ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Company registration number: 11928858

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MAY 2024

	FIRECREST TIMSBURY LIMITED


FIRECREST TIMSBURY LIMITED

COMPANY INFORMATION

Directors	S C Philpot
	J N Philpot


Registered number	11928858


Registered office	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


Trading Address	Milewood House
	Hightown Hill
	Ringwood
	Hampshire
	BH24 3HE



Accountants	Menzies LLP
	Chartered Accountants
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


FIRECREST TIMSBURY LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 9


FIRECREST TIMSBURY LIMITED REGISTERED NUMBER:11928858

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		52,897		31,157
Investment property	5		3,283,379		3,283,379
			3,336,276		3,314,536
Current assets
Debtors: amounts falling due within one year	6	14,792		17,854
Cash at bank and in hand		7,568		4,089
		22,360		21,943
Creditors: amounts falling due within one year	7	(3,622,671)		(3,422,239)
Net current liabilities			(3,600,311)		(3,400,296)
Total assets less current liabilities			(264,035)		(85,760)
Creditors: amounts falling due after more than one year	8		(12,090)		(22,359)
Provisions for liabilities
Deferred tax		(99,028)		(99,028)
			(99,028)		(99,028)
Net liabilities			(375,153)		(207,147)

Capital and reserves
Called up share capital		100	100
Profit and loss account	10	(375,253)	(207,247)
		(375,153)	(207,147)

Page 1


FIRECREST TIMSBURY LIMITED REGISTERED NUMBER:11928858

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by:

S C Philpot

Director

Date: 2 April 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2


FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

1.	General information

Firecrest Timsbury Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and principal place of business can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date of 31 May 2024, the company shows a deficiency of total assets over total liabilities of £375,153 (2023: £207,147). Due to the ongoing support of the directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due, the company has prepared its financial statements on a going concern basis.

2.3

Revenue

Rentals received 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. Rentals received is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue represents rents received from lease of investment properties held.

2.4

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.

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FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

2.5

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.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	25%	Reducing balance
Motor vehicles	-	25%	Reducing balance
Computer equipment	-	33%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Investment property

Investment property is carried at fair value determined annually 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.

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FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

2.8

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.

2.9

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

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FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 June 2023	26,282	10,000	3,105	39,387
Additions	16,002	-	13,693	29,695
At 31 May 2024	42,284	10,000	16,798	69,082
Depreciation
At 1 June 2023	6,570	625	1,035	8,230
Charge for the year on owned assets	4,928	2,344	683	7,955
At 31 May 2024	11,498	2,969	1,718	16,185
Net book value
At 31 May 2024	30,786	7,031	15,080	52,897
At 31 May 2023	19,712	9,375	2,070	31,157

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FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 June 2023	3,283,379
	At 31 May 2024	3,283,379

The last valuations were made by Cameron and Cole LLP on the 23 June 2022, on an open market value for existing use basis.

					2024	2023
					£	£

Revaluation reserves
Revaluations net of deferred tax	297,084	297,084
At 31 May 2024	297,084	297,084

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	£	£

	Historic cost	2,887,267	2,887,267
		2,887,267	2,887,267

Debtors

					2024	2023
					£	£


Trade debtors	10,821	1,069
Other debtors	1,293	7,821
Prepayments and accrued income	2,678	8,964
	14,792	17,854

Page 7


FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	10,269	10,051
Trade creditors	64,075	18,645
Other creditors	3,535,632	3,374,442
Accruals and deferred income	12,695	19,101
	3,622,671	3,422,239

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	12,090	22,359
	12,090	22,359

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	22,359	32,410
	22,359	32,410

Details of security provided:

Bank loans represent a Bounce Back Loan secured by way of guarantee given by the U.K. Government.

Page 8


FIRECREST TIMSBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

Amounts falling due within one year
Bank loans	10,269	10,051
	10,269	10,051
Amounts falling due 1-2 years
Bank loans	12,090	10,269
	12,090	10,269
Amounts falling due 2-5 years
Bank loans	-	12,090
	-	12,090

	22,359	32,410

10.

Reserves

Profit and loss account

Of the profit and loss reserves carried forward £297,084 (2023 - £297,084) relates to the revaluation of investment properties and is non distributable until such time the investment properties are sold. This balance comprises of investment property up lift of £396,112 less deferred tax liability of £99,028.

11.	Controlling party

The parent company is Philpot Investments Limited, a company registered in England & Wales whose registered office is Milewood House, Hightown Hill, Ringwood, Hampshire, BH24 3HE.

Page 9