1 September 2023 v2025.19.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP124925992023-09-012024-08-31124925992024-08-31124925992023-08-3112492599core:WithinOneYear2024-08-3112492599core:WithinOneYear2023-08-3112492599core:AfterOneYear2024-08-3112492599core:AfterOneYear2023-08-3112492599core:ShareCapital2024-08-3112492599core:ShareCapital2023-08-3112492599core:RetainedEarningsAccumulatedLosses2024-08-3112492599core:RetainedEarningsAccumulatedLosses2023-08-3112492599bus:Director12023-09-012024-08-3112492599bus:RegisteredOffice2023-09-012024-08-31124925992022-09-012023-08-3112492599core:LandBuildings2023-09-0112492599core:LandBuildings2023-09-012024-08-3112492599core:LandBuildings2024-08-3112492599core:LandBuildings2023-08-3112492599core:AdditionsToInvestments2024-08-3112492599core:CostValuation2024-08-311249259912023-09-012024-08-3112492599countries:EnglandWales2023-09-012024-08-3112492599bus:AuditExemptWithAccountantsReport2023-09-012024-08-3112492599bus:PrivateLimitedCompanyLtd2023-09-012024-08-3112492599bus:SmallEntities2023-09-012024-08-3112492599bus:FullAccounts2023-09-012024-08-31
Company registration number:
12492599
Fiesta Property Ltd
Unaudited Filleted Financial Statements for the year ended
31 August 2024
Fiesta Property Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Fiesta Property Ltd
Year ended
31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Fiesta Property Ltd
for the year ended
31 August 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Fiesta Property Ltd
, as a body. My work has been undertaken solely to prepare for your approval the
financial statements
of
Fiesta Property Ltd
and state those matters that I have agreed to state to the Board of Directors of
Fiesta Property Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Fiesta Property Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Fiesta Property Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Fiesta Property Ltd
. You consider that
Fiesta Property Ltd
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Fiesta Property Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
RJ Harrison Accountancy Ltd
Red Roof
Old Mill Road
Denham
UB9 5AW
United Kingdom
Date:
15 April 2025
Fiesta Property Ltd
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Tangible assets 5
1,193,121
 
1,091,121
 
Investments 6
150
  -  
1,193,271
 
1,091,121
 
Current assets    
Debtors 7
5,520
 
1,427
 
Cash at bank and in hand
488
 
3,112
 
6,008
 
4,539
 
Creditors: amounts falling due within one year 8
(313,131
)
(324,666
)
Net current liabilities
(307,123
)
(320,127
)
Total assets less current liabilities 886,148   770,994  
Creditors: amounts falling due after more than one year 9
(768,283
)
(768,230
)
Provisions for liabilities
(19,380
) -  
Net assets
98,485
 
2,764
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
98,385
 
2,664
 
Shareholders funds
98,485
 
2,764
 
For the year ending
31 August 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
15 April 2025
, and are signed on behalf of the board by:
C Creak
Director
Company registration number:
12492599
Fiesta Property Ltd
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Little Baunton Main Street
,
Forest Hill
,
Oxford
,
OX33 1DZ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

3.1 Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

3.2 Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The validity of this assumption depends on the continuing support of the director, shareholders and creditors.
If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets as current assets and to provide for further liabilities which might arise.

3.3 Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income due in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

3.4 Current tax

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.

3.5 Investment properties

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.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

3.6 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.

3.7 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

3.8 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.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Land and buildings
£
Cost or valuation  
At
1 September 2023
1,091,121
 
Revaluations
102,000
 
At
31 August 2024
1,193,121
 
Depreciation  
At
1 September 2023
and
31 August 2024
-  
Carrying amount  
At
31 August 2024
1,193,121
 
At 31 August 2023
1,091,121
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying value at
1 September 2023
and
31 August 2024
1,091,121
 
The investment properties are residential properties located in Oxfordshire.
The fair value of the properties has been arrived at on the basis of the directors having suitable knowledge and experience about the property market to provide a fair reflection of the investment properties as at 31 August 2024.

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 September 2023
-  
Additions
150
 
At
31 August 2024
150
 
Impairment  
At
1 September 2023
and
31 August 2024
-  
Carrying amount  
At
31 August 2024
150
 
At 31 August 2023 -  
During the year, the Company made £150 of investments in an associates.

7 Debtors

20242023
££
Trade debtors
1,144
 
1,144
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,167
  -  
Other debtors
209
 
283
 
5,520
 
1,427
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
2,150
  -  
Taxation and social security
3,073
 
625
 
Other creditors
307,908
 
324,041
 
313,131
 
324,666
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
768,283
 
768,230
 
The aggregate amount of creditors for which security has been given amounted to £768,283 (2023: £768,230).

11 Controlling party

The company is jointly controlled by the directors.