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COMPANY REGISTRATION NUMBER: 08534911
FENHAM PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
FENHAM PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
FENHAM PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
6,135
8,316
Investment properties
6
5,343,921
4,676,163
-------------
-------------
5,350,056
4,684,479
CURRENT ASSETS
Work in progress
7
1,442,363
Debtors
8
478,866
91,149
Cash at bank and in hand
106,381
427,404
-------------
----------
2,027,610
518,553
CREDITORS: amounts falling due within one year
9
168,985
162,836
-------------
----------
NET CURRENT ASSETS
1,858,625
355,717
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,208,681
5,040,196
CREDITORS: amounts falling due after more than one year
10
5,913,833
3,130,786
PROVISIONS
Taxation including deferred tax
323,500
362,170
-------------
-------------
NET ASSETS
971,348
1,547,240
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
13
190
190
Non distributable reserve
1,616,987
1,746,346
Profit and loss account
( 645,829)
( 199,296)
-------------
-------------
SHAREHOLDERS FUNDS
971,348
1,547,240
-------------
-------------
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.
FENHAM PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
For the year ending 31st March 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 were approved by the board of directors and authorised for issue on 5 June 2025 , and are signed on behalf of the board by:
M. Suleman
Director
Company registration number: 08534911
FENHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 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 37 Hadrian Road, Newcastle Upon Tyne, NE4 9HN.
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
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 the investment property is measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration and represents amounts receivable for rent.
Taxation
The taxation expense represents the aggregate amount of 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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% reducing balance
Computer equipment
-
25% straight line
Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investment properties are not depreciated.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. Profit is included in the valuation of work in progress if it is reasonably certain that it is appropriate to do so.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. TANGIBLE ASSETS
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1st April 2023 and 31st March 2024
8,809
1,406
10,215
-------
-------
---------
Depreciation
At 1st April 2023
1,489
410
1,899
Charge for the year
1,830
351
2,181
-------
-------
---------
At 31st March 2024
3,319
761
4,080
-------
-------
---------
Carrying amount
At 31st March 2024
5,490
645
6,135
-------
-------
---------
At 31st March 2023
7,320
996
8,316
-------
-------
---------
6. INVESTMENT PROPERTIES
Investment properties
£
Valuation
At 1st April 2023
4,676,163
Additions
667,758
-------------
At 31st March 2024
5,343,921
-------------
Impairment
At 1st April 2023 and 31st March 2024
-------------
Carrying amount
At 31st March 2024
5,343,921
-------------
At 31st March 2023
4,676,163
-------------
Investment properties are stated at the directors' opinion of fair value.
7. WORK IN PROGRESS
2024
2023
£
£
Work in progress
1,442,363
-------------
----
8. DEBTORS
2024
2023
£
£
Trade debtors
42,201
76,980
Prepayments
39,341
14,169
Other debtors
397,324
----------
---------
478,866
91,149
----------
---------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans
122,002
96,852
Trade creditors
455
Accruals and deferred income
26,333
24,128
Social security and other taxes
4,910
Other creditors
20,650
36,491
----------
----------
168,985
162,836
----------
----------
Bank loans, included within creditors: amounts falling due within one year, are secured against the investment properties to which they relate.
10. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans
3,628,070
1,911,453
Director loan accounts
292,255
155,825
Shareholders loan accounts
843,508
813,508
Other creditors
1,150,000
250,000
-------------
-------------
5,913,833
3,130,786
-------------
-------------
Bank loans, included within creditors: amounts falling due after more than one year, are secured against the investment properties to which they relate.
11. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
323,500
362,170
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,534
1,580
Unused tax losses
( 217,030)
( 49,047)
Fair value adjustment of investment properties
538,996
409,637
----------
----------
323,500
362,170
----------
----------
12. MOVEMENT IN FAIR VALUE OF INVESTMENT PROPERTIES
Non distributable reserve
£
Year ended 31st March 2024
Deferred tax adjustment on fair value movement
(129,359)
----------
Year ended 31st March 2023
Movement in fair value of investment properties
2,155,983
Deferred tax adjustment on fair value movement
(409,637)
-------------
1,746,346
-------------
FENHAM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31st MARCH 2024
13. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Class 'A' shares of £ 1 each
100
100
100
100
Ordinary Class 'B' shares of £ 1 each
90
90
90
90
----
----
----
----
190
190
190
190
----
----
----
----
14. RELATED PARTY TRANSACTIONS
Included within creditors: amounts falling due after more than one year are directors' loan accounts amounting to £292,256 (2023: £155,825). These loans are interest free with no fixed repayment dates. Included within creditors: amounts falling due after more than one year are shareholders loan accounts amounting to £843,508 (2023: £813,508). These loans are interest free with no fixed repayment dates. The directors are also directors of Fenham Coachworks Ltd. At the year end £250,000 (2023: £250,000) was due to Fenham Coachworks Ltd in respect of an interest free loan with no fixed repayment date. This is included within creditors: amounts falling due after more than one year. The directors are also directors of Noda Taxis Limited. During the year, Noda Taxis Limited loaned Fenham Properties Limited £900,000. The loan is interest free and has no fixed repayment date. This loan is shown within creditors: amounts falling due after more than one year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.