REGISTERED NUMBER: 10908238 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

FDG PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Cavanagh

Mrs F Cavanagh

SECRETARY:

Mrs F Cavanagh

REGISTERED OFFICE:

100 Barbirolli Square

Manchester

M2 3BD

REGISTERED NUMBER:

10908238 (England and Wales)

ACCOUNTANTS:

Xeinadin

100 Barbirolli Square

Manchester

M2 3BD

FIXED ASSETS

Tangible assets

4

5,106

4,559

Investment property

5

656,697

642,998

661,803

647,557

CURRENT ASSETS

Cash at bank

11,965

23,334

CREDITORS

Amounts falling due within one year

6

180,748

182,842

NET CURRENT LIABILITIES

(168,783

)

(159,508

)

TOTAL ASSETS LESS CURRENT LIABILITIES

493,020

488,049

CREDITORS

Amounts falling due after more than one year

7

(395,339

)

(402,886

)

PROVISIONS FOR LIABILITIES

9

(25,733

)

(22,309

)

NET ASSETS

71,948

62,854

CAPITAL AND RESERVES

Called up share capital

10

2

2

Fair value reserve

11

77,201

-

Retained earnings

(5,255

)

62,852

SHAREHOLDERS' FUNDS

71,948

62,854

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:

Mr D Cavanagh - Director

1.	STATUTORY INFORMATION

FDG Properties Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10908238. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD. The principal place of business is Dovedale, Grove Avenue, Blackrock, Co. Dublin, A94 YW08.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of rental income, which are recognised at the point of which the goods or services are provided.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Leasehold improvements

10% straight line method

Fixtures & fittings

20% straight line method

Computer equipment

33.33% straight line method

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit or loss in the period which they arise.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2023

6,240

266

6,677

13,183

Additions

-

-

2,126

2,126

At 31 August 2024

6,240

266

8,803

15,309

DEPRECIATION

At 1 September 2023

3,120

181

5,323

8,624

Charge for year

624

53

902

1,579

At 31 August 2024

3,744

234

6,225

10,203

NET BOOK VALUE

At 31 August 2024

2,496

32

2,578

5,106

At 31 August 2023

3,120

85

1,354

4,559

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2023

642,998

Revaluations

13,699

At 31 August 2024

656,697

NET BOOK VALUE

At 31 August 2024

656,697

At 31 August 2023

642,998

Fair value at 31 August 2024 is represented by:

£

Valuation in 2020

16,458

Valuation in 2021

49,606

Valuation in 2022

53,461

Valuation in 2023

(30,290

)

Valuation in 2024

13,699

Cost

553,763

656,697

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Directors' current accounts

174,624

181,390

Accrued expenses

6,124

1,452

180,748

182,842

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

395,339

402,886

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

395,339

402,886

Bank borrowings are secured by a fixed and floating charge over the relevant assets.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

25,733

22,309

Deferred

tax

£

Balance at 1 September 2023

22,309

Provided during year

3,424

Balance at 31 August 2024

25,733

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary A share

£1

1

1

1

Ordinary B share

£1

1

1

2

2

11.

RESERVES

Fair

value

reserve

£

Non-distributable reserve

77,201

At 31 August 2024

77,201