Felix Investment Management Limited 10930715 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is property investment and rental. Digita Accounts Production Advanced 6.30.9574.0 true 10930715 2023-09-01 2024-08-31 10930715 2024-08-31 10930715 core:CurrentFinancialInstruments 2024-08-31 10930715 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 10930715 core:Non-currentFinancialInstruments 2024-08-31 10930715 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 10930715 core:FurnitureFittingsToolsEquipment 2024-08-31 10930715 bus:SmallEntities 2023-09-01 2024-08-31 10930715 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10930715 bus:FilletedAccounts 2023-09-01 2024-08-31 10930715 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10930715 bus:RegisteredOffice 2023-09-01 2024-08-31 10930715 bus:Director1 2023-09-01 2024-08-31 10930715 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10930715 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 10930715 core:PlantMachinery 2023-09-01 2024-08-31 10930715 core:OtherRelatedParties 2023-09-01 2024-08-31 10930715 countries:EnglandWales 2023-09-01 2024-08-31 10930715 2023-08-31 10930715 core:FurnitureFittingsToolsEquipment 2023-08-31 10930715 2022-09-01 2023-08-31 10930715 2023-08-31 10930715 core:CurrentFinancialInstruments 2023-08-31 10930715 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10930715 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-08-31 10930715 core:Non-currentFinancialInstruments 2023-08-31 10930715 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 10930715 core:FurnitureFittingsToolsEquipment 2023-08-31 10930715 core:PreviouslyStatedAmount 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 10930715

Prepared for the registrar

Felix Investment Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Felix Investment Management Limited

(Registration number: 10930715)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

411

548

Investment property

5

2,060,000

2,060,000

 

2,060,411

2,060,548

Current assets

 

Debtors

6

101

101

Cash at bank and in hand

 

3,578

8,020

 

3,679

8,121

Creditors: Amounts falling due within one year

7

(1,341,311)

(2,011,640)

Net current liabilities

 

(1,337,632)

(2,003,519)

Total assets less current liabilities

 

722,779

57,029

Creditors: Amounts falling due after more than one year

7

(700,167)

(19,167)

Deferred tax liabilities

(22,321)

(22,321)

Net assets

 

291

15,541

Capital and reserves

 

Called up share capital

101

101

Revaluation reserve

66,962

66,962

Retained earnings

(66,772)

(51,522)

Shareholders' funds

 

291

15,541

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 March 2025
 


A S Maber-Jones
Director

 

Felix Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
46 Woodlands Avenue
West Byfleet
KT14 6AW

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

 

Felix Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Felix Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 September 2023

1,450

At 31 August 2024

1,450

Depreciation

At 1 September 2023

902

Charge for the year

137

At 31 August 2024

1,039

Carrying amount

At 31 August 2024

411

At 31 August 2023

548

 

5

Investment properties

2024
£

At 1 September 2023

2,060,000

At 31 August 2024, the investment properties were valued on an open market basis by the directors.

There has been no valuation of investment property by an independent valuer.

The original cost of the properties held as at 31 August 2024 was £1,970,716 (2023: £1,970,716).

 

6

Debtors

2024
 £

2023
 £

Other debtors

101

101

 

Felix Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,312,614

1,974,000

Taxation and social security

 

-

1,920

Accruals and deferred income

 

3,571

4,838

Other creditors

 

25,126

30,882

 

1,341,311

2,011,640

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

700,167

19,167

 

8

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Bank borrowings

 

10,000

700,763

Other borrowings

9

1,302,614

1,273,237

 

1,312,614

1,974,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

700,167

19,167

The bank borrowings are secured on the investment properties.

 

9

Related party transactions

Summary of transactions with other related parties

At 31 August 2024 the company owed £1,302,614 (2023: £1,273,237) to the directors in the form of a director's loan account. There was no Interest charged on this balance and there are no fixed repayment terms.