Company Registration No. 11795656 (England and Wales)
FLAMINGO PARK DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
FLAMINGO PARK DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FLAMINGO PARK DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,067
9,100
Investment properties
4
2,075,307
2,029,056
2,081,374
2,038,156
Current assets
Stocks
663,110
663,110
Debtors
5
98,322
8,705
Cash at bank and in hand
8,870
14,424
770,302
686,239
Creditors: amounts falling due within one year
6
(10,596)
(10,346)
Net current assets
759,706
675,893
Total assets less current liabilities
2,841,080
2,714,049
Creditors: amounts falling due after more than one year
7
(2,088,649)
(1,991,388)
Net assets
752,431
722,661
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
749,801
749,801
Profit and loss reserves
1,630
(28,140)
Total equity
752,431
722,661
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FLAMINGO PARK DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2021
31 January 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 May 2021 and are signed on its behalf by:
D Francis
Director
Company Registration No. 11795656
FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 3 -
1
Accounting policies
Company information
Flamingo Park Developments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Cedar Farm, Cudham Lane South, Cudham, Sevenoaks, Kent, United Kingdom, TN14 7QD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Stocks
Work in progress, being property development, is valued at the lower of cost and net realisable value. The
company capitalises interest on specific finance raised once development commences and until practical
completion, based on the total actual finance cost incurred on borrowings during the year. Any interest
costs not directly attributable to the development are expensed to the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference
shares that are classified as debt, are initially recognised at transaction price unless the arrangement
constitutes a financing transaction, where the debt instrument is measured at the
present value of the
future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one
year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course
of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade
creditors are recognised initially at
transaction price and subsequently
measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2020 and 31 January 2021
12,133
Depreciation and impairment
At 1 February 2020
3,033
Depreciation charged in the year
3,033
At 31 January 2021
6,066
Carrying amount
At 31 January 2021
6,067
At 31 January 2020
9,100
4
Investment property
2021
£
Fair value
At 1 February 2020
2,029,056
Additions
46,251
At 31 January 2021
2,075,307
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,275
8,705
Other debtors
91,047
98,322
8,705
FLAMINGO PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
267
1,783
Other creditors
10,329
8,563
10,596
10,346
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
2,088,649
1,991,388