REGISTERED NUMBER: 09518265 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Felin Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr M E Williams

Mr I LL Williams

SECRETARY:

Mr I LL Williams

REGISTERED OFFICE:

Adeilad St Davids Building

Stryd Lombard Street

Porthmadog

Gwynedd

LL49 9AP

REGISTERED NUMBER:

09518265 (England and Wales)

ACCOUNTANTS:

Dunn & Ellis Cyf

Chartered Accountants

Adeilad St David's Building

Stryd Lombard Street

Porthmadog

Gwynedd

LL49 9AP

FIXED ASSETS

Investment property

4

560,000

560,000

CURRENT ASSETS

Debtors

5

166

280

Cash at bank

1,881

1,964

2,047

2,244

CREDITORS

Amounts falling due within one year

6

76,931

68,976

NET CURRENT LIABILITIES

(74,884

)

(66,732

)

TOTAL ASSETS LESS CURRENT LIABILITIES

485,116

493,268

CREDITORS

Amounts falling due after more than one year

7

(236,736

)

(240,078

)

PROVISIONS FOR LIABILITIES

9

(44,929

)

(44,929

)

NET ASSETS

203,451

208,261

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

191,541

191,541

Retained earnings

11,810

16,620

SHAREHOLDERS' FUNDS

203,451

208,261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Mr M E Williams - Director

Mr I LL Williams - Director

1.	STATUTORY INFORMATION

Felin Properties Limited 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.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

560,000

NET BOOK VALUE

At 31 March 2025

560,000

At 31 March 2024

560,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2019

45,000

Valuation in 2020

115,000

Valuation in 2021

60,000

Valuation in 2022

30,000

Valuation in 2024

(13,530

)

Cost

323,530

560,000

If the properties had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

323,529

323,529

All investment properties were valued on an open market basis on 31 March 2025 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

166

280

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

5,920

5,979

Other creditors

71,011

62,997

76,931

68,976

The Other creditors as stated above comprises of £40,000 owed to Mentro Development Ltd, in which Mr M E Williams & Mr I LL Williams are Directors.

Other creditors also comprises of £12,968 owed to Elis Williams Construction Ltd & £1,000 to JESE Properties Limited in which Mr M E Williams is a director.

Other creditors also comprises of £14,450 owed to Iori Ltd in which Mr I Ll Williams is a director.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

236,736

240,078

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

205,838

216,161

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

242,656

246,057

The following mortgage charges have been registered on the company's record on Companies House:

25 January, 2016 - Paragon Mortgages - 28 Milner Road, Liverpool

9 August, 2018- Paragon Bank Plc- 28 Milner Road, Liverpool

13 August 2018- Paragon Bank Plc- 30 Chermise Road. Liverpool

9.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Other timing differences

44,929

44,929

Deferred

tax

£

Balance at 1 April 2024

44,929

Balance at 31 March 2025

44,929

10.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

191,541

11.	RELATED PARTY DISCLOSURES

No dividends were allocated during the year.

The director current account remained in credit throughout the year and at the year end had a balance owing to the director of £1,457 (2024: £1,452).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Felin Properties Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Felin Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Felin Properties Limited and state those matters that we have agreed to state to the Board of Directors of Felin Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Felin Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Felin Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Felin Properties Limited. You consider that Felin Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Felin Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dunn & Ellis Cyf

Chartered Accountants

Adeilad St David's Building

Stryd Lombard Street

Porthmadog

Gwynedd

LL49 9AP

Date: .............................................