Company registration number:
10330486
Falaise Property Limited
Unaudited filleted financial statements
31 August 2021
Falaise Property Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Falaise Property Limited
Directors and other information
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Directors
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Mr David Thomas
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Mrs Rebecca Thomas
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Company number
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10330486
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Registered office
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40 Plasturton Gardens
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Cardiff
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CF11 9HF
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Falaise Property Limited
Statement of financial position
31 August 2021
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2021
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2020
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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205,000
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187,500
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_______
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_______
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205,000
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187,500
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Current assets
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Debtors
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6
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956
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-
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Cash at bank and in hand
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9
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58
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_______
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_______
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965
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58
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Creditors: amounts falling due
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within one year
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7
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(
2,651)
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(
4,072)
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_______
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_______
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Net current liabilities
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(
1,686)
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(
4,014)
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_______
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_______
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Total assets less current liabilities
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203,314
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183,486
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Creditors: amounts falling due
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after more than one year
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8
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(
155,293)
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(
155,293)
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Provisions for liabilities
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(
8,060)
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(
5,363)
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_______
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Net assets
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39,961
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22,830
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_______
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_______
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Capital and reserves
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Called up share capital
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100
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100
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Revaluation reserve
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39,555
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24,752
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Profit and loss account
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306
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(
2,022)
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_______
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Shareholders funds
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39,961
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22,830
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_______
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For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 May 2022
, and are signed on behalf of the board by:
Mr David Thomas
Director
Company registration number:
10330486
Falaise Property Limited
Notes to the financial statements
Year ended 31 August 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Plasturton Gardens, Cardiff, CF11 9HF.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
2
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5.
Tangible assets
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Freehold property
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Total
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£
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£
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Cost or valuation
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At 1 September 2020
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187,500
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187,500
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Revaluation
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17,500
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17,500
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_______
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At 31 August 2021
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205,000
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205,000
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_______
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Carrying amount
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At 31 August 2021
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205,000
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205,000
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_______
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At 31 August 2020
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187,500
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187,500
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_______
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Investment property
The investment property fair value was determined by directors by reference to broad data obtained from commercial property websites.
6.
Debtors
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2021
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2020
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£
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£
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Other debtors
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956
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-
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2021
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2020
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£
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£
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Corporation tax
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541
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-
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Other creditors
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2,110
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4,072
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_______
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_______
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2,651
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4,072
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_______
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_______
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8.
Creditors: amounts falling due after more than one year
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2021
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2020
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£
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£
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Bank loans and overdrafts
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155,293
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155,293
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_______
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Bank loan is secured by a fixed charge over the property of the company.
9.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company:
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2021
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Balance brought forward
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Advances /(credits) to the directors
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Amounts repaid
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Balance o/standing
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£
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£
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£
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£
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Directors
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(
1,962)
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11,251
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(
8,333)
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956
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_______
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_______
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_______
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_______
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The above advances were interest free and repayable on demand.