REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
FOR |
FAS ESTATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
FOR |
FAS ESTATES LIMITED |
FAS ESTATES LIMITED (REGISTERED NUMBER: 14613205) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FAS ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
105 Eade Road |
OCC Building A |
2nd Floor Unit 11a |
London |
N4 1TJ |
FAS ESTATES LIMITED (REGISTERED NUMBER: 14613205) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
FAS ESTATES LIMITED (REGISTERED NUMBER: 14613205) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
FAS Estates Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, except that investment property is measured at fair value through profit or loss. |
Judgements and key sources of estimation uncertainty |
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below: |
The company's investment properties are valued by the directors. The valuation of the company's properties is inherently subjective, depending on many factors, including the individual nature of the property, its location and expected future net rental value, market yield and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Fixed assets |
Fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the period 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. |
FAS ESTATES LIMITED (REGISTERED NUMBER: 14613205) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
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 tax rates and laws that have been enacted or substantively enacted by the period 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
5. | TANGIBLE FIXED ASSETS |
Investment |
property |
£ |
COST |
At 24 January 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 23 January 2023 |
The directors are of the opinion that £12,600,000 represents the open market value of the company's investment properties at 31 March 2024. The historical cost of the investment properties is £12,600,000. |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
FAS ESTATES LIMITED (REGISTERED NUMBER: 14613205) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 24 JANUARY 2023 TO 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to group undertakings |
Taxation |
Other creditors |
9. | RELATED PARTY DISCLOSURES |
Other creditors include amounts of £25,800 due to companies of which the directors of the company are also directors. |
No transactions with related parties, other than disclosed above and elsewhere in the financial statements, were undertaken such as are required to be disclosed under FRS102. |