| FLATS4ALL LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration receivable. Turnover includes rental income from Investment properties. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
Plant and machinery |
25% Reducing Balance |
|
Motor Vehicle |
15% Reducing Balance |
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Investments Properties |
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Investment Properties are revalued at the year end by the company's Directors based on open market values. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
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| 3 |
Tangible fixed assets |
|
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|
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Plant and machinery etc |
|
Motor vehicles |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
- |
|
121,240 |
|
121,240 |
|
Additions |
6,950 |
|
- |
|
6,950 |
|
At 31 March 2025 |
6,950 |
|
121,240 |
|
128,190 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
- |
|
18,186 |
|
18,186 |
|
Charge for the year |
1,738 |
|
15,458 |
|
17,196 |
|
At 31 March 2025 |
1,738 |
|
33,644 |
|
35,382 |
|
|
|
|
|
|
|
|
|
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Net book value |
|
At 31 March 2025 |
5,212 |
|
87,596 |
|
92,808 |
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At 31 March 2024 |
- |
|
103,054 |
|
103,054 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
- |
|
8,714,876 |
|
8,714,876 |
|
Additions |
200,100 |
|
- |
|
200,100 |
|
|
At 31 March 2025 |
200,100 |
|
8,714,876 |
|
8,914,976 |
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The investments in subsidiaries undertakings relate to the investments in Ellerman Vision Limited and Hoover Building Investment Limited . Both companies are incorporated in the UK and are 100% owned by Flats4All Limited. |
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The Company has taken advantage of the exemption under section 405 of Companies Act 2006, not to prepare Consolidated Accounts, as the group qualifies as a small group. |
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,042,803 |
|
942,503 |
|
Other debtors |
19,540 |
|
9,000 |
|
|
|
|
|
|
1,062,343 |
|
951,503 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
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Obligations under finance lease and hire purchase contracts |
22,725 |
|
22,725 |
|
Trade creditors |
35,563 |
|
2,500 |
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Taxation and social security costs |
27,710 |
|
34,777 |
|
Other creditors |
85,476 |
|
87,436 |
|
|
|
|
|
|
171,474 |
|
147,438 |
|
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| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loan |
2,887,682 |
|
2,269,084 |
|
Obligations under finance lease and hire purchase contracts |
39,503 |
|
60,603 |
|
|
|
|
|
|
2,927,185 |
|
2,329,687 |
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The bank loans are secured by a mortgage over the company's fixed assets investment properties and guarantees provided by the director of the company. |
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| 8 |
Related party transactions |
|
| i) |
At the year end, Flats4all Limited was owed £808,803 ( 2024 - £809,503) by Hoover Building Investment Ltd, a 100% subsidiary of Flats4all Limited. This amount is disclosed under debtors in notes 4 above. |
|
| ii) |
At the year end Flats4all Limited was owed £14,000 ( 2024- £ 14,000) by Be One Property Limited , a company in which Mr L Martindale is also a shareholder and director. This amount is disclosed under debtors in notes 4 above. |
|
| iii) |
At the year end Flats4all Limited was owed £134,000 ( 2024 - £ 88,000) by Loukil Limited, a company in which Mr L Martindale is also a shareholder and director. This amount is disclosed under debtors in notes 4 above. |
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| iv) |
At the year end Flats4all Limited was owed £ 86,000 ( 2024 - £ 31,000) by Ellerman Vision Limited , a 100% subsidiary of Flats4all Limited. This amount is disclosed under debtors in notes 4 above. |
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| 9 |
Controlling party |
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The company was under the control of Mr Lewis L Martindale, a Director and shareholder throughout the year. |
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| 10 |
Other information |
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FLATS4ALL LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Ellerman House, Redburn Industrial Estate |
|
Woodall Road |
|
Enfield |
|
EN3 4LQ |