Fongs (Property) Limited - Accounts to registrar (filleted) - small 22.3
Fongs (Property) Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| FONGS (PROPERTY) LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 JUNE 2022 |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FONGS (PROPERTY) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 9 Royal Crescent |
| Glasgow |
| G3 7SP |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| BALANCE SHEET |
| 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 8 | ( |
) | ( |
) |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges her 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. |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| BALANCE SHEET - continued |
| 30 JUNE 2022 |
| 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 |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 1. | STATUTORY INFORMATION |
| Fongs (Property) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover and revenue recognition |
| The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year. |
| Tangible fixed assets |
| Equipment and Fittings | - |
| Investment property |
| Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. |
| This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. |
| Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. |
| Financial instruments |
| Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. |
| 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. |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Going concern |
| The director consider there are no material uncertainties about the company's ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis. This assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Equipment |
| and |
| Fittings |
| £ |
| COST |
| At 1 July 2021 |
| and 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2021 |
| Revaluation surplus |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| The investment properties were revalued by the director on 30 June 2022. |
| Fair value at 30 June 2022 is represented by: |
| £ |
| Valuation in 2017 | (19,049 | ) |
| Cost | 419,049 |
| 400,000 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Deferred tax asset |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Corporation Tax |
| Social security and other taxes |
| VAT |
| Other creditors |
| Director's current account |
| Accrued expenses |
| The other creditors are interest free and repayable on demand. |
| The loan from director is repayable on demand |
| FONGS (PROPERTY) LIMITED (REGISTERED NUMBER: SC175677) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 8. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 July 2021 | ( |
) | 160,424 |
| Profit for the year |
| Fair value adjustment | (32,400 | ) | 32,400 | - |
| At 30 June 2022 | ( |
) | 204,252 |
| 9. | RELATED PARTY DISCLOSURES |
| The loan balance due to the director at the year end amounted to £ |