2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 375,663 375,663 375,663 xbrli:pure xbrli:shares iso4217:GBP 04591166 2024-04-01 2025-03-31 04591166 2025-03-31 04591166 2024-03-31 04591166 2023-04-01 2024-03-31 04591166 2024-03-31 04591166 2023-03-31 04591166 bus:Director2 2024-04-01 2025-03-31 04591166 core:WithinOneYear 2025-03-31 04591166 core:WithinOneYear 2024-03-31 04591166 core:AfterOneYear 2025-03-31 04591166 core:AfterOneYear 2024-03-31 04591166 core:ShareCapital 2025-03-31 04591166 core:ShareCapital 2024-03-31 04591166 core:RetainedEarningsAccumulatedLosses 2025-03-31 04591166 core:RetainedEarningsAccumulatedLosses 2024-03-31 04591166 core:LandBuildings 2025-03-31 04591166 core:LandBuildings 2024-03-31 04591166 bus:Director1 2024-04-01 2025-03-31 04591166 bus:SmallEntities 2024-04-01 2025-03-31 04591166 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 04591166 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 04591166 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 04591166 bus:FullAccounts 2024-04-01 2025-03-31 04591166 core:AfterOneYear 2024-04-01 2025-03-31 04591166 core:KeyManagementPersonnel 2024-04-01 2025-03-31
COMPANY REGISTRATION NUMBER: 04591166
Florence Properties Limited
Filleted Unaudited Financial Statements
31 March 2025
Florence Properties Limited
Financial Statements
Year ended 31 March 2025
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Florence Properties Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
375,663
375,663
Current assets
Debtors
6
8,215
27,929
Cash at bank and in hand
560,222
426,337
---------
---------
568,437
454,266
Creditors: amounts falling due within one year
7
338,792
196,780
---------
---------
Net current assets
229,645
257,486
---------
---------
Total assets less current liabilities
605,308
633,149
Creditors: amounts falling due after more than one year
8
185,234
185,362
---------
---------
Net assets
420,074
447,787
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
418,074
445,787
---------
---------
Shareholders funds
420,074
447,787
---------
---------
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 March 2025 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 .
Florence Properties Limited
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 18 June 2025 , and are signed on behalf of the board by:
Mr S Gillham
Director
Company registration number: 04591166
Florence Properties Limited
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents recieved, stated net of discounts.
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.
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Land and buildings are not depreciated.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Tangible assets
Land and buildings
£
Cost
At 1 April 2024 and 31 March 2025
375,663
---------
Depreciation
At 1 April 2024 and 31 March 2025
---------
Carrying amount
At 31 March 2025
375,663
---------
At 31 March 2024
375,663
---------
The value within land and buildings relate to investment properties. These are held at cost and are not depreciated.
6. Debtors
2025
2024
£
£
Other debtors
8,215
27,929
-------
--------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
8,229
8,229
Corporation tax
423
1,774
Other creditors
330,140
186,777
---------
---------
338,792
196,780
---------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
185,234
185,362
---------
---------
The bank loans and overdrafts disclosed under creditors falling due after more than one year are secured by fixed charge over the properties of the company.
9. Related party transactions
At the year end the company owed the directors £328,340 (2024: £184,977).