Company registration number 08423003 (England and Wales)
FELDON HOUSING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
FELDON HOUSING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
FELDON HOUSING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
952
1,161
Investment property
5
1,050,000
1,050,000
1,050,952
1,051,161
Current assets
Stocks
261,927
261,927
Debtors
6
77,487
74,584
Cash at bank and in hand
2,286
1,966
341,700
338,477
Creditors: amounts falling due within one year
7
(861,194)
(1,524,843)
Net current liabilities
(519,494)
(1,186,366)
Total assets less current liabilities
531,458
(135,205)
Creditors: amounts falling due after more than one year
8
(745,270)
(42,593)
Provisions for liabilities
(25,861)
(25,861)
Net liabilities
(239,673)
(203,659)
Reserves
Income and expenditure account
(239,673)
(203,659)
Total members' funds
(239,673)
(203,659)
FELDON HOUSING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
Mr Z Ahmed
Director
Company registration number 08423003 (England and Wales)
FELDON HOUSING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
Income and expenditure
£
Balance at 1 March 2021
(128,119)
Year ended 28 February 2022:
Deficit and total comprehensive income
(75,540)
Balance at 28 February 2022
(203,659)
Year ended 28 February 2023:
Deficit and total comprehensive income
(36,014)
Balance at 28 February 2023
(239,673)
FELDON HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
Feldon Housing Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company had a deficit before taxation at the year end of £36,014 (2022: £75,540). It was in a net liability position at the year end of £239,673 (2022: £203,659). true
One of the company's directors has pledged to financially support the company for a period of at least 12 months from the date of approval of these financial statements. A connected company has also pledged support to the company by way of not calling in the amounts owed to it. This will allow the company to remain solvent for a period of at least 12 months from the date of approval of these financial statements.
On the basis of the support, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Turnover represents revenue from sale of property and rental income. Revenue from sale of property is recognised when the significant risks and rewards of ownership of the property have passed to the buyer (on completion of sale), the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FELDON HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
FELDON HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
FELDON HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
The fair value of the investment properties at the Balance Sheet date has been arrived at by reference to the sale of similar properties owned by Feldon Housing Limited on the open market towards the end of the prior year. The value of the investment properties on the accounts is therefore an estimate and could be different to the sale value were they to be sold on open market terms.
3
Employees
The company did not have any employees in the current or the preceding financial year.
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
2,000
750
2,750
Depreciation and impairment
At 1 March 2022
1,156
433
1,589
Depreciation charged in the year
152
57
209
At 28 February 2023
1,308
490
1,798
Carrying amount
At 28 February 2023
692
260
952
At 28 February 2022
844
317
1,161
5
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
1,050,000
FELDON HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Investment property
(Continued)
- 8 -
Investment property comprises of land. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on 28 February 2021. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
77,487
74,584
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,824
668,704
Trade creditors
8,424
5,694
Amounts owed to group undertakings
758,032
781,109
Other creditors
82,914
69,336
861,194
1,524,843
One of the bank loans is secured by fixed charges and floating charges over all the property and undertaking of the company.
Amounts owed to group undertakings is a balance owed to the group company Feldon Homes Limited.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
745,270
42,593
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.
10
Ultimate controlling party
The company is controlled by Mr Z Ahmed and Ms M Benmehdia.