REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
The Flat Company (Investments) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
The Flat Company (Investments) Limited |
The Flat Company (Investments) Limited (Registered number: SC386872) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
The Flat Company (Investments) Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Logie Mill |
Edinburgh |
Lothian |
EH7 4HG |
SOLICITORS: |
10 Dublin Street |
Edinburgh |
EH1 3PR |
The Flat Company (Investments) Limited (Registered number: SC386872) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Flat Company (Investments) Limited (Registered number: SC386872) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
The Flat Company (Investments) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. |
The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the directors. |
Investment property |
Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing basis, are measured at fair value annually with any change recognised in the profit and loss account. |
In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties held as investment properties where fair value can be measured reliably without undue cost or effort. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are held for investment and not for consumption, and the directors consider that to depreciate them would not give a true and fair view. |
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. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Exception from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. |
Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present |
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
The Flat Company (Investments) Limited (Registered number: SC386872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Revaluations | 5,000 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2016 | 23,967 |
Valuation in 2018 | 5,000 |
Valuation in 2019 | 46,530 |
Valuation in 2020 | 10,000 |
Valuation in 2021 | 32,509 |
Valuation in 2022 | 37,020 |
Valuation in 2024 | 5,000 |
Cost | 614,974 |
775,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 614,974 | 614,974 |
Investment property was valued on an open market basis on 31 May 2024 by W Walters, director . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other creditors |
The Flat Company (Investments) Limited (Registered number: SC386872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Loans | 429,302 | 304,984 |
Other loan | - | 125,539 |
The loan creditor is secured by a floating charge which covers all the property or undertakings of the company. The charge is held by Paragon Bank Limited. |
The other loan creditor is secured by a floating charge which covers all the property or undertakings of the company. The charge is held by Lend Invest. |
9. | PROVISIONS FOR LIABILITIES |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax | 30,405 | 29,455 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Provided during year |
Balance at 31 May 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £0.10 | 100 | 100 |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 193,058 |
Profit for the year |
Transfer | (4,050 | ) | 4,050 | - |
At 31 May 2024 | 196,586 |
The Flat Company (Investments) Limited (Registered number: SC386872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | RELATED PARTY DISCLOSURES |
Transactions with related parties during the year and balances outstanding at the year end were as follows: |
Related Party |
Transaction |
Amount received / (paid) in year to 31.5.24 |
Amount received / (paid) in year to 31.5.23 |
Balance (payable to) / receivable from related party as at 31.5.24 |
Balance (payable to) / receivable from related party as at 31.5.23 |
£ | £ | £ | £ |
Company 1 |
Management fees |
2,592 |
2,695 |
Nil |
Nil |
Loan | Nil | Nil | (49,000) | (49,000) |
Company 2 |
Maintenance work |
2,019 |
1,796 |
Nil |
Nil |
Company 3 | Loan | (3,013) | (13) | (72,705) | (69,692) |
Management fees |
1,985 |
1,613 |
Nil |
Nil |
Company 4 |
Maintenance work |
- |
457 |
- |
- |
One of the directors is a director and a shareholder of Company 1. |
One of the directors is also a shareholder of Company 2 and one of the directors is a director of Company 2. |
The directors are directors and shareholders of Company 3. |
One of the directors is a director and a shareholder of Company 4. |
13. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling interest. |