REGISTERED NUMBER: 00656940 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FINDON ROAD PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J H Garey

REGISTERED OFFICE:

Cart Lodge, Haps Farm

Bedlars Green

Great Hallinbury

Hertfordshire

CM22 7TL

REGISTERED NUMBER:

00656940 (England and Wales)

ACCOUNTANTS:

Northfield Management Services Limited

Cart Lodge

Harps Farm

Bedlars Green

Great Hallingbury

Hertfordshire

CM22 7TL

FIXED ASSETS

Tangible assets

4

78,500

104,261

Investment property

5

5,821,000

6,871,000

5,899,500

6,975,261

CURRENT ASSETS

Debtors

6

2,280,486

2,149,423

Cash at bank

449,434

32

2,729,920

2,149,455

CREDITORS

Amounts falling due within one year

7

435,029

449,052

NET CURRENT ASSETS

2,294,891

1,700,403

TOTAL ASSETS LESS CURRENT LIABILITIES

8,194,391

8,675,664

CREDITORS

Amounts falling due after more than one year

8

(82,177

)

(264,005

)

PROVISIONS FOR LIABILITIES

(1,029,400

)

(1,149,400

)

NET ASSETS

7,082,814

7,262,259

CAPITAL AND RESERVES

Called up share capital

10

30,000

30,000

Retained earnings

7,052,814

7,232,259

SHAREHOLDERS' FUNDS

7,082,814

7,262,259

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 31 December 2025 and were signed by:

J H Garey - Director

1.	STATUTORY INFORMATION

Findon Road 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of the estimation means that that the actual outcomes could differ from those estimates.

Turnover

Turnover represents rental income and proceeds from development disposals.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on cost

Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve.

No depreciation is provided in respect of investment properties. This is a departure from the Companies Act 2006 which requires all fixed assets to be depreciated. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate.

The accounting policy adopted is, therefore, necessary for the accounts to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-portable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic short-term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

177,779

DEPRECIATION

At 1 January 2024

73,518

Charge for year

25,761

At 31 December 2024

99,279

NET BOOK VALUE

At 31 December 2024

78,500

At 31 December 2023

104,261

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

177,779

DEPRECIATION

At 1 January 2024

73,518

Charge for year

25,761

At 31 December 2024

99,279

NET BOOK VALUE

At 31 December 2024

78,500

At 31 December 2023

104,261

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

6,871,000

Disposals

(1,050,000

)

At 31 December 2024

5,821,000

NET BOOK VALUE

At 31 December 2024

5,821,000

At 31 December 2023

6,871,000

Based on information received over the years from Chartered Surveyors and from valuations prepared on the Bank's behalf, the director believes the above value reflects a more realistic view of the current market position.

.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

4,753,244

Cost

1,067,756

5,821,000

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

122,723

288,253

Amounts falling due after more than one year:

Loan

2,157,763

1,861,170

Aggregate amounts

2,280,486

2,149,423

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bounce back loan

10,000

10,000

Loans

14,725

19,552

Hire purchase contracts

24,190

24,190

Trade creditors

16,376

28,382

Amounts owed to group undertakings

15,074

151,918

Corporation tax

220,609

116,428

Social security and other taxes

21,297

6,092

Other creditors

106,407

55,387

Directors' loan accounts

-

23,892

Accrued expenses

6,351

13,211

435,029

449,052

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bounce back loan

9,065

19,098

Hire purchase contracts

73,112

100,372

Amounts owed to group undertakings

-

144,535

82,177

264,005

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

97,302

124,562

All assets of the company have been used as security for the borrowings of the holding company. The maximum amount of borrowings during the year ended 31 December 2024 was £1,546,860 (2023: £1,546,860).

The hire purchase debts are secured on the asset concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

30,000

Ordinary

£1

30,000

30,000

11.	RELATED PARTY DISCLOSURES