REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
FOR |
FULHAM PROPERTIES LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
FOR |
FULHAM PROPERTIES LIMITED |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FULHAM PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JULY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
ABRIDGED BALANCE SHEET |
30 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) |
PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Fair value reserve | 8 |
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. |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
ABRIDGED BALANCE SHEET - continued |
30 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
1. | STATUTORY INFORMATION |
Fulham Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rent receivable. |
Tangible fixed assets |
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 property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. At the end of each period, the carrying value is adjusted to the fair value at that date. Fair value is determined by consideration of comparable market data such as rental yields, location, condition and nature of the property. The gains and losses are taken to profit and loss at the end of each period. |
Deferred tax is recognised in respect to any gains, and the amount included in profit and loss is net of any deferred tax provision. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement 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 reporting date. |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 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 reporting 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. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 July 2023 |
Additions |
At 30 July 2024 |
NET BOOK VALUE |
At 30 July 2024 |
At 30 July 2023 |
Fair value at 30 July 2024 is represented by: |
£ |
Valuation in 2014 | 2,551,366 |
Valuation in 2016 | 691,315 |
Valuation in 2023 | 745,000 |
Cost | 5,763,398 |
9,751,079 |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2024 |
5. | INVESTMENT PROPERTY - continued |
With the exception of the property acquired this year, the remainder of the properties were last formally revalued on an open market basis totalling £7,645,000 by Mr M Pericleous MRICS of Anderson Wilde & Harris Chartered Surveyors on 17 July 2023. The directors are of opinion that these valuations remain appropriate as at the reporting date. |
6. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 996,920 | 996,920 |
Deferred |
tax |
£ |
Balance at 31 July 2023 |
Balance at 30 July 2024 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 4,174 | 4,174 |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 31 July 2023 |
Deferred tax | 96,412 |
At 30 July 2024 |
FULHAM PROPERTIES LIMITED (REGISTERED NUMBER: 05837505) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2024 |
9. | RELATED PARTY DISCLOSURES |
Aquila Property Investments (UK) Ltd |
Aquila Property Investments (UK) Ltd is a company incorporated in England and Wales in which Mr A Theodorou and Mrs M S Naderi are directors. It is the immediate parent company by virtue of its controlling interest of 64.28% of the issued ordinary share capital in Fulham Properties Limited. At the balance sheet date, Aquila Property Investments (UK) Ltd was owed £953,164 (2023 - debit £58,992) by the company. This is an unsecured interest-free loan which is repayable on demand. |
Aegis & Trident Capital Limited |
Aegis & Trident Capital Limited is a company incorporated in England and Wales in which Mr A Theodorou is a director. Mrs M S Naderi is the other director and she owns 100% of its issued ordinary share capital. At the balance sheet date, the company was owed £198,152 (2023 - £677,552) by Aegis & Trident Capital Limited. This is an unsecured interest-free loan which is repayable on demand. |
Alim Properties Ltd |
Alim Properties Ltd is an associate company incorporated in England and Wales in which Mr P Wahid is also a director, and it owns 28.68% of the issued ordinary share capital of Fulham Properties Limited. At the balance sheet date, Alim Properties Ltd was owed £749,804 (2023 - £21,682 debit) by the company. This is an unsecured interest-free loan which is repayable on demand. |
Rayan Property Investments Limited |
Rayan Property Investments Limited, a company incorporated in England and Wales in which Mr A Khademi is a director, and it owns 7.04% of the issued ordinary share capital of Fulham Properties Limited. At the balance sheet date, Rayan Property Investments Limited was owed £109,151 (2023 - £1,205 debit) by the company which is included under other creditors. This is an unsecured interest-free loan which is repayable on demand. |
Maqdad Limited and Satar Limited |
At the balance sheet date, Maqdad Limited owed the company £592,820 (2023 - £592,820) which is included under other debtors. This is an unsecured interest-free loan which is repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Aquila Property Investments (UK) Ltd, its immediate parent company. |
The ultimate controlling party is |
She is considered by the directors to be the ultimate controlling party by virtue of her indirect controlling interest of 64.28% of the issued ordinary share capital in the company. |
Aquila Property Investments (UK) Ltd is a wholly owned subsidiary of Aegis & Trident Capital Limited, a company incorporated in England and Wales, in which Mrs M S Naderi is the sole shareholder. |
11. | PARENT UNDERTAKING |
The immediate parent company is Aquila Property Investments (UK) Ltd by virtue of its controlling interest of 64.28% of the issued ordinary share capital in the company. |