Folkestone Harbour Property Ltd
Unaudited Financial Statements
For the period ended 31 May 2022
Pages for Filing with Registrar
Company Registration No. 13384899 (England and Wales)
Folkestone Harbour Property Ltd
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Folkestone Harbour Property Ltd
Balance Sheet
As at 31 May 2022
Page 1
2022
Notes
£
£
Fixed assets
Investment properties
3
365,740
Current assets
Cash at bank and in hand
3,211
Creditors: amounts falling due within one year
4
(232,572)
Net current liabilities
(229,361)
Total assets less current liabilities
136,379
Creditors: amounts falling due after more than one year
5
(153,008)
Net liabilities
(16,629)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(16,729)
Total equity
(16,629)
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 period ended 31 May 2022 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.
The members have not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved by the board of directors and authorised for issue on 4 September 2023 and are signed on its behalf by:
D Tilbury
Director
Company Registration No. 13384899
Folkestone Harbour Property Ltd
Statement of Changes in Equity
For the period ended 31 May 2022
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 10 May 2021
-
Period ended 31 May 2022:
Loss and total comprehensive income for the period
-
(16,729)
(16,729)
Issue of share capital
6
100
-
100
Balance at 31 May 2022
100
(16,729)
(16,629)
Folkestone Harbour Property Ltd
Notes to the Financial Statements
For the period ended 31 May 2022
Page 3
1
Accounting policies
Company information
Folkestone Harbour Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is c/o Moore Kingston Smith LLP, The Shipping Building, The Old Vinyl Factory, Blyth Road, Hayes, United Kingdom, UB3 1HA.
1.1
Reporting period
The annual financial statements are presented for a period longer than one year, due to the company being incorporated on 10 May 2021.
1.2
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company made a loss in the year of £13,729 and at the balance sheet date had net liabilities of £13,629. true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
1.6
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.
Folkestone Harbour Property Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 May 2022
1
Accounting policies
(Continued)
Page 4
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
3
Investment property
2022
£
Fair value
At 10 May 2021
Additions
365,740
At 31 May 2022
365,740
Investment property comprises of a freehold rental property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2022 by the directors on an open market existing use basis.
Folkestone Harbour Property Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 May 2022
Page 5
4
Creditors: amounts falling due within one year
2022
£
Other creditors
229,572
Accruals and deferred income
3,000
232,572
5
Creditors: amounts falling due after more than one year
2022
£
Bank loans and overdrafts
153,008
The bank loan from West One Secured Loans Limited is secured over the investment property held by the company.
6
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and unpaid
100 Ordinary shares of £1 each
100
100