Flare Properties Ltd - Accounts to registrar (filleted) - small 18.2
Flare Properties Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
FOR |
FLARE PROPERTIES LTD |
PREVIOUSLY KNOWN AS |
SUKH PROPERTIES LTD |
FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FLARE PROPERTIES LTD |
COMPANY INFORMATION |
for the year ended 31 December 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
BANKERS: |
2 Trinity Court |
Broadlands |
Wolverhampton |
WV10 6UH |
FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672) |
BALANCE SHEET |
31 December 2019 |
2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2019 |
1. | STATUTORY INFORMATION |
Flare Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the year end the company has net current liabilities of £315,685. The directors have agreed to continue funding the company for the foreseeable future. On this basis the directors have prepared these financial statements on the going concern basis. |
Turnover |
Turnover represents property sales, rental income and consultancy invoiced in the year. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Investment property |
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. |
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in an other reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, 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. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
Additions |
At 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
The directors do not consider the market value of the property at the year end to be materially different from the carrying value in the accounts. |
FLARE PROPERTIES LTD (REGISTERED NUMBER: 10389672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Bank loans |
Handelsbanken PLC hold a first legal charge upon one of the company's properties as well as a fixed and floating charge upon the company's property. |
9. | RELATED PARTY DISCLOSURES |
At the year end balances were due to related parties, companies with common directors, of £221,096 (2018: £1,565). |
10. | POST BALANCE SHEET EVENTS |
Since the balance sheet date, the world has suffered a COVID-19 outbreak and there has been volatility in the markets as a result. |
The directors have considered the effect that this may have on the company, and although unclear what impact this will have in the longer term, the company is currently experiencing a positive start to the 2020 financial year. |
The directors expect the impact of COVID-19 on the company to be minimal in 2020 and has therefore prepared the accounts on the basis that the company will continue as a going concern. |