FLA (Properties) Limited - Period Ending 2018-09-30

Registration number: 06355044

Prepared for the registrar

FLA (Properties) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2018

FLA (Properties) Limited

(Registration number: 06355044)
Balance Sheet as at 30 September 2018

	Note	2018  £	2017  £
Fixed assets
Investment property	3	864,695	864,695
Current assets
Cash at bank and in hand		4,780	1,295
Creditors: Amounts falling due within one year	4	(406,597)	(428,534)
Net current liabilities		(401,817)	(427,239)
Net assets		462,878	437,456
Capital and reserves
Called up share capital		17,667	17,667
Share premium reserve		320,000	320,000
Capital redemption reserve		12,333	12,333
Profit and loss account		112,878	87,456
Total equity		462,878	437,456

For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 May 2019 and signed on its behalf by:
 

I G Francis

Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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FLA (Properties) Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Chosen View Road
Cheltenham
Gloucestershire
GL51 9LT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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FLA (Properties) Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Investment properties

	2018 £
At 1 October 2017 and at 30 September 2018	864,695

There has been no valuation of investment property by an independent valuer.

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FLA (Properties) Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

4

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Trade creditors		3,120	2,925
Amounts due to related parties	5	396,789	418,766
Accrued expenses		725	600
Corporation tax liability		5,963	6,243
		406,597	428,534

5

Related party transactions

Summary of transactions with other related parties

At 30 September 2018, the company owed £396,789 (2017: £378,766) to F & L Accessories Limited, a company under common control.

At 30 September 2018, the company owed £nil (2017: £40,000) to I G Francis in the form of a director's loan account.

No interest was charged on these balances, and there are no fixed repayment terms.
 

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