Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-30092553462024-06-30true2023-07-01falseOther letting and operating of own or leased real estate22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09255346 2023-07-01 2024-06-30 09255346 2022-07-01 2023-06-30 09255346 2024-06-30 09255346 2023-06-30 09255346 2022-07-01 09255346 c:Director2 2023-07-01 2024-06-30 09255346 d:FreeholdInvestmentProperty 2024-06-30 09255346 d:FreeholdInvestmentProperty 2023-06-30 09255346 d:CurrentFinancialInstruments 2023-07-01 2024-06-30 09255346 d:CurrentFinancialInstruments 2024-06-30 09255346 d:CurrentFinancialInstruments 2023-06-30 09255346 d:Non-currentFinancialInstruments 2024-06-30 09255346 d:Non-currentFinancialInstruments 2023-06-30 09255346 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09255346 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09255346 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 09255346 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09255346 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 09255346 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 09255346 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 09255346 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 09255346 d:ShareCapital 2024-06-30 09255346 d:ShareCapital 2023-06-30 09255346 d:RevaluationReserve 2024-06-30 09255346 d:RevaluationReserve 2023-06-30 09255346 d:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 09255346 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 09255346 d:RetainedEarningsAccumulatedLosses 2024-06-30 09255346 d:RetainedEarningsAccumulatedLosses 2023-06-30 09255346 d:OtherDeferredTax 2024-06-30 09255346 d:OtherDeferredTax 2023-06-30 09255346 c:OrdinaryShareClass1 2023-07-01 2024-06-30 09255346 c:OrdinaryShareClass1 2024-06-30 09255346 c:OrdinaryShareClass1 2023-06-30 09255346 c:FRS102 2023-07-01 2024-06-30 09255346 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09255346 c:FullAccounts 2023-07-01 2024-06-30 09255346 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09255346 2 2023-07-01 2024-06-30 09255346 6 2023-07-01 2024-06-30 09255346 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure



















Flair Properties Limited

Registered number: 09255346
Information for filing with the Registrar
For the year ended 30 June 2024

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
REGISTERED NUMBER: 09255346

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
46,354
46,354

Investment property
 5 
5,495,000
5,495,000

  
5,541,354
5,541,354

Current assets
  

Debtors: amounts falling due within one year
 6 
160,100
2,859

Cash at bank and in hand
 7 
317,042
127,073

  
477,142
129,932

Creditors: amounts falling due within one year
 8 
(1,107,606)
(1,168,236)

Net current liabilities
  
 
 
(630,464)
 
 
(1,038,304)

Total assets less current liabilities
  
4,910,890
4,503,050

Creditors: amounts falling due after more than one year
 9 
(604,716)
(652,145)

Provisions for liabilities
  

Deferred tax
 11 
(322,262)
(322,262)

  
 
 
(322,262)
 
 
(322,262)

Net assets
  
3,983,912
3,528,643


Capital and reserves
  

Called up share capital 
 12 
100
100

Investment property fair value reserve
 13 
1,057,102
1,057,102

Profit and loss account
 13 
2,926,710
2,471,441

  
3,983,912
3,528,643


- 1 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
REGISTERED NUMBER: 09255346
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.




N Shah
Director

The notes on pages 3 to 12 form part of these financial statements.

- 2 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Flair Properties Limited is a private company limited by shares, registered number 09255346, incorporated in England and Wales. The address of the registered office and principal place of business in Etherow Works, Etherow Industrial Estate, Woolley Bridge Road, Glossop, Derbyshire, SK13 2NS.
The principal activity of the Company during the year was leased real estate. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. The following paragraphs set out the basis of which the directors have reached their conclusion.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental Income
Income from the letting and maintenance of investment property is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

- 3 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

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

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

- 4 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

- 5 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
- 6 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 7 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2


4.


Fixed asset investments





Unlisted investments

£



Cost and net book value


At 1 July 2023
46,354



At 30 June 2024
46,354





5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
5,495,000



At 30 June 2024
5,495,000

The 2024 valuations were made by the directors. Previous valuations have been made by Cushman & Wakefield in 2022, on an open market value for existing use basis.






- 8 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
-
2,759

Amounts owed by entities under common control
160,000
-

Called up share capital not paid
100
100

160,100
2,859



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
317,042
127,073

317,042
127,073



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
47,429
47,430

Trade creditors
1,006
-

Amounts owed to entities under common control
666,615
800,000

Corporation tax
151,680
151,559

Other taxation and social security
87,060
15,431

Other creditors
151,545
151,545

Accruals and deferred income
2,271
2,271

1,107,606
1,168,236


The bank loans are secured by a fixed and floating charge over all assets of the Company. 

- 9 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
604,716
652,145

604,716
652,145


The bank loans are secured by way of a fixed and floating charge over all assets of the Company.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
47,429
47,430


47,429
47,430

Amounts falling due 1-2 years

Bank loans
94,860
47,430


94,860
47,430

Amounts falling due 2-5 years

Bank loans
509,856
604,715


509,856
604,715


652,145
699,575


- 10 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(322,262)
(318,983)


Charged to profit or loss
-
(3,279)



At end of year
(322,262)
(322,262)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
(322,262)
(322,262)


12.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



13.


Reserves

Investment property fair value reserve

The revaluation reserve represents cumulative gains recognised on the revaluation of investment property less deferred tax. 

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends declared. 


14.


Related party transactions

Included within other creditors are amounts owing to directors of £151,545 (2023: £151,545). The loan account is interest free. This amount is shown in other creditors. 
Rental income received from entities under common control during the year totalled £520,000 (2023: £466,667). Property recharges were made to entities under common control during the year totalling £134,118 (2023: £Nil). Interest was charged on the outstanding loan relating to entities under common control totalling £30,897 (2023: £45,833). 

- 11 -

 
 09255346
30 June 2024
FLAIR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Controlling party

The Company is controlled by N Shah by virtue of his majority shareholding. 

- 12 -