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REGISTERED NUMBER: 00656940 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FINDON ROAD PROPERTIES LIMITED

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FINDON ROAD PROPERTIES LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: J H Garey





REGISTERED OFFICE: Cart Lodge, Haps Farm
Bedlars Green
Great Hallinbury
Hertfordshire
CM22 7TL





REGISTERED NUMBER: 00656940 (England and Wales)





ACCOUNTANTS: Northfield Management Services Limited
Cart Lodge
Harps Farm
Bedlars Green
Great Hallingbury
Hertfordshire
CM22 7TL

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 104,261 139,015
Investment property 5 6,871,000 6,871,000
6,975,261 7,010,015

CURRENT ASSETS
Debtors 6 2,149,423 2,123,024
Cash at bank 32 8,926
2,149,455 2,131,950
CREDITORS
Amounts falling due within one year 7 449,052 348,193
NET CURRENT ASSETS 1,700,403 1,783,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,675,664

8,793,772

CREDITORS
Amounts falling due after more than one
year

8

(264,005

)

(294,915

)

PROVISIONS FOR LIABILITIES (1,149,400 ) (1,149,400 )
NET ASSETS 7,262,259 7,349,457

CAPITAL AND RESERVES
Called up share capital 10 30,000 30,000
Retained earnings 7,232,259 7,319,457
SHAREHOLDERS' FUNDS 7,262,259 7,349,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

BALANCE SHEET - continued
31 December 2023


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 7 February 2025 and were signed by:





J H Garey - Director


FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Findon Road Properties Limited 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.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of the estimation means that that the actual outcomes could differ from those estimates.

Turnover
Turnover represents rental income and proceeds from development disposals.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on cost

Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve.

No depreciation is provided in respect of investment properties. This is a departure from the Companies Act 2006 which requires all fixed assets to be depreciated. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate.

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

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-portable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic short-term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 177,779
DEPRECIATION
At 1 January 2023 38,764
Charge for year 34,754
At 31 December 2023 73,518
NET BOOK VALUE
At 31 December 2023 104,261
At 31 December 2022 139,015

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 177,779
DEPRECIATION
At 1 January 2023 38,764
Charge for year 34,754
At 31 December 2023 73,518
NET BOOK VALUE
At 31 December 2023 104,261
At 31 December 2022 139,015

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 6,871,000
NET BOOK VALUE
At 31 December 2023 6,871,000
At 31 December 2022 6,871,000

Based on information received over the years from Chartered Surveyors and from valuations prepared on the Bank's behalf, the director believes the above value reflects a more realistic view of the current market position.
.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2018 5,302,961
Cost 1,568,039
6,871,000

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 288,253 293,541

Amounts falling due after more than one year:
Loan 1,861,170 1,829,483

Aggregate amounts 2,149,423 2,123,024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bounce back loan 10,000 10,000
Loans 19,552 -
Hire purchase contracts 24,190 24,190
Trade creditors 28,382 16,375
Amounts owed to group undertakings 151,918 100,919
Corporation tax 116,428 128,022
Social security and other taxes 6,092 3,565
Other creditors 55,387 10,180
Directors' loan accounts 23,892 26,587
Accrued expenses 13,211 28,355
449,052 348,193

FINDON ROAD PROPERTIES LIMITED (REGISTERED NUMBER: 00656940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bounce back loan 19,098 28,887
Hire purchase contracts 100,372 121,493
Amounts owed to group undertakings 144,535 144,535
264,005 294,915

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 124,562 145,683

All assets of the company have been used as security for the borrowings of the holding company. The maximum amount of borrowings during the year ended 31 December 2023 was £1,546,860 (2022: £1,678,101).

The hire purchase debts are secured on the asset concerned.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,000 Ordinary £1 30,000 30,000

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned..