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COMPANY REGISTRATION NUMBER: 09731153
FNR Properties Limited
Filleted Unaudited Financial Statements
31 August 2024
FNR Properties Limited
Financial Statements
Year Ended 31 August 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
FNR Properties Limited
Officers and Professional Advisers
Director
Mr F N Renda
Registered office
88 High Street
Ramsey
Huntingdon
Cambs
England
PE26 1BS
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
FNR Properties Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
792,345
793,434
Current assets
Debtors
5
3,684
3,532
Cash at bank and in hand
217,992
142,888
---------
---------
221,676
146,420
Creditors: amounts falling due within one year
6
527,129
517,849
---------
---------
Net current liabilities
305,453
371,429
---------
---------
Total assets less current liabilities
486,892
422,005
Creditors: amounts falling due after more than one year
7
1,688
3,938
---------
---------
Net assets
485,204
418,067
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
485,104
417,967
---------
---------
Shareholders funds
485,204
418,067
---------
---------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FNR Properties Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
Mr F N Renda Director
Company registration number: 09731153
FNR Properties 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 88 High Street, Ramsey, Huntingdon, Cambs, PE26 1BS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 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.
3.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
3.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
3.4 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
15% reducing balance
3.5 Investment property
Investment property is initially recorded 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.
3.6 Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
632,301
223,692
855,993
Additions
24,170
24,170
---------
---------
---------
At 31 August 2024
632,301
247,862
880,163
---------
---------
---------
Depreciation
At 1 September 2023
62,559
62,559
Charge for the year
25,259
25,259
---------
---------
---------
At 31 August 2024
87,818
87,818
---------
---------
---------
Carrying amount
At 31 August 2024
632,301
160,044
792,345
---------
---------
---------
At 31 August 2023
632,301
161,133
793,434
---------
---------
---------
One of the investment properties was revalued to its estimate fair value of £120,000 on 31 August 2018. The valuation has been calculated by the director by comparing to similar properties on the same street.
5. Debtors
2024
2023
£
£
Trade debtors
3,684
1,744
Other debtors
1,788
-------
-------
3,684
3,532
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,250
2,250
Trade creditors
1,037
6,666
Corporation tax
22,048
1,892
Social security and other taxes
2,175
Other creditors
499,619
507,041
---------
---------
527,129
517,849
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,688
3,938
-------
-------
8. Related party transactions
The director, Mr F N Renda is also a director of FNR Machinery Limited and Lion Homes Developments Limited. Included in other creditors is £459,774 (2023 - £493,401), being the amount loaned by FNR Machinery Ltd to FNR Properties Ltd. During the year, FNR Machinery Ltd charged FNR Properties Ltd management charges of £nil (2023 - £2,250) and interest charges of £22,357 (2023 - £4,900).