FSC Property Holdings Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 12494356 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

FSC PROPERTY HOLDINGS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

O S Harris

REGISTERED OFFICE:

Thameside House

Hurst Road

East Molesey

KT8 9AY

REGISTERED NUMBER:

12494356 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

4 Mount Ephraim Road

Tunbridge Wells

Kent

TN1 1EE

FIXED ASSETS

Investment property

4

1,145,524

CURRENT ASSETS

Debtors

5

9,899

9,856

Cash at bank

6,753

2,746

16,652

12,602

CREDITORS

Amounts falling due within one year

6

420,647

420,339

NET CURRENT LIABILITIES

(403,995

)

(407,737

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

741,529

737,787

CREDITORS

Amounts falling due after more than one
year

7

735,000

NET ASSETS

6,529

2,787

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

6,528

2,786

6,529

2,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 11 April 2022 and were signed by:

O S Harris - Director

1.	STATUTORY INFORMATION

FSC Property Holdings 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.

Going concern

Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has positive reserves and cash balances.

In his assessment of going concern the director has considered the current impact on the business as a result of the COVID19 virus. This has not had a significant, immediate impact on the company's operations but the director is aware that if the current situation becomes prolonged then this may change.

Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover comprises of rental income recognised on an accrual basis.

Investment property

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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 no significant risk of change in value.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

1,145,524

NET BOOK VALUE

At 31 December 2021

1,145,524

At 31 December 2020

1,145,524

Investment property is held at cost which the director believes to be fair value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Other debtors

9,529

9,519

Prepayments

370

337

9,899

9,856

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Tax

877

653

Other creditors

418,066

Accruals and deferred income

1,704

1,620

420,647

420,339

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

Bank loans (see note 8)

735,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

735,000

The loan is an interest only mortgage repayable over 5 years relating to the investment property held by the company.

8.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

735,000

9.	RELATED PARTY DISCLOSURES

Montreux Group Overseas Limited

Common control

During the year, the company received loan advances of £NIL (2020: £418,066) from Montreux Group Overseas Limited. As at 31st December 2021 the net balance outstanding to Montreux Group Overseas Limited was £418,066 (2020: £418,066). The loan is interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is O S Harris.

11.

CHARGES

During the previous year, a number of charges were issued which remain outstanding. These charges are held over debentures, accounts and rental income held by the company in relation to the mortgages secured upon these by the banks providing the mortgages.

FSC Property Holdings Ltd - Accounts to registrar (filleted) - small 18.2

FSC Property Holdings Ltd - Accounts to registrar (filleted) - small 18.2