Floral Street Property Partners Limited - Accounts to registrar (filleted) - small 23.2.5
Floral Street Property Partners Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2023 |
| for |
| Floral Street Property Partners Limited |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Floral Street Property Partners Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Hine House |
| 25 Regent Street |
| Nottingham |
| NG1 5BS |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Balance Sheet |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Balance Sheet - continued |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Floral Street Property Partners Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Floral Street Property Partners Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| 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. |
| Turnover |
| Turnover represents rental and service charge income from freehold property held by the company. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at fair value. |
| 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. |
| 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. |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Disposals | ( |
) |
| Revaluations | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 31 March 2023 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2015 | 9,843,809 |
| Valuation in 2016 | 4,963,282 |
| Valuation in 2017 | 5,004,199 |
| Valuation in 2018 | (4,069,592 | ) |
| Valuation in 2019 | 2,490,763 |
| Valuation in 2021 | (6,131,017 | ) |
| Valuation in 2022 | (9,627,505 | ) |
| Valuation in 2023 | (140,585 | ) |
| Cost | 34,382,699 |
| 36,716,053 |
| Fixed asset investments are stated at fair value in respect of their underlying property investments, and are comprised as follows: |
| Ten Albemarle LLP (incorporated in England and Wales) 53.64% of members capital (2022 53.64%). |
| Floral Street Investment Properties LLP (incorporated in England and Wales) 98.37% of members capital (2022 98.37%). |
| Paul Smith Properties LLC (incorporated in USA) 100%. Profit for the year US$7,672 (2022 US$7,009,538). Aggregate capital and reserves US$28,960 (2022 US$17,587,023). |
| The directors believe that the carrying value of the investments is supported by their underlying assets. The land and buildings within the LLPs have been subject to periodic revaluation on an open market basis, based upon which the directors do not consider that there was any significant change in the value of the investments at 31 March 2023. With regard to the Covid-19 pandemic, they recognise the material valuation uncertainty arising from the aftermath of this, but there is currently no definite evidence to suggest that the values in the accounts may require material amendment. |
| The underlying property investment in Paul Smith Properties LLC was sold during the previous year and the original capital has now been repaid in full, together with a dividend distribution of the majority of the remaining capital and reserves. |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Fair value at 31 March 2023 is represented by: |
| £ |
| Valuation in 2013 | 471,608 |
| Valuation in 2012 | (826,876 | ) |
| Valuation in 2011 | (63,576 | ) |
| Valuation in 2010 | (165,312 | ) |
| Valuation in 2009 | 838,700 |
| Valuation in 2005 | 480,453 |
| Cost | 3,070,500 |
| 3,805,497 |
| Freehold land and buildings were last revalued as at 31 March 2013 by external valuers Arrigo Astolfi. The Directors are of the opinion that there has been no material change in the value of the property as at 31 March 2023, based on consideration of the current market and comparison with sales of similar property in the same area. With regard to the aftermath of the Covid-19 pandemic, and on going economic challenges, they recognise the material valuation uncertainty arising from this, but there is currently no definite evidence to suggest that the values in the accounts may require material amendment. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Floral Street Property Partners Limited (Registered number: 05525947) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Tax |
| VAT | 82,785 | 104,010 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to group undertakings |
| 9. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 445,168 | 462,544 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Movement during year | (17,376 | ) |
| Balance at 31 March 2023 |
| Provision for liabilities is comprised of deferred tax on the company's direct and indirect investments in property. |
| 10. | RELATED PARTY DISCLOSURES |
| At the year end the company was owed £77,023 (2022 £41,472) by Ten Albemarle LLP and £90,448 (2022 £13,564,343) by Floral Street Investment Properties LLP, both of which were considered to be payable within one year, as they relate to VAT liabilities paid by the company on their behalf as a result of the group registration, and other short term loans. |
| In addition, at the year end the company owed £0 (2022 £6,379,388) to Floral Street Investment Properties LLP at the year end, which was interest free and repayable within 367 days of the year end. |
| The share premium account arose on the merger of Ten Albemarle LLP and Paul Smith Properties LLC with Colston Property Partners Ltd during 2006. This reserve represents a capital contribution made by the shareholders as a result of the merger. |