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REGISTERED NUMBER: 10389672 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Flare Properties Ltd

Flare Properties Ltd (Registered number: 10389672)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Flare Properties Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: S S Krishan
S S Krishan
P K Krishan
K S Krishan





REGISTERED OFFICE: 7 Bell Yard
London
WC2A 2JR





REGISTERED NUMBER: 10389672 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Flare Properties Ltd (Registered number: 10389672)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,873 3,195
Investment property 5 3,243,600 3,180,000
3,245,473 3,183,195

CURRENT ASSETS
Debtors 6 396,690 222,684
Cash at bank 2,287 18,675
398,977 241,359
CREDITORS
Amounts falling due within one year 7 143,745 72,759
NET CURRENT ASSETS 255,232 168,600
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,500,705

3,351,795

CREDITORS
Amounts falling due after more than one
year

8

(1,988,062

)

(1,988,062

)

PROVISIONS FOR LIABILITIES 10 (105,710 ) (89,810 )
NET ASSETS 1,406,933 1,273,923

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 845,741 845,741
Revaluation reserve 11 321,967 274,840
Retained earnings 229,225 143,342
1,406,933 1,273,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Flare Properties Ltd (Registered number: 10389672)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by:





S S Krishan - Director


Flare Properties Ltd (Registered number: 10389672)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Flare Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

During the year, the directors agreed to change the rate at which fixtures and fittings are depreciated from 20% on cost to 33% on cost. The directors believe this more accurately represents the useful life of this class of asset. Since this constitutes a change in accounting estimate rather than a change in accounting policy, as defined by FRS 102, this change has been applied prospectively and not retrospectively, with no restatement to prior years required.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Flare Properties Ltd (Registered number: 10389672)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2024 10,903
Additions 1,228
Disposals (7,652 )
At 31 December 2024 4,479
DEPRECIATION
At 1 January 2024 7,708
Charge for year 1,021
Eliminated on disposal (6,123 )
At 31 December 2024 2,606
NET BOOK VALUE
At 31 December 2024 1,873
At 31 December 2023 3,195

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 3,180,000
Revaluations 63,600
At 31 December 2024 3,243,600
NET BOOK VALUE
At 31 December 2024 3,243,600
At 31 December 2023 3,180,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2021 (14,169 )
Valuation in 2022 362,346
Valuation in 2024 63,600
Cost 2,831,823
3,243,600

Investment property was valued on an open market basis on 31 December 2024 by the directors.

Flare Properties Ltd (Registered number: 10389672)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,340 20,594
Other debtors 353,393 171,221
Directors' current accounts 7,178 -
Prepayments and accrued income 31,779 30,869
396,690 222,684

Included within other debtors are amounts of £214,754 (2023: £170,000) due from companies under common control. These amounts are interest free and repayable on demand.

Also included within other debtors is £136,646 due from a company under common control. Interest on this amount is being charged at a rate of 8% above Bank of England base rate and is repayable in line with the term of the loan.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 887 839
Tax 28,877 24,511
Other creditors 200 200
Directors' current accounts - 20,564
Accruals and deferred income 113,781 26,645
143,745 72,759

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans more 5 yr by instal 1,988,062 1,988,062

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,988,062 1,988,062

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,988,062 1,988,062

Paragon Bank PLC holds charges over specific investment properties.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 105,710 89,810

Flare Properties Ltd (Registered number: 10389672)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 89,810
Provided during year 15,900
Balance at 31 December 2024 105,710

11. RESERVES
Revaluation
reserve
£   
At 1 January 2024 274,840
Transfer from reval'n reserve 47,127

At 31 December 2024 321,967

During the year, an adjustment has been made to the revaluation reserve and retained earnings to account for the historical impairment of investment property that has had an upwards revaluation in the current year.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
K S Krishan
Balance outstanding at start of year (20,564 ) 158,484
Amounts advanced 153,359 46,469
Amounts repaid (125,617 ) (225,517 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,178 (20,564 )