Company Registration No. 01543533 (England and Wales)
Flixton Property Company Limited
Unaudited accounts
for the year ended 29 March 2022
Flixton Property Company Limited
Unaudited accounts
Contents
Flixton Property Company Limited
Company Information
for the year ended 29 March 2022
Directors
G J Darell
The Honourable K M Astor
C V Adeane
Company Number
01543533 (England and Wales)
Registered Office
115 Mount Street
London
W1K 3NQ
Accountants
THE UNCOMMON ACCOUNTANTS LTD
Unit 2g, Redwither Tower
Redwither Business Park
Wrexham
LL13 9XT
Flixton Property Company Limited
Statement of financial position
as at
29 March 2022
Investment property
805,000
805,000
Investments
153,053
135,380
Cash at bank and in hand
105,425
288,944
Creditors: amounts falling due within one year
(25,464)
(79,519)
Net current assets
109,349
343,917
Net assets
1,067,402
1,284,297
Called up share capital
5,000
5,000
Revaluation reserve
288,566
328,964
Profit and loss account
773,836
950,333
Shareholders' funds
1,067,402
1,284,297
For the year ending 29 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2022 and were signed on its behalf by
G J Darell
Director
Company Registration No. 01543533
Flixton Property Company Limited
Notes to the Accounts
for the year ended 29 March 2022
Flixton Property Company Limited is a private company, limited by shares, registered in England and Wales, registration number 01543533. The registered office is 115 Mount Street, London, W1K 3NQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 is included at market fair value. Gains are recognised in the income statement. No depreciation is provided in respect of investment properties applying the fair value model. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is directly in equity or other comprehensive income.
Current tax is expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Flixton Property Company Limited
Notes to the Accounts
for the year ended 29 March 2022
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Investment property
2022
Fair value at 30 March 2021
805,000
An independent professional revaluation of all investment properties, taking into account the open market conditions, was carried out as at 29 March 2019.
In respect of the tangible fixed assets stated at valuations, the comparable historical cost value was £687,722 (2021 £687,722).
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Investments
Other investments
Valuation at 30 March 2021
135,380
Fair value adjustments
11,326
Valuation at 29 March 2022
153,053
In respect of the listed investments stated at market value, the comparable historical costs are £146,901 (2021 £138,117).
Amounts falling due within one year
Trade debtors
14,125
53,040
Deferred tax asset
-
7,608
Accrued income and prepayments
229
8,844
Other debtors
15,034
65,000
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Creditors: amounts falling due within one year
2022
2021
Trade creditors
(1,237)
15,012
Taxes and social security
3,248
19,248
Flixton Property Company Limited
Notes to the Accounts
for the year ended 29 March 2022
8
Transactions with related parties
C V Adeane, K M Astor and G J Darell are also directors and shareholders of Fretherne Properties Limited, a company registered in England and Wales. G J Darell holds a majority shareholding in Fretherne Properties Limited.
Included in debtors is £15,000 (2021 £65,000) relating to a loan made to Fretherne Properties Limited. There are no set repayment terms and the loan bears no right to interest.
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Average number of employees
During the year the average number of employees was 3 (2021: 3).