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Sage Accounts Production 24.0 - FRS102_2024
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Company registration number:
14199792
FLL Investments Limited
Unaudited filleted financial statements
31 July 2024
FLL Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
FLL Investments Limited
Directors and other information
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Directors |
P. Suddaby |
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D. E. Suddaby |
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Secretary |
P Suddaby |
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Company number |
14199792 |
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Registered office |
Apartment 1 |
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28 Victoria Avenue |
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Harrogate |
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HG1 5PR |
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Accountants |
Sharp Addy & Train |
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23 Albion Street |
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Hull |
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East Yorkshire |
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HU1 3TG |
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FLL Investments Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of FLL Investments Limited
Year ended 31 July 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2024 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Sharp Addy & Train
Chartered Certified Accountants
23 Albion Street
Hull
East Yorkshire
HU1 3TG
7 March 2025
FLL Investments Limited
Statement of financial position
31 July 2024
|
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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5 |
928,480 |
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779,310 |
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|
_______ |
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_______ |
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928,480 |
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779,310 |
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Current assets |
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Debtors |
|
6 |
4,486 |
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3,422 |
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Cash at bank and in hand |
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7,821 |
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|
501 |
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|
_______ |
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_______ |
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12,307 |
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3,923 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
110,537) |
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(
4,922) |
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|
_______ |
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_______ |
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Net current liabilities |
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(
98,230) |
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(
999) |
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_______ |
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_______ |
Total assets less current liabilities |
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830,250 |
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778,311 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
830,000) |
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(
790,250) |
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|
_______ |
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_______ |
Net assets/(liabilities) |
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|
250 |
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(
11,939) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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250 |
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250 |
Profit and loss account |
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- |
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(
12,189) |
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_______ |
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_______ |
Shareholders funds/(deficit) |
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250 |
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(
11,939) |
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_______ |
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_______ |
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For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 March 2025
, and are signed on behalf of the board by:
P. Suddaby
Director
Company registration number:
14199792
FLL Investments Limited
Notes to the financial statements
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Apartment 1, 28 Victoria Avenue, Harrogate, HG1 5PR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost or valuation |
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At 1 August 2023 |
779,310 |
779,310 |
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Additions |
303,346 |
303,346 |
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Disposals |
(
283,352) |
(
283,352) |
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Revaluations |
129,176 |
129,176 |
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|
|
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|
_______ |
_______ |
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At 31 July 2024 |
928,480 |
928,480 |
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|
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|
_______ |
_______ |
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Impairment |
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At 1 August 2023 and 31 July 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 July 2024 |
928,480 |
928,480 |
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|
|
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_______ |
_______ |
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At 31 July 2023 |
779,310 |
779,310 |
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_______ |
_______ |
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Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
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Other investments other than loans |
Total |
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|
£ |
£ |
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At 31 July 2024 |
|
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Aggregate cost |
809,336 |
809,336 |
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|
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Aggregate depreciation |
- |
- |
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|
|
|
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|
_______ |
_______ |
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Carrying amount |
809,336 |
809,336 |
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_______ |
_______ |
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At 31 July 2023 |
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Aggregate cost |
777,946 |
777,946 |
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Aggregate depreciation |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
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Carrying amount |
777,946 |
777,946 |
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_______ |
_______ |
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6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
4,486 |
3,422 |
|
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|
_______ |
_______ |
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7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Corporation tax |
|
326 |
93 |
|
Other creditors |
|
110,211 |
4,829 |
|
|
|
_______ |
_______ |
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|
110,537 |
4,922 |
|
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|
_______ |
_______ |
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Directors' current accounts of £26 (2023 - £13) are unsecured, interest free and repayable on demand. Included within creditors are £3,580 (2023 - nil) due to the holding company Frederick Lawther Limited and £5,303 (2023 - nil) to an associated company Suddaby Holdings Limited, which are unsecured, interest free and repayable on demand.
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
830,000 |
790,250 |
|
|
|
_______ |
_______ |
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Included within creditors: amounts falling due after more than one year is an amount of £ 830,000 (2023 £ 790,250) in respect of unsecured liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
On 5 September 2022 the company borrowed £150,000 from the holding company Frederick Lawther Limited repayable on 5 September 2032 or earlier if demanded. The directors confirm that there are no plans to demand early repayment of the loan. No interest is charged on the loan up to 5 September 2024 following which the position is to reviewed annually. In 2023/24 a further £60,000 was advanced on the same terms. Between 5 September 2022 and 25 July 2023 the company borrowed £550,000 from the associated company Suddaby Holdings Limited repayable between 5 September 2032 and 25 July 2033 or earlier if demanded. The directors confirm that there are no plans to demand early repayment of the loans. No interest is charged on the loans up to between 5 September 2024 and 25 July 2025 following which the position is to be reviewed annually. In 2023/24 a further £27,150 was advanced on the same terms. On 1 December 2022 the company borrowed £90,250 from a shareholder of the holding company Frederick Lawther Limited repayable on 1 December 2032 or earlier if demanded. Interest was charged on the loan at 5.5% per annum. The loan was repaid in full on 5 November 2024 and has been reclassified as fully due within one year. On 31 July 2024 the company borrowed £42,850 from a shareholder repayable on 31 July 2034 or earlier if demanded. The directors confirm that there are no plans to demand early repayment of the loan. No interest is charged on the loan up to 31 July 2025 following which the position is to be reviewed annually.
9.
Controlling party
The controlling party is Frederick Lawther Limited.