Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 2,291,623 | 2,079,269 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 6,759 | 3,131 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (2,193,634) | (2,016,599) | ||
| Total assets less current liabilities | 97,989 | 62,670 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of FAAB Properties Limited (registered number:
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R J W Bagshaw
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
FAAB Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bowlacre Farm Bowlacre Road, Gee Cross, Hyde, SK14 5ES, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £97,989 (2023: £62,670 ). The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The fair value is determined annually by the director, on an open market value for existing use basis.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year |
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The director did not receive any remuneration in the year (2023: £nil)
| Investment property | |
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| Valuation | |
| As at 01 October 2023 |
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| Additions | 212,354 |
| As at 30 September 2024 |
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| £ | £ | ||
| Other debtors |
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| £ | £ | ||
| Taxation and social security |
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| Other creditors |
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| 150 | 150 |
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Director's Loan Account | 2,176,386 | 1,992,634 | |
| 0 | 0 |
This balance is not subject to interest charges and is repayable on demand.