General Information
FPI Co 16 Ltd is a private company, limited by shares, registered in England and Wales, registration number 09401696, registration address Cedar House, Abingdon Road, Tubney, Oxfordshire, OX13 5QQ
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
| Freehold property |
2% Straight Line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
| 2. |
Average number of employees
Average number of employees during the year was 1 (2021 : 1).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Freehold property |
|
Total |
| |
£ |
|
£ |
| At 01 April 2021 |
6,638,136 |
|
6,638,136 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2022 |
6,638,136 |
|
6,638,136 |
| Depreciation |
| At 01 April 2021 |
331,906 |
|
331,906 |
| Charge for year |
66,381 |
|
66,381 |
| On disposals |
- |
|
- |
| At 31 March 2022 |
398,287 |
|
398,287 |
| Net book values |
| Closing balance as at 31 March 2022 |
6,239,849 |
|
6,239,849 |
| Opening balance as at 01 April 2021 |
6,306,230 |
|
6,306,230 |
|
| 4. |
Debtors: amounts falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Debtors |
1,089 |
|
2,701 |
|
1,089 |
|
2,701 |
|
| 5. |
Creditors: amount falling due within one year
|
2022
£ |
|
2021
£ |
| Amounts Owed to Group Undertakings |
6,796,449 |
|
6,761,703 |
| Other Creditors |
2,160 |
|
2,160 |
|
6,798,609 |
|
6,763,863 |
The company is subject to a charge covering all rights, title and interest in and to the freehold, commonhold and leasehold property including but not limited to the properties specified in schedule 1 being 13 Somerset Road, Christchurch BH23 2ED (Title number DT117096), 156 Blackwell Road, Huthwaite NG17 2RF (Title number NT73579), 37 Thurlow Road, Torquay TQ1 3EF (Title number DN89496), 5 High Street, Honiton, Devon EX14 1PR (Title numbers DN87154 and DN263892), 92 Ringwood Road, Walkford, Christchurch BH23 5RF (title number DT164887), 95 Ringwood Road, Walkford, Christchurch BH23 5RA (Title number DT78660), Brynsworthy, Higher Woodway Road, Teignmouth TQ14 8RB (Title number DN312424), Cherry Trees, Main Road, Broughton NG22 9JE (Title number NT379028), Harfield House, Ashvale Road, Tuxford NG22 0NH (Title number NT307868), land on the north west side of Gardenia, 5 Atlantic Way, Westward Ho!, Bideford (also known as Cherry Tree House, Nelson Road) (Title number DN516633), land on the south side of Southwell Road East (also known as Nursery Gardens), Rainworth, Nottingham (Title number NT469260), Windsor Lodge Care Home, 43 Cranford Avenue, Exmouth EX8 2QD (Title number DN186921)
|
| 6. |
Related party transactions
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.
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4
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