REGISTERED NUMBER: 10317853 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Flare Homes Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S S Krishan

REGISTERED OFFICE:

7 Bell Yard

London

WC2A 2JR

REGISTERED NUMBER:

10317853 (England and Wales)

ACCOUNTANTS:

Haines Watts Wolverhampton Limited

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Tangible assets

4

79,227

148,797

Investment property

5

12,032,674

11,666,731

12,111,901

11,815,528

CURRENT ASSETS

Debtors

6

1,392,400

1,307,325

Cash at bank

13,720

9,859

1,406,120

1,317,184

CREDITORS

Amounts falling due within one year

7

276,854

1,544,074

NET CURRENT ASSETS/(LIABILITIES)

1,129,266

(226,890

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,241,167

11,588,638

CREDITORS

Amounts falling due after more than one year

8

(8,340,308

)

(7,060,370

)

PROVISIONS FOR LIABILITIES

10

(212,547

)

(312,369

)

NET ASSETS

4,688,312

4,215,899

CAPITAL AND RESERVES

Called up share capital

3,850,100

3,850,100

Revaluation reserve

11

884,600

682,100

Retained earnings

11

(46,388

)

(316,301

)

4,688,312

4,215,899

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 director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

S S Krishan - Director

1.	STATUTORY INFORMATION

Flare Homes 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

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.

Turnover

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

Turnover is comprised of rents received from investment properties.

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

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss and then transferred to a revaluation reserve.

Financial instruments

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

442,111

10,250

452,361

Disposals

(630

)

-

(630

)

At 31 December 2024

441,481

10,250

451,731

DEPRECIATION

At 1 January 2024

294,416

9,148

303,564

Charge for year

69,005

565

69,570

Eliminated on disposal

(630

)

-

(630

)

At 31 December 2024

362,791

9,713

372,504

NET BOOK VALUE

At 31 December 2024

78,690

537

79,227

At 31 December 2023

147,695

1,102

148,797

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

11,666,731

Additions

30,943

Revaluations

335,000

At 31 December 2024

12,032,674

NET BOOK VALUE

At 31 December 2024

12,032,674

At 31 December 2023

11,666,731

Fair value at 31 December 2024 is represented by:

£

Valuation in 2020

739,975

Valuation in 2021

(459,002

)

Valuation in 2022

124,911

Valuation in 2023

30,079

Valuation in 2024

335,000

Cost

11,261,711

12,032,674

All of the investment properties were valued by the directors on an open market basis at 31 December 2024.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

51,820

70,794

Amounts owed by group undertakings

1,260,970

1,152,785

Other debtors

5,383

6,223

Prepayments and accrued income

74,227

77,523

1,392,400

1,307,325

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts

5,231

1,410,480

Trade creditors

31,556

64,850

Amounts owed to group undertakings

-

22

Amounts owed to participating interests

137,015

663

Taxation and social security

56,913

38,931

Other creditors

46,139

29,128

276,854

1,544,074

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Bank loans

8,340,308

7,060,370

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

7,820,892

7,060,370

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

£

£

Bank loans

8,345,539

8,470,850

Lloyds Bank PLC, Paragon Bank PLC, Exeter Finance 2 Limited and Onesavings Bank PLC hold fixed charges over specific investment property.

10.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

£

£

Deferred tax

212,547

227,369

Other provisions

-

85,000

212,547

312,369

Deferred

tax

£

Balance at 1 January 2024

As previously reported

269,900

Prior year adjustment

(42,531

)

As restated

227,369

Provided during year

(14,822

)

Balance at 31 December 2024

212,547

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2024

(316,301

)

682,100

365,799

Profit for the year

472,413

472,413

Transfer from reval'n reserve

(202,500

)

202,500

-

At 31 December 2024

(46,388

)

884,600

838,212