Flat 7 Strollers Reach Limited - Period Ending 2022-03-31

Flat 7 Strollers Reach Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Flat 7 Strollers Reach Limited

Balance Sheet

31 March 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	4	-	640,000
Current assets
Debtors	5	194,682	72,745
Creditors: Amounts falling due within one year	6	(114,791)	(750)
Net current assets		79,891	71,995
Total assets less current liabilities		79,891	711,995
Creditors: Amounts falling due after more than one year	6	-	(480,944)
Provisions for liabilities		-	(43,881)
Net assets		79,891	187,170
Capital and reserves
Called up share capital		100	100
Profit and loss account		79,791	187,070
Shareholders' funds		79,891	187,170

Flat 7 Strollers Reach Limited

Balance Sheet

31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 March 2023 and signed on its behalf by:
 

......................................... M S Adams Director

Company Registration Number: 12250082

Flat 7 Strollers Reach Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
202 Sandbanks Road
Poole
Dorset
BH14 8HA

These financial statements were authorised for issue by the Board on 21 March 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Flat 7 Strollers Reach Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors
• Bank loans

All financial instruments are classified as basic.
 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

Flat 7 Strollers Reach Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

4	Investment properties

	2022 £
At 1 April	640,000
Additions	94,291
Disposals	(734,291)
At 31 March	-

5

Debtors

	2022 £	2021 £
Amounts owed by group undertakings	126,172	72,645
Other debtors	68,510	100
	194,682	72,745

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Amounts owed to group undertakings	94,291	-
Corporation tax	18,716	-
Other creditors	584	-
Accruals and deferred income	1,200	750
	114,791	750

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	-	480,944

Flat 7 Strollers Reach Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

7	Loans and borrowings

	2022 £	2021 £
Loans and borrowings due after one year
Bank borrowings	-	480,944

8	Related party transactions

Transactions with directors

2022	At 1 April 2021 £	Advances to director £	Repayments by director £	At 31 March 2022 £
M S Adams
Director loan account	-	70,000	(1,590)	68,410