FLARE PROPERTIES LTD

FLARE PROPERTIES LTD - Company Information

2020-01-012020-12-312020-12-31false10389672FLARE PROPERTIES LTD2021-09-24iso4217:GBPxbrli:pure103896722020-01-01103896722020-12-31103896722020-01-012020-12-31103896722019-01-01103896722019-12-31103896722019-01-012019-12-3110389672bus:SmallEntities2020-01-012020-12-3110389672bus:AuditExempt-NoAccountantsReport2020-01-012020-12-3110389672bus:FullAccounts2020-01-012020-12-3110389672bus:PrivateLimitedCompanyLtd2020-01-012020-12-3110389672core:WithinOneYear2020-12-3110389672core:AfterOneYear2020-12-3110389672core:WithinOneYear2019-12-3110389672core:AfterOneYear2019-12-311038967212020-01-012020-12-3110389672core:ShareCapital2020-12-3110389672core:SharePremium2020-12-3110389672core:RevaluationReserve2020-12-3110389672core:OtherReservesSubtotal2020-12-3110389672core:RetainedEarningsAccumulatedLosses2020-12-3110389672core:ShareCapital2019-12-3110389672core:SharePremium2019-12-3110389672core:RevaluationReserve2019-12-3110389672core:OtherReservesSubtotal2019-12-3110389672core:RetainedEarningsAccumulatedLosses2019-12-3110389672core:LandBuildings2020-12-3110389672core:PlantMachinery2020-12-3110389672core:Vehicles2020-12-3110389672core:FurnitureFittings2020-12-3110389672core:OfficeEquipment2020-12-3110389672core:NetGoodwill2020-12-3110389672core:IntangibleAssetsOtherThanGoodwill2020-12-3110389672core:ListedExchangeTraded2020-12-3110389672core:UnlistedNon-exchangeTraded2020-12-3110389672core:LandBuildings2019-12-3110389672core:PlantMachinery2019-12-3110389672core:Vehicles2019-12-3110389672core:FurnitureFittings2019-12-3110389672core:OfficeEquipment2019-12-3110389672core:NetGoodwill2019-12-3110389672core:IntangibleAssetsOtherThanGoodwill2019-12-3110389672core:ListedExchangeTraded2019-12-3110389672core:UnlistedNon-exchangeTraded2019-12-3110389672core:LandBuildings2020-01-012020-12-3110389672core:PlantMachinery2020-01-012020-12-3110389672core:Vehicles2020-01-012020-12-3110389672core:FurnitureFittings2020-01-012020-12-3110389672core:OfficeEquipment2020-01-012020-12-3110389672core:NetGoodwill2020-01-012020-12-3110389672core:IntangibleAssetsOtherThanGoodwill2020-01-012020-12-3110389672core:ListedExchangeTraded2020-01-012020-12-3110389672core:UnlistedNon-exchangeTraded2020-01-012020-12-3110389672core:MoreThanFiveYears2020-01-012020-12-3110389672core:Non-currentFinancialInstruments2020-12-3110389672core:Non-currentFinancialInstruments2019-12-3110389672dpl:CostSales2020-01-012020-12-3110389672dpl:DistributionCosts2020-01-012020-12-3110389672dpl:AdministrativeExpenses2020-01-012020-12-3110389672core:LandBuildings2020-01-012020-12-3110389672core:PlantMachinery2020-01-012020-12-3110389672core:Vehicles2020-01-012020-12-3110389672core:FurnitureFittings2020-01-012020-12-3110389672core:OfficeEquipment2020-01-012020-12-3110389672core:NetGoodwill2020-01-012020-12-3110389672core:IntangibleAssetsOtherThanGoodwill2020-01-012020-12-3110389672dpl:GroupUndertakings2020-01-012020-12-3110389672dpl:ParticipatingInterests2020-01-012020-12-3110389672dpl:GroupUndertakingscore:ListedExchangeTraded2020-01-012020-12-3110389672core:ListedExchangeTraded2020-01-012020-12-3110389672dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-01-012020-12-3110389672core:UnlistedNon-exchangeTraded2020-01-012020-12-3110389672dpl:CostSales2019-01-012019-12-3110389672dpl:DistributionCosts2019-01-012019-12-3110389672dpl:AdministrativeExpenses2019-01-012019-12-3110389672core:LandBuildings2019-01-012019-12-3110389672core:PlantMachinery2019-01-012019-12-3110389672core:Vehicles2019-01-012019-12-3110389672core:FurnitureFittings2019-01-012019-12-3110389672core:OfficeEquipment2019-01-012019-12-3110389672core:NetGoodwill2019-01-012019-12-3110389672core:IntangibleAssetsOtherThanGoodwill2019-01-012019-12-3110389672dpl:GroupUndertakings2019-01-012019-12-3110389672dpl:ParticipatingInterests2019-01-012019-12-3110389672dpl:GroupUndertakingscore:ListedExchangeTraded2019-01-012019-12-3110389672core:ListedExchangeTraded2019-01-012019-12-3110389672dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2019-01-012019-12-3110389672core:UnlistedNon-exchangeTraded2019-01-012019-12-3110389672core:NetGoodwill2020-12-3110389672core:IntangibleAssetsOtherThanGoodwill2020-12-3110389672core:LandBuildings2020-12-3110389672core:PlantMachinery2020-12-3110389672core:Vehicles2020-12-3110389672core:FurnitureFittings2020-12-3110389672core:OfficeEquipment2020-12-3110389672core:AfterOneYear2020-12-3110389672core:WithinOneYear2020-12-3110389672core:ListedExchangeTraded2020-12-3110389672core:UnlistedNon-exchangeTraded2020-12-3110389672core:ShareCapital2020-12-3110389672core:SharePremium2020-12-3110389672core:RevaluationReserve2020-12-3110389672core:OtherReservesSubtotal2020-12-3110389672core:RetainedEarningsAccumulatedLosses2020-12-3110389672core:NetGoodwill2019-12-3110389672core:IntangibleAssetsOtherThanGoodwill2019-12-3110389672core:LandBuildings2019-12-3110389672core:PlantMachinery2019-12-3110389672core:Vehicles2019-12-3110389672core:FurnitureFittings2019-12-3110389672core:OfficeEquipment2019-12-3110389672core:AfterOneYear2019-12-3110389672core:WithinOneYear2019-12-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(formerly SUKH PROPERTIES LTD)

Registered Number
10389672
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 December 2020

FLARE PROPERTIES LTD

Company Information
for the year from 1 January 2020 to 31 December 2020


Directors	Kewal Krishan
	Parkash Krishan
	Sandeep Krishan
	Sukhdeep Krishan


Registered Address	7 Bell Yard
	London
	WC2A 2JR


Registered Number	10389672 (England and Wales)

FLARE PROPERTIES LTD

Balance Sheet as at
31 December 2020

	Notes	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	8		7,566		-
Investment property	9		711,279		492,041
			718,845		492,041
Current assets
Debtors	12	9,514		9,691
Cash at bank and on hand		2,518		36,228
		12,032		45,919
Creditors amounts falling due within one year	13	(431,565)		(361,604)
Net current assets (liabilities)			(419,533)		(315,685)
Total assets less current liabilities			299,312		176,356
Creditors amounts falling due after one year	14		(288,000)		(174,000)
Provisions for liabilities	15		(1,400)		-
Net assets			9,912		2,356
Capital and reserves
Called up share capital			100		100
Profit and loss account			9,812		2,256
Shareholders' funds			9,912		2,356

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2021, and are signed on its behalf by:

Sandeep Krishan
Director
Registered Company No. 10389672

FLARE PROPERTIES LTD

Notes to the Financial Statements
for the year ended 31 December 2020

1.	STATUTORY INFORMATION
	Flare Properties 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. The presentation currency of the financial statements is the Pound Sterling (£).

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The 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.

3.	PRINCIPAL ACTIVITIES
	The principal activity of the company in the year under review was that of letting and operating of own or leased real estate.

4.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The financial statements have been prepared under the historical cost convention.

5.	ACCOUNTING POLICIES

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable from the sale of services, net of discounts and rebates.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. Depreciation is provided on the following basis: Fixtures and fittings - 5 years straight line The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Property, plant and equipment policy

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures and fittings - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

	Investment property policy
	Investment property is initially recognised at cost, which includes purchase cost and any directly attributable expenditure. Investment property whose fair value can be measured reliably is measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account, then 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.

Investment property policy

Investment property is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property whose fair value can be measured reliably is measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account, then 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.

	Revenue recognition policy
	Turnover from the rendering of services is recognised in the period in which the services are provided, in accordance with the stage of completion of the contract, and 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.

Revenue recognition policy

Turnover from the rendering of services is recognised in the period in which the services are provided, in accordance with the stage of completion of the contract, and 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.

	Deferred tax policy
	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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Current and deferred tax assets and liabilities are not discounted.

	Valuation of financial instruments policy
	Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised immediately in profit or loss.

	Going concern
	At the year end, the company had net current liabilities of £419,533 (2019: £315,685); however, the directors have confirmed that they will continue to support the company for the foreseeable future. Furthermore, the directors do not anticipate that the ongoing Covid-19 pandemic will affect the company's ability to continue for the foreseeable future, given the avenues of support that are available. As such, the company continues to adopt the going concern basis in preparing its financial statements.

Going concern

At the year end, the company had net current liabilities of £419,533 (2019: £315,685); however, the directors have confirmed that they will continue to support the company for the foreseeable future. Furthermore, the directors do not anticipate that the ongoing Covid-19 pandemic will affect the company's ability to continue for the foreseeable future, given the avenues of support that are available. As such, the company continues to adopt the going concern basis in preparing its financial statements.

6.	PRIOR PERIOD AND POLICY CHANGE ADJUSTMENTS
	The prior year accounts have been restated to reclassify £1,245 of administrative expenses as cost of sales.

7.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	-		-

8.	PROPERTY, PLANT AND EQUIPMENT

	Fixtures & fittings £	Total £
Cost or valuation
Additions	9,458	9,458
At 31 December 20	9,458	9,458
Depreciation and impairment
Charge for year	1,892	1,892
At 31 December 20	1,892	1,892
Net book value
At 31 December 20	7,566	7,566
At 31 December 19	-	-

9.	INVESTMENT PROPERTY
	The directors do not consider the market value of the investment property at the year end to be materially different from the carrying value in the accounts.

		£
	Fair value at 01 January 20	492,041
	Additions	219,238
	At 31 December 20	711,279

10.	DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES
	At the year end, a balance of £220,000 (2019: £220,000) was owed to a company of which Sandeep Krishan is director. At the year end, a balance of £81,500 (2019: £Nil) was owed to a partnership in which Kewal Krishan, Parkash Krishan and Sukhdeep Krishan are partners and a balance of £1,500 (2019: £Nil) was owed to another partnership in which Kewal Krishan and Parkash Krishan are partners.

11.	FURTHER INFORMATION REGARDING THE COMPANY'S FINANCIAL POSITION
	Bank borrowings and overdrafts are comprised by loans with Handelsbanken PLC totalling £288,000 (2019: £174,000). Handelsbanken PLC hold first legal charge upon two of the company's properties as well as a fixed and floating charge covering all the property or undertaking of the company.

12.	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.

	2020 £	2019 £
Other debtors	-	170
Prepayments and accrued income	9,514	9,521
Total	9,514	9,691

13.	CREDITORS WITHIN ONE YEAR
	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.

13.

CREDITORS WITHIN ONE YEAR

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.

	2020 £	2019 £
Trade creditors / trade payables	5,485	4,005
Taxation and social security	514	3,138
Other creditors	424,966	352,481
Accrued liabilities and deferred income	600	1,980
Total	431,565	361,604

14.	CREDITORS AFTER ONE YEAR

		2020 £		2019 £
	Bank borrowings and overdrafts	288,000		174,000
	Total	288,000		174,000

15.	PROVISIONS FOR LIABILITIES

		2020 £		2019 £
	Net deferred tax liability (asset)	1,400		-
	Total	1,400		-