Fair Oak Properties Exeter Limited - Accounts to registrar (filleted) - small 18.2
Fair Oak Properties Exeter Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
FOR |
FAIR OAK PROPERTIES EXETER LIMITED |
FAIR OAK PROPERTIES EXETER LIMITED (REGISTERED NUMBER: 09889829) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FAIR OAK PROPERTIES EXETER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 Barnfield Crescent |
Exeter |
Devon |
EX1 1QT |
FAIR OAK PROPERTIES EXETER LIMITED (REGISTERED NUMBER: 09889829) |
BALANCE SHEET |
31 OCTOBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank and in hand |
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 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
FAIR OAK PROPERTIES EXETER LIMITED (REGISTERED NUMBER: 09889829) |
BALANCE SHEET - continued |
31 OCTOBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FAIR OAK PROPERTIES EXETER LIMITED (REGISTERED NUMBER: 09889829) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
1. | STATUTORY INFORMATION |
Fair Oak Properties Exeter Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the balance sheet date, the company had net current liabilities. The company is dependent on the support of the directors. The directors' are of the opinion that the company has sufficient financial resources to meet its on-going requirements for the foreseeable future and that it is appropriate for the company's financial statements to be prepared on a going concern basis. |
Turnover |
Turnover represents rent receivable, net of value added tax. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss, 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FAIR OAK PROPERTIES EXETER LIMITED (REGISTERED NUMBER: 09889829) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2020 |
Revaluations | 390,000 |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
The freehold property was revalued by the directors' on an open market basis as at 31 October 2021. |
If the investment property had not been revalued it would have been included at its historical cost of £1,457,689. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 665,583 | 716,661 |
8. | SECURED DEBTS |
The bank loan of £911,410 is secured by way of a fixed and floating charge over the assets of the company. |
9. | RELATED PARTY DISCLOSURES |
Included in other creditors are amounts owed to the directors of £345,255. Interest is charged at variable rates and there are no fixed terms of repayment. |
Included in other creditors are amounts of £10,528 owed to a company under the control of the directors. The loan is interest free and carries no fixed terms of repayment. |