Silverfin false false 30/09/2024 01/10/2023 30/09/2024 R J W Bagshaw 23/09/2020 20 May 2025 The principal activity of the Company during the financial year was buying and renting of real estate. 12898278 2024-09-30 12898278 bus:Director1 2024-09-30 12898278 2023-09-30 12898278 core:CurrentFinancialInstruments 2024-09-30 12898278 core:CurrentFinancialInstruments 2023-09-30 12898278 core:ShareCapital 2024-09-30 12898278 core:ShareCapital 2023-09-30 12898278 core:RetainedEarningsAccumulatedLosses 2024-09-30 12898278 core:RetainedEarningsAccumulatedLosses 2023-09-30 12898278 bus:OrdinaryShareClass1 2024-09-30 12898278 bus:OrdinaryShareClass2 2024-09-30 12898278 bus:OrdinaryShareClass3 2024-09-30 12898278 bus:OrdinaryShareClass4 2024-09-30 12898278 bus:OrdinaryShareClass5 2024-09-30 12898278 2023-10-01 2024-09-30 12898278 bus:FilletedAccounts 2023-10-01 2024-09-30 12898278 bus:SmallEntities 2023-10-01 2024-09-30 12898278 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 12898278 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12898278 bus:Director1 2023-10-01 2024-09-30 12898278 2022-10-01 2023-09-30 12898278 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 12898278 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 12898278 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 12898278 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 12898278 bus:OrdinaryShareClass3 2023-10-01 2024-09-30 12898278 bus:OrdinaryShareClass3 2022-10-01 2023-09-30 12898278 bus:OrdinaryShareClass4 2023-10-01 2024-09-30 12898278 bus:OrdinaryShareClass4 2022-10-01 2023-09-30 12898278 bus:OrdinaryShareClass5 2023-10-01 2024-09-30 12898278 bus:OrdinaryShareClass5 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12898278 (England and Wales)

FAAB PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

FAAB PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FAAB PROPERTIES LIMITED

BALANCE SHEET

As at 30 September 2024
FAAB PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,291,623 2,079,269
2,291,623 2,079,269
Current assets
Debtors 4 1,936 0
Cash at bank and in hand 4,823 3,131
6,759 3,131
Creditors: amounts falling due within one year 5 ( 2,200,393) ( 2,019,730)
Net current liabilities (2,193,634) (2,016,599)
Total assets less current liabilities 97,989 62,670
Net assets 97,989 62,670
Capital and reserves
Called-up share capital 6 150 150
Profit and loss account 97,839 62,520
Total shareholders' funds 97,989 62,670

For the financial year ending 30 September 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 financial statements of FAAB Properties Limited (registered number: 12898278) were approved and authorised for issue by the Director on 20 May 2025. They were signed on its behalf by:

R J W Bagshaw
Director
FAAB PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FAAB PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

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. Rental income is recognised in the period it falls due.

Taxation

Current tax
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year 0 0

The director did not receive any remuneration in the year (2023: £nil)

3. Investment property

Investment property
£
Valuation
As at 01 October 2023 2,079,269
Additions 212,354
As at 30 September 2024 2,291,623

4. Debtors

2024 2023
£ £
Other debtors 1,936 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 8,285 10,797
Other creditors 2,192,108 2,008,933
2,200,393 2,019,730

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30 A Ordinary shares of £ 1.00 each 30 30
30 B Ordinary shares of £ 1.00 each 30 30
30 C Ordinary shares of £ 1.00 each 30 30
30 D Ordinary shares of £ 1.00 each 30 30
30 E Ordinary shares of £ 1.00 each 30 30
150 150

All shares rank pari passu in all respects.

7. Related party transactions

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.