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Company registration number: 10330486
Falaise Property Limited
Unaudited filleted financial statements
31 August 2024
Falaise Property Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Falaise Property Limited
Directors and other information
Directors Mr David Thomas
Mrs Rebecca Thomas
Company number 10330486
Registered office 40 Plasturton Gardens
Cardiff
CF11 9HF
Falaise Property Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 225,000 220,000
_______ _______
225,000 220,000
Current assets
Debtors 6 10,835 8,204
Cash at bank and in hand 57 -
_______ _______
10,892 8,204
Creditors: amounts falling due
within one year 7 ( 7,105) ( 6,405)
_______ _______
Net current assets 3,787 1,799
_______ _______
Total assets less current liabilities 228,787 221,799
Creditors: amounts falling due
after more than one year 8 ( 155,293) ( 155,293)
Provisions for liabilities ( 11,860) ( 10,910)
_______ _______
Net assets 61,634 55,596
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 55,755 51,705
Profit and loss account 5,779 3,791
_______ _______
Shareholders funds 61,634 55,596
_______ _______
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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr David Thomas
Director
Company registration number: 10330486
Falaise Property Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Plasturton Gardens, Cardiff, CF11 9HF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 September 2023 220,000 220,000
Revaluation 5,000 5,000
_______ _______
At 31 August 2024 225,000 225,000
_______ _______
Carrying amount
At 31 August 2024 225,000 225,000
_______ _______
At 31 August 2023 220,000 220,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 September 2023 220,000
Fair value adjustments 5,000
_______
At 31 August 2024 225,000
_______
The investment property fair value was determined by directors by reference to broad data obtained from commercial property websites.
6. Debtors
2024 2023
£ £
Other debtors 10,835 8,204
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 5,895 4,295
Other creditors 1,210 2,110
_______ _______
7,105 6,405
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 155,293 155,293
_______ _______
Bank loan is secured by a fixed charge over the property of the company.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr David Thomas 6,134 10,496 ( 8,529) 8,101
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr David Thomas 1,253 15,483 ( 10,602) 6,134
_______ _______ _______ _______
The above advances were interest free and repayable on demand.