Flywheel Real Estate Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09730876 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH AUGUST 2018

FOR

FLYWHEEL REAL ESTATE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Hutcheson

T Packwood

REGISTERED OFFICE:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

09730876 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Investment property

4

625,000

469,975

CURRENT ASSETS

Cash at bank

491

1,513

CREDITORS

Amounts falling due within one year

5

354,047

304,391

NET CURRENT LIABILITIES

(353,556

)

(302,878

)

TOTAL ASSETS LESS CURRENT LIABILITIES

271,444

167,097

CREDITORS

Amounts falling due after more than one year

6

(150,249

)

(150,249

)

PROVISIONS FOR LIABILITIES

(28,452

)

(4,461

)

NET ASSETS

92,743

12,387

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

7

136,602

28,305

Retained earnings

(43,861

)

(15,920

)

92,743

12,387

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28th May 2019 and were signed on its behalf by:

D J Hutcheson - Director

1.	STATUTORY INFORMATION

Flywheel Real Estate Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The investment properties have been revalued by the directors. No other significant judgements have

had to be made by the directors in preparing these financial statements.

Turnover

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

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

Taxation

Taxation 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 in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

No significant judgements have had to be made by the directors in preparing

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property

and equipment, are reviewed to determine whether there is an indication that an asset may be

impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group

of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated

and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the

asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit

or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 30th August 2017

469,975

Additions

22,737

Revaluations

132,288

At 29th August 2018

625,000

NET BOOK VALUE

At 29th August 2018

625,000

At 29th August 2017

469,975

Fair value at 29th August 2018 is represented by:

£

Valuation in 2018

165,054

Cost

459,946

625,000

If investment properties had not been revalued they would have been included at the following

historical cost:

2018

2017

£

£

Cost

459,946

437,209

Investment properties were valued on an open market basis on 29th August 2018 by the directors .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other creditors

354,047

304,391

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

150,249

150,249

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

150,249

150,249

7.

RESERVES

Fair

value

reserve

£

At 30th August 2017

28,305

Property revaluation

132,288

Deferred tax

(23,991

)

At 29th August 2018

136,602