Fprop Corktree Ltd - Accounts to registrar (filleted) - small 18.2

Fprop Corktree Ltd - Accounts to registrar (filleted) - small 18.2

FPROP CORKTREE LIMITED - Company Information

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REGISTERED NUMBER: 07296168 (England and Wales)















Financial Statements

for the Year Ended 31 March 2022

for

FPROP CORKTREE LTD
FPROP CORKTREE LTD (REGISTERED NUMBER: 07296168)

Contents of the Financial Statements
for the year ended 31 March 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FPROP CORKTREE LTD

Company Information
for the year ended 31 March 2022







Directors: B N Habib
M S Pryce
J A Aubrey





Registered office: 32 St James's Street
London
SW1A 1HD





Registered number: 07296168 (England and Wales)





Auditors: Haines Watts
Chartered Accountants and Statutory Auditor
3 Danebrook Court
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ
Page 1
FPROP CORKTREE LTD (REGISTERED NUMBER: 07296168)

Balance Sheet
31 March 2022

31/3/22 31/3/21
Notes £ £
Current assets
Debtors 5 4,278,686 6,248,417
Cash at bank 582 4,019
4,279,268 6,252,436
Creditors
Amounts falling due within one year 6 213,179 213,517
Net current assets 4,066,089 6,038,919
Total assets less current liabilities 4,066,089 6,038,919

Capital and reserves
Called up share capital 2 2
Retained earnings 7 4,066,087 6,038,917
Shareholders' funds 4,066,089 6,038,919

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 15 September 2022 and were signed on its behalf by:





M S Pryce - Director


The notes on pages 3 to 5 form part of these financial statements

Page 2
FPROP CORKTREE LTD (REGISTERED NUMBER: 07296168)

Notes to the Financial Statements
for the year ended 31 March 2022


1. Statutory information

Fprop Corktree Ltd 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.

Preparation of consolidated financial statements
The financial statements contain information about Fprop Corktree Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, First Property Group Plc, 32 St James's Street,London,SW1A 1HD.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires management to use accounting estimates and exercise judgement in the process of applying the company's accounting policies. There were no areas which required significant judgement or measurement uncertainty.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost. Monetary items which are denominated in foreign currencies, such as loans which form part of the net investment in the subsidiary undertaking, are translated into sterling at the balance sheet date.

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.

Page 3
FPROP CORKTREE LTD (REGISTERED NUMBER: 07296168)

Notes to the Financial Statements - continued
for the year ended 31 March 2022


2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Monetary items which are denominated in foreign currency, such as loans which form part of the net investment in the subsidiary undertaking are translated into sterling at the balance sheet date with the unrealised gains being recognised in Other Comprehensive Income. Reversals of foreign exchange gains are first in Other Comprehensive Income and subsequently in the Profit and Loss account.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of twelve months from the date of approval of the financial statements, which has included a review of the potential impact on trading that the current high inflation and rising interest rate environment may have for the company going forward. Having taken account of all available information about the future, including the company’s most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements..

3. Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4. Fixed asset investments

31/3/22 31/3/21
£ £

Additional information is as follows:
Shares in
group
undertakings
£
Cost
At 1 April 2021
and 31 March 2022 2,062,760
Provisions
At 1 April 2021
and 31 March 2022 2,062,760
Net book value
At 31 March 2022 -
At 31 March 2021 -

Page 4
FPROP CORKTREE LTD (REGISTERED NUMBER: 07296168)

Notes to the Financial Statements - continued
for the year ended 31 March 2022


4. Fixed asset investments - continued
Loans to
group
undertakings
£
New in year 2,162,814
Provision in year (2,162,814 )
At 31 March 2022 -

5. Debtors: amounts falling due within one year
31/3/22 31/3/21
£ £
Amounts owed by group undertakings 4,278,686 6,248,417

6. Creditors: amounts falling due within one year
31/3/22 31/3/21
£ £
Amounts owed to group undertakings 200,861 201,297
Other creditors 12,318 12,220
213,179 213,517

7. Reserves
Retained
earnings
£

At 1 April 2021 6,038,917
Deficit for the year (1,972,830 )
At 31 March 2022 4,066,087

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

George Style ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts

9. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. Ultimate controlling party

The ultimate controlling party is First Property Group Plc.

Page 5