Fega Property Ltd
Registered number: 14412827
Statement of Financial Position
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 224,916 224,916
Current assets
Cash at bank and in hand 2,026 962
Creditors: amounts falling due within one year 4 (71,375) (71,127)
Net current liabilities (69,349) (70,165)
Total assets less current liabilities 155,567 154,751
Creditors: amounts falling due after more than one year 5 (157,580) (157,423)
Net liabilities (2,013) (2,672)
Capital and reserves
Called up share capital 1 1
Profit and loss account (2,014) (2,673)
Shareholders' funds (2,013) (2,672)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Featherstone
Director
Approved by the board on 7 February 2025
Fega Property Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from property rental. Turnover from the rental is recognised by reference to the stage of completion of the tenancy.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Investment property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 November 2023 224,916
At 31 October 2024 224,916
Depreciation
At 31 October 2024 -
Net book value
At 31 October 2024 224,916
At 31 October 2023 224,916
Freehold land and buildings: 2024 2023
£ £
Historical cost 224,916 224,916
Cumulative depreciation based on historical cost - -
224,916 224,916
4 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 1,516 1,468
Other creditors 69,859 69,659
71,375 71,127
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 157,580 157,423
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 157,580 157,423
The loan from Paragon Bank PLC contains a negative pledge, registered with Companies House under the charge code 1441 2827 0001
7 Other information
Fega Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
38 Laxton Close
Olveston
Bristol
BS35 4EB
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