Flywheel Real Estate Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09730876 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH AUGUST 2022

FOR

FLYWHEEL REAL ESTATE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Hutcheson

T Packwood

REGISTERED OFFICE:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

09730876 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Investment property

4

815,000

760,000

CURRENT ASSETS

Cash at bank

101,759

22,130

CREDITORS

Amounts falling due within one year

5

164,323

179,725

NET CURRENT LIABILITIES

(62,564

)

(157,595

)

TOTAL ASSETS LESS CURRENT LIABILITIES

752,436

602,405

CREDITORS

Amounts falling due after more than one year

6

(529,701

)

(424,445

)

PROVISIONS FOR LIABILITIES

(64,550

)

(54,100

)

NET ASSETS

158,185

123,860

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

7

290,504

245,954

Retained earnings

(132,321

)

(122,096

)

158,185

123,860

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 24th May 2023 and were signed on its behalf by:

D J Hutcheson - Director

1.	STATUTORY INFORMATION

Flywheel Real Estate Limited 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

The investment properties have been revalued by the directors. No other significant judgements have had to be made by the directors in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

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

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or 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.

No significant judgements have had to be made by the directors in preparing

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 30th August 2021

760,000

Revaluations

55,000

At 29th August 2022

815,000

NET BOOK VALUE

At 29th August 2022

815,000

At 29th August 2021

760,000

Fair value at 29th August 2022 is represented by:

£

Valuation in 2022

355,054

Cost

459,946

815,000

If investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

459,946

459,946

Investment properties were valued on an open market basis on 29th August 2022 by the directors .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

164,323

179,725

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

529,701

424,445

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

529,701

424,445

7.

RESERVES

Fair

value

reserve

£

At 30th August 2021

245,954

Property revaluation

55,000

Deferred tax

(10,450

)

At 29th August 2022

290,504