)

Valuation in 2024

1,330,492

Cost

10,830,878

19,690,981

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

65,919

64,919

Fixed asset investment participating loan

2,776,930

2,622,001

2,842,849

2,686,920

Subsidiaries

£

Cost or valuation

At 1 May 2023

64,919

Additions

1,000

At 30 April 2024

65,919

Carrying amount

At 30 April 2024

65,919

At 30 April 2023

64,919

Fixed asset investment participating loan

£

At 1 May 2023

2,622,001

Additions

154,929

At 30 April 2024

2,776,930

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Garden Estates Limited

9 Berners Place, London, W1T 3AD

United Kingdom

Ordinary

60%

60%

Falcon Warren Street Ltd

9 Berners Place, London, W1T 3AD

United Kingdom

Ordinary

100%

100%

Falcon NW3 Limited

9 Berners Place, London, W1T 3AD

United Kingdom

Ordinary

100%

0%

Subsidiary undertakings

Garden Estates Limited

The principal activity of Garden Estates Limited is Property investments. Its financial period end is 31 March. The profit for the financial period of Garden Estates Limited was £117,414 and the aggregate amount of capital and reserves at the end of the period was £608,960.

Falcon Warren Street Ltd

The principal activity of Falcon Warren Street Ltd is Property investment. The profit for the financial period of Falcon Warren Street Ltd was £95,011 and the aggregate amount of capital and reserves at the end of the period was £297,751.

Falcon NW3 Limited

The principal activity of Falcon NW3 Limited is Property Investments. The loss for the financial period of Falcon NW3 Limited was £112,746 and the aggregate amount of capital and reserves at the end of the period was £(111,746).

Investment in subsidiary company

The company's investment of £64,919 comprises of Investments in subsidiary companies at a cost of £64,919.

Loans to subsidiaries

The loans to associates of £835,482 comprises of a loan to Garden Estates Limited of £472,482, a loan to it's wholly owned subsidiary, Grovestar Properties Limited of £363,000, loans to its wholly owned subsidiaries, Falcon NW3 Limited of £233,460 & Falcon Warren Street Ltd of £1,717,988.

8

Debtors

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Current

2024
£

2023
£

Trade debtors

-

11,050

Prepayments

528

2,555

Other debtors

113

8,987

 

641

22,592

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

308,496

368,496

Taxation and social security

 

-

2,140

Accruals and deferred income

 

103,669

175,065

Other creditors

 

288,057

178,981

Corporation tax

 

294,225

153,396

 

994,447

878,078

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

7,556,290

9,145,625

10

Provisions for liabilities

2023
£

2023
 £

Deferred tax - Accelerated capital allowances

(9,075)

(10,084)

Deferred tax on investment property

(2,215,000)

(1,430,626)

(2,224,075)

(1,440,710)

Deferred tax
£

Total
£

At 1 May 2023

1,440,710

1,440,710

Increase (decrease) in existing provisions

783,365

783,365

At 30 April 2024

2,224,075

2,224,075

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

         

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

546,118

(546,118)

13

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,123,400

4,151,998

Other borrowings

4,432,890

4,993,627

7,556,290

9,145,625

Current loans and borrowings

2024
£

2023
£

Bank borrowings

308,496

368,496

14

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

40,750

39,000

Contributions paid to money purchase schemes

1,011

983

41,761

39,983

 

Falcon Products International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

15

Parent and ultimate parent undertaking

The company's immediate parent is Falcon Group Inc, incorporated in Liberia.