FGS Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05376264 (England and Wales)

Unaudited Financial Statements

for the Period 1 November 2021 to 29 October 2022

for

FGS Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

M Graves

M Wells

F R Graves

D Wells

SECRETARY:

M Graves

REGISTERED OFFICE:

1a Wharfside Mews

Sleaford

Lincolnshire

NG34 7TR

REGISTERED NUMBER:

05376264 (England and Wales)

ACCOUNTANTS:

Prestige Accounting Limited T/A Simon Moss & Co

The Finance Centre

34a Southgate

Sleaford

Lincolnshire

NG34 7RY

FIXED ASSETS

Tangible assets

4

1,111,827

1,078,072

Investments

5

200,012

200,012

1,311,839

1,278,084

CURRENT ASSETS

Debtors

6

266,422

198,119

Cash at bank

177,784

35,640

444,206

233,759

CREDITORS

Amounts falling due within one year

7

626,909

554,865

NET CURRENT LIABILITIES

(182,703

)

(321,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,129,136

956,978

CREDITORS

Amounts falling due after more than one year

8

(71,592

)

(24,837

)

PROVISIONS FOR LIABILITIES

(36,629

)

(16,846

)

NET ASSETS

1,020,915

915,295

CAPITAL AND RESERVES

Called up share capital

16

16

Revaluation reserve

10

850,000

850,000

Retained earnings

170,899

65,279

SHAREHOLDERS' FUNDS

1,020,915

915,295

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

The members have not required the company to obtain an audit of its financial statements for the period ended 29 October 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 29 December 2023 and were signed on its behalf by:

M Graves - Director

1.	STATUTORY INFORMATION

FGS Properties 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

1% on cost

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 November 2021

1,052,682

173,912

1,226,594

Additions

187,564

85,904

273,468

Disposals

(202,682

)

-

(202,682

)

At 29 October 2022

1,037,564

259,816

1,297,380

DEPRECIATION

At 1 November 2021

67,771

80,751

148,522

Charge for period

8,500

33,260

41,760

Eliminated on disposal

(4,729

)

-

(4,729

)

At 29 October 2022

71,542

114,011

185,553

NET BOOK VALUE

At 29 October 2022

966,022

145,805

1,111,827

At 31 October 2021

984,911

93,161

1,078,072

Cost or valuation at 29 October 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2014

850,000

-

850,000

Cost

187,564

259,816

447,380

1,037,564

259,816

1,297,380

Freehold land and buildings were valued on an open market basis on 22 May 2014 by Humberts Leisure .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 November 2021

98,800

Additions

85,904

At 29 October 2022

184,704

DEPRECIATION

At 1 November 2021

51,746

Charge for period

18,825

At 29 October 2022

70,571

NET BOOK VALUE

At 29 October 2022

114,133

At 31 October 2021

47,054

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2021

and 29 October 2022

200,012

NET BOOK VALUE

At 29 October 2022

200,012

At 31 October 2021

200,012

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.10.22

31.10.21

£

£

Trade debtors

245,133

197,460

Other debtors

21,289

659

266,422

198,119

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.10.22

31.10.21

£

£

Hire purchase contracts

37,836

23,200

Trade creditors

-

9,304

Amounts owed to group undertakings

161,824

211,824

Taxation and social security

48

11,337

Other creditors

427,201

299,200

626,909

554,865

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.10.22

31.10.21

£

£

Hire purchase contracts

71,592

24,837

9.	SECURED DEBTS

The following secured debts are included within creditors:

29.10.22

31.10.21

£

£

Hire purchase contracts

109,428

48,037

10.

RESERVES

Revaluation

reserve

£

At 1 November 2021

and 29 October 2022

850,000

11.	RELATED PARTY DISCLOSURES

Included in creditors is a loan to the company from Pleisuretime Pub Company Limited of £1,828 (31.10.21 - £1,828).

Included in creditors is an amount due to FGS Furnishings Limited of £209,996 (31.10.21 - £209,996).

The company charged rent of £33,750 (31.10.20 - £45,000) to Pleisuretime Pub Company Limited.

Included in sales is an amount invoiced to FGS Furnishings Ltd of £10,161 (31.10.21 - £62,191) and an amount invoiced to Pleisuretime Pub Company Ltd of £5,390 (31.10.20 - nil).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the period ended 29 October 2022 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Prestige Accounting Limited T/A Simon Moss & Co

The Finance Centre

34a Southgate

Sleaford

Lincolnshire

NG34 7RY

29 December 2023