| FLEXIPLUS INVESTMENTS LIMITED |
| Registered number: |
03733904 |
| Balance Sheet |
| as at 31 March 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
|
|
|
- |
|
|
- |
| Investment property |
3 |
|
|
5,905,086 |
|
|
5,750,000 |
|
| Current assets |
| Debtors |
4 |
|
11,016 |
|
|
33,857 |
| Cash at bank and in hand |
|
|
177,418 |
|
|
135,044 |
|
|
|
188,434 |
|
|
168,901 |
|
| Creditors: amounts falling due within one year |
5 |
|
(398,265) |
|
|
(403,136) |
|
| Net current liabilities |
|
|
|
(209,831) |
|
|
(234,235) |
|
| Total assets less current liabilities |
|
|
|
5,695,255 |
|
|
5,515,765 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(2,609,624) |
|
|
(2,594,501) |
|
| Provisions for liabilities |
|
|
|
(532,030) |
|
|
(513,029) |
|
|
| Net assets |
|
|
|
2,553,601 |
|
|
2,408,235 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Fair value reserve |
|
|
|
2,268,124 |
|
|
2,187,125 |
| Profit and loss account |
|
|
|
285,377 |
|
|
221,010 |
|
| Shareholders' funds |
|
|
|
2,553,601 |
|
|
2,408,235 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| Approved by the board on 24 February 2020 |
|
|
|
|
| D R Walshe |
| Director |
|
| FLEXIPLUS INVESTMENTS LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the rent and services charges due to the company. |
|
|
Investment property |
|
Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted to reflect differences in the nature, location or condition of the investment property. Valuations are performed at the balance sheet date by the directors who have significant experience in the sector as it operates in the location of the investment properties. Changes in fair value are included in the profit and loss account. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investment property |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Fair value |
|
At 1 April 2018 |
5,750,000 |
|
Additions |
55,086 |
|
Movements in year |
100,000 |
|
At 31 March 2019 |
5,905,086 |
|
|
| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
3,305 |
|
30,744 |
|
Other debtors |
7,711 |
|
3,113 |
|
|
|
|
|
|
11,016 |
|
33,857 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
33,264 |
|
21,247 |
|
Corporation tax |
16,840 |
|
- |
|
Taxation and social security costs |
299 |
|
13,824 |
|
Other creditors |
347,862 |
|
368,065 |
|
|
|
|
|
|
398,265 |
|
403,136 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans |
2,609,624 |
|
2,594,501 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2019 |
|
2018 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
2,609,624 |
|
2,594,501 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
2,609,624 |
|
2,594,501 |
|
|
|
|
|
|
|
|
|
|
The loans are secured on the investment properties and provide for the payment of interest only until the expiry of the terms. Interest is currently charged at rates in the range of 2.50% and 3.25%. The loans are repayable at fixed dates between 5 years 8 months and 9 years 7 month from the balance sheet date. |
|
|
| 8 |
Events after the reporting date |
|
|
There were no significant events since the balance sheet date that in the opinion of the directors would effect these accounts. |
|
|
| 9 |
Related party transactions |
|
|
The company paid dividends of £2,000 (2018 - £nil) to A B Walshe and £2,000 (2018 - £nil) to D R Walshe, both of whom are directors of the company. |
|
|
| 10 |
Other information |
|
|
FLEXIPLUS INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
3 Malmains Way |
|
Beckenham |
|
Kent |
|
BR3 6SA |
