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Registration number: 09267629

Floral Place Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Floral Place Investments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Floral Place Investments Ltd

Company Information

Directors

M Lytton

P Bennett

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Floral Place Investments Ltd

(Registration number: 09267629)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,889,359

2,954,649

Investments

5

50

50

 

3,889,409

2,954,699

Current assets

 

Debtors

6

149,684

623,011

Cash at bank and in hand

 

333,663

139,494

 

483,347

762,505

Creditors: Amounts falling due within one year

7

(3,689,941)

(3,058,039)

Net current liabilities

 

(3,206,594)

(2,295,534)

Net assets

 

682,815

659,165

Capital and reserves

 

Called up share capital

8

2,000

2

Retained earnings

680,815

659,163

Shareholders' funds

 

682,815

659,165

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
M Lytton
Director

 

Floral Place Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 26 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tennants during the period and is recognised at the date the rental period occured. This is stated after discounts and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Floral Place Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Floral Place Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Investment properties

2024
£

At 1 November

2,954,649

Additions

934,710

At 31 October

3,889,359

The investment property is valued based on an assessment of the property and the market by the company directors. The directors are of the opinion that the current market value is the same as the original purchase price, and therefore no revaluation is necessary.

5

Investments

2024
£

2023
£

Investments in associates

50

50

Associates

£

Cost

At 1 November 2023

50

Provision

Carrying amount

At 31 October 2024

50

At 31 October 2023

50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Associates

MPT Properties Ltd

590 Green Lanes,
London,
N13 5RY

Ordinary shares

50%

50%

 

Floral Place Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Associates

MPT Properties Ltd

The principal activity of MPT Properties Ltd is property investment & letting.

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

25,815

21,895

Amounts owed by related parties

9

100,523

600,523

Prepayments

 

579

579

Other debtors

 

22,767

14

   

149,684

623,011

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,585

480

Other payables

 

3,675,804

3,050,819

Accruals

 

2,300

2,300

Corporation tax liability

7,252

4,440

 

3,689,941

3,058,039

 

Floral Place Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

-

-

2

2

Ordinary A shares of £1 (2023 - £0) each

900

900

-

-

Ordinary B shares of £1 (2023 - £0) each

900

900

-

-

Ordinary C shares of £1 (2023 - £0) each

100

100

-

-

Ordinary D shares of £1 (2023 - £0) each

100

100

-

-

2,000

2,000

2

2

9

Related party transactions

Summary of transactions with other related parties


Included in other creditors is an amount of £3,275,819 (2023: £3,115,819) owed to Clothing Direct (UK) Ltd, a company under common control.

Included in debtors is an amount of £100,523 (2023: £600,523) owed by MPT Properties Ltd, a company in which Floral Place Investments Ltd holds a 50% interest.