Company registration number 03570213 (England and Wales)
FCB 1293  LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FCB 1293  LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FCB 1293  LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
827,692
827,692
Current assets
Debtors
5
34,519
25,265
Cash at bank and in hand
313,873
284,059
348,392
309,324
Creditors: amounts falling due within one year
6
(852,341)
(806,246)
Net current liabilities
(503,949)
(496,922)
Net assets
323,743
330,770
Capital and reserves
Called up share capital
2
2
Revaluation reserve
7
86,120
86,120
Profit and loss reserves
8
237,621
244,648
Total equity
323,743
330,770

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 15 March 2025 and are signed on its behalf by:
D M J Raffray
Director
Company registration number 03570213 (England and Wales)
FCB 1293  LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

FCB 1293 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 450 London Road, North Cheam, Surrey, SM3 8JB.

1.1
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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the fair value of consideration receivable for letting of the company's investment properties. Rental income is recognised on a straight-line basis over the lease term net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure.

1.7
Taxation

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

FCB 1293  LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
5,590
Depreciation and impairment
At 1 April 2023 and 31 March 2024
5,590
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
FCB 1293  LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
827,692

A valuation report was commissioned from an independent firm of valuers on 26 January 2016 for lending purposes and the gross valuation of the company’s properties was £827,692.

The directors are of the opinion that this valuation was a fair valuation at 31 March 2024.

Fair value at 31 March 2024 is represented by:

Valuation in 2003                 £108,428

Valuation in 2004                £ 50,000

Valuation in 2005             £ 25,000

Valuation in 2010                £(150,000)

Valuation in 2017                £ 52,692

Cost                     £741,572

                     £827,692

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
34,519
25,265
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
807,629
762,619
Corporation tax
2,244
2,244
Other taxation and social security
5,451
3,927
Other creditors
37,017
37,456
852,341
806,246
7
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
86,120
86,120

The revaluation reserve represents the non-distributable element of the company's reserves relating to fair value gains on investment properties less any associated deferred tax liabilities.

FCB 1293  LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
244,648
235,080
(Loss)/profit for the year
(7,027)
9,568
At the end of the year
237,621
244,648
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Kevin Fisher BA FCA CTA
Statutory Auditor:
Kingston Burrowes Audit Ltd
Date of audit report:
19 March 2025
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
20,250
20,250
Between two and five years
81,000
81,000
In over five years
1,721,250
1,741,500
1,822,500
1,842,750

The minimum lease payments reported above relate to the company's leasehold investment property. Although the lease itself is non-cancellable, the company is free to sell the leasehold at any time at which point the obligations to pay future rentals would pass to the new owner.

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