Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312023-09-01falseHOLDING CO22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08265551 2023-09-01 2024-08-31 08265551 2022-09-01 2023-08-31 08265551 2024-08-31 08265551 2023-08-31 08265551 c:Director1 2023-09-01 2024-08-31 08265551 c:Director2 2023-09-01 2024-08-31 08265551 d:FreeholdInvestmentProperty 2024-08-31 08265551 d:FreeholdInvestmentProperty 2023-08-31 08265551 d:FreeholdInvestmentProperty 2 2023-09-01 2024-08-31 08265551 d:CurrentFinancialInstruments 2024-08-31 08265551 d:CurrentFinancialInstruments 2023-08-31 08265551 d:Non-currentFinancialInstruments 2024-08-31 08265551 d:Non-currentFinancialInstruments 2023-08-31 08265551 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 08265551 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08265551 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 08265551 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 08265551 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 08265551 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 08265551 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 08265551 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 08265551 d:ShareCapital 2024-08-31 08265551 d:ShareCapital 2023-08-31 08265551 d:RevaluationReserve 2023-09-01 2024-08-31 08265551 d:OtherMiscellaneousReserve 2024-08-31 08265551 d:OtherMiscellaneousReserve 2023-08-31 08265551 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 08265551 d:RetainedEarningsAccumulatedLosses 2024-08-31 08265551 d:RetainedEarningsAccumulatedLosses 2023-08-31 08265551 c:FRS102 2023-09-01 2024-08-31 08265551 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 08265551 c:FullAccounts 2023-09-01 2024-08-31 08265551 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08265551 d:OtherDeferredTax 2024-08-31 08265551 d:OtherDeferredTax 2023-08-31 08265551 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 08265551









FTC PROPERTIES LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
FTC PROPERTIES LIMITED
REGISTERED NUMBER: 08265551

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
140,000
121,934

Current assets
  

Debtors: amounts falling due within one year
 5 
225
202

Cash at bank and in hand
 6 
12,078
3,804

  
12,303
4,006

Creditors: amounts falling due within one year
 7 
(60,139)
(57,580)

Net current liabilities
  
 
 
(47,836)
 
 
(53,574)

Total assets less current liabilities
  
92,164
68,360

Creditors: amounts falling due after more than one year
 8 
(19,001)
(25,860)

Provisions for liabilities
  

Deferred tax
 10 
(4,516)
-

Net assets
  
68,647
42,500


Capital and reserves
  

Called up share capital 
  
100
100

Non-distributable reserve
 11 
13,550
-

Profit and loss account
 11 
54,997
42,400

  
68,647
42,500


Page 1

 
FTC PROPERTIES LIMITED
REGISTERED NUMBER: 08265551
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 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 1 April 2025.





Mr I H Smith
Mrs E J Smith
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FTC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

FTC Properties Limited is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The principal place of business is Unit 14, New Horizon Business Centre, Barrows Road, Harlow, Essex, CM19 5FN. The principal activity of the company was that of letting property.  

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 following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
FTC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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 the profit and loss. 

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 4

 
FTC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.


3.


Employees

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


4.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
121,934


Surplus on revaluation
18,066



At 31 August 2024
140,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Prepayments and accrued income
225
202


Page 5

 
FTC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
12,078
3,804



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,859
6,477

Amounts owed to associated undertakings
47,013
47,013

Corporation tax
2,955
1,446

Accruals and deferred income
3,312
2,644

60,139
57,580



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
19,001
25,860


The following liabilities were secured:




Details of security provided:

The bank facility is secured by:
Debenture dated 11 December 2012 over all assets of the company;
Legal charge dated 5 February 2013 over the freehold investment property held by FTC Properties Limited in favour of Lloyds Bank Plc.

Page 6

 
FTC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,859
6,477

Amounts falling due 1-2 years

Bank loans
7,270
6,859

Amounts falling due 2-5 years

Bank loans
11,731
19,001


25,860
32,337



10.


Deferred taxation




2024


£






Charged to profit or loss
(4,516)



At end of year
(4,516)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation of investment property
(4,516)
-


11.


Reserves

Non-distributable reserve

Non-distributable reserves relating to the unrealised gain or loss on fair value adjustment of investment properties.
Deferred tax has been provided on the revaluation of investment properties. 

Profit and loss account

Includes all current and prior period retained profits and losses

Page 7

 
FTC PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Related party transactions


2024
2023
£
£

Rent received from connected company
19,500
11,940
Amount due to connected company
47,013
47,013

 
Page 8