Company registration number 03509237 (England and Wales)
FLANAGAN PROPERTY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
FLANAGAN PROPERTY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FLANAGAN PROPERTY SERVICES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
6,547,500
6,547,500
Current assets
Debtors
5
160,969
8,660
Cash at bank and in hand
39,220
62,661
200,189
71,321
Creditors: amounts falling due within one year
6
(184,181)
(140,140)
Net current assets/(liabilities)
16,008
(68,819)
Total assets less current liabilities
6,563,508
6,478,681
Creditors: amounts falling due after more than one year
7
(2,928,141)
(3,011,460)
Provisions for liabilities
(351,250)
(351,250)
Net assets
3,284,117
3,115,971
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3,284,115
3,115,969
Total equity
3,284,117
3,115,971

The notes on pages 3 to 8 form part of these financial statements.

 

FLANAGAN PROPERTY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
J Flanagan
Director
Company registration number 03509237 (England and Wales)
FLANAGAN PROPERTY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Flanagan Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Atlantic House, 143 Sefton Street, Liverpool, England, L8 5SN.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown inclusive of VAT.

 

Income is recognised from the date the property is first let.

2.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Revaluations on investment property are shown in a separate reserve as opposed to part of the accumulated profit and loss account to clearly distinguish between distributable and non-distributable profits.

FLANAGAN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2
Accounting policies
(Continued)
- 4 -
2.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

2.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
FLANAGAN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Investment properties
2023
£
Fair value
At 1 November 2022 and 31 October 2023
6,547,500

Residential investment properties were revalued to £6,547,500 at 10 January 2022 by Allsop LLP Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions at arm's length terms for similar properties.

 

The directors' reviewed the valuation of the residential investment properties based on the open market and deemed the value as at 31 October 2023 was the same as at the date of revaluation.

 

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
3,743,669
3,743,669
Accumulated depreciation
-
-
Carrying amount
3,743,669
3,743,669
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,052
8,660
Amounts owed by group undertakings
106,000
-
0
Other debtors
29,917
-
0
160,969
8,660
FLANAGAN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,877
51,244
Corporation tax
60,780
12,500
Other taxation and social security
(1,629)
354
Other creditors
92,285
45,875
Accruals and deferred income
12,868
30,167
184,181
140,140
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
2,928,141
2,989,155
Other borrowings
8
-
0
22,305
2,928,141
3,011,460

The Company's bank borrowings as at the balance sheet date were secured by debentures, unlimited intercompany composite guarantees between all group companies with fixed charges on all of the companies assets.

During the year intercompany loans were written back.

8
Loans and overdrafts
2023
2022
£
£
Bank loans
2,928,141
2,989,155
Loans from group undertakings and related parties
-
0
22,305
2,928,141
3,011,460
Payable after one year
2,928,141
3,011,460

The long-term loans are secured by fixed charges over the freehold and leasehold properties held by the Company. The bank overdraft is secured by a floating charge over the assets of the Company together with a cross guarantee between Flanagan Group Limited, Flanagan Building and Maintenance Services Limited, Flanagan Property Services Limited and City Life Projects.

 

FLANAGAN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Entities with control, joint control or significant influence over the company
-
0
37,210
Rent payable
2023
2022
£
£
Other related parties
-
960
11
Parent company

Flanagan Group Limited is deemed to be the Company's controlling party by virtue of it's 100% holding of the entity's issued share capital. Voting rights follow the shareholdings

Flanagan Group Limited is the parent undertaking of the largest (and smallest) group for which group accounts are drawn and of which the reporting entity is a member. Copies of the group accounts can be obtained from:

 

Flanagan Group Limited

Atlantic House

Liverpool

Merseyside

L8 5SN

England

12
Related party transactions

There was no outstanding balance due to directors' at year end (2022: NIL)

 

No interest has been charged to the company in respect of these loans which are repayable on demand and classified as creditors due within one year.

 

FLANAGAN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
13
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2021
2022
£
£
Adjustments to prior year
Deferred tax
-
(66,530)
Equity as previously reported
2,248,817
3,182,501
Equity as adjusted
2,248,817
3,115,971
Analysis of the effect upon equity
Own  shares reserve
-
(1,138,883)
Profit and loss reserves
-
1,072,353
-
(66,530)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Deferred tax
(66,530)
Profit as previously reported
933,684
Profit as adjusted
867,154
Notes to reconciliation

Adjustment to reconcile opening deferred tax position and restate revaluation reserves

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