Registered number
13144890
FUTURE PROPERTIES (CL) LTD
Filleted Accounts
30 June 2024
FUTURE PROPERTIES (CL) LTD
Registered number: 13144890
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,847,030 1,847,030
Current assets
Debtors 4 - 16
Cash at bank and in hand 72,016 15,004
72,016 15,020
Creditors: amounts falling due within one year 5 (14,953) (9,995)
Net current assets 57,063 5,025
Total assets less current liabilities 1,904,093 1,852,055
Creditors: amounts falling due after more than one year 6 (1,873,506) (1,843,506)
Net assets 30,587 8,549
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,487 8,449
Shareholders' funds 30,587 8,549
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 and delivered 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.
Mr Mohinderpal Singh DHALIWAL
Director
Approved by the board on 17 March 2025
FUTURE PROPERTIES (CL) LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes (if applicable). Turnover represents the value of rent receivable.
Investment properties
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 1,847,030
At 30 June 2024 1,847,030
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 1,847,030
At 30 June 2023 1,847,030
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,847,030 -
Cumulative depreciation based on historical cost - -
1,847,030 -
The investment properties were measured for fair value by the directors, and in their opinion the
value of the investment properties is fairly stated.
4 Debtors 2024 2023
£ £
Other debtors - 16
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,104 -
Taxation and social security costs 7,381 2,211
Directors loan account 4,768 6,083
Other creditors 1,700 1,701
14,953 9,995
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,190,275 1,160,275
Shareholders loan 683,231 683,231
1,873,506 1,843,506
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,160,275 1,160,275
Secured bank loans 1,160,275 1,160,275
The bank loan is secured by first charge over the freehold land and buildings held by the company.
8 Related party transactions
The company received loans from the directors and shareholders and total loan balance amounting to £683,231 (2022: £NIL) as at balance sheet date. The loans were shown as shareholders loan: amounts falling due after one year. The loans are to be repaid on demand. The rate of interest charged is 0%.
9 Controlling party
During the period the company was controlled by its directors Mr M P S and Mrs B K Dhaliwal.
10 Other information
FUTURE PROPERTIES (CL) LTD is a private company limited by shares and incorporated in England. Its registered office is:
The Willows
West End Lane
Stoke Poges
Slough
SL2 4ND
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