Full Moon Properties (London) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10681915 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FULL MOON PROPERTIES (LONDON) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J.R. Bhasin

Mrs M.L. Bhasin

REGISTERED OFFICE:

22 Gordon Road

London

W5 2AD

REGISTERED NUMBER:

10681915 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

4

9,658

984

Investment property

5

5,792,176

5,750,000

5,801,834

5,750,984

CURRENT ASSETS

Debtors

6

12,024

7,251

Cash at bank

16,101

3,166

28,125

10,417

CREDITORS

Amounts falling due within one year

7

2,631,264

2,511,049

NET CURRENT LIABILITIES

(2,603,139

)

(2,500,632

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,198,695

3,250,352

CREDITORS

Amounts falling due after more than one year

8

(1,240,488

)

(1,336,557

)

PROVISIONS FOR LIABILITIES

(387,410

)

(387,410

)

NET ASSETS

1,570,797

1,526,385

CAPITAL AND RESERVES

Called up share capital

10

10

Other reserves

10

1,691,930

1,691,930

Retained earnings

10

(121,143

)

(165,555

)

1,570,797

1,526,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 April 2024 and were signed on its behalf by:

J.R. Bhasin - Director

1.	STATUTORY INFORMATION

Full Moon Properties (London) 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.

Going concern:

The financial statements have been prepared on the going concern basis. The Statement of Financial Position shows net liabilities, the director is of the opinion that the shareholders will continue to support it, and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

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.

This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties.

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and Other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 the Statement of Comprehensive Income.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

1,583

Additions

11,894

At 31 March 2023

13,477

DEPRECIATION

At 1 April 2022

599

Charge for year

3,220

At 31 March 2023

3,819

NET BOOK VALUE

At 31 March 2023

9,658

At 31 March 2022

984

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

5,750,000

Additions

42,176

At 31 March 2023

5,792,176

NET BOOK VALUE

At 31 March 2023

5,792,176

At 31 March 2022

5,750,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2022

2,079,340

Cost

3,712,836

5,792,176

Investment properties have been valued by the director in line with current market data and similar properties sold within the area where properties are located.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

4,100

-

Other debtors

7,924

7,251

12,024

7,251

Included within other debtors are prepayment of £7,924 (2022: £6,647).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

109,759

109,759

Trade creditors

37,848

45,432

Amounts owed to group undertakings

2,026,675

2,026,675

Taxation and social security

23,336

11,081

Other creditors

433,646

318,102

2,631,264

2,511,049

Included within other creditors are accrued expenses of £4,000 (2022: £4,000)

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

1,240,488

1,336,557

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

756,776

842,105

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

1,350,247

1,446,316

Bank loan are secured against company's investment properties by way of fixed and floating charge.

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 April 2022

(165,555

)

1,691,930

1,526,375

Profit for the year

44,412

44,412

At 31 March 2023

(121,143

)

1,691,930

1,570,787

Within the reserves is an amount of £1,691,930 (2022: £1,691,930). This represents the fair value adjustment of the investment properties and the deferred tax. FRS 102 section 1A requires that the changes in fair value be recognised in the profit and loss, but that the fair value gains cannot be distributed to the shareholders as a dividend.

Deferred tax of £387,410 (2022: £387,410) has been provided on the investment property in accordance with the requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be disposed of at a fair value.

11.	RELATED PARTY DISCLOSURES

In other creditors due within one year is an amount of £298,171 (2022: £276,132) owed to the director. This is provided to the company on an interest free basis and is repayable on demand.

12.	POST BALANCE SHEET EVENTS

The company is currently involved in litigation with the previous accountants. At the date of signing these accounts, unfortunately the conclusion of this is unresolved. The end result could materially affect the standing of the balance sheet.

13.	ULTIMATE CONTROLLING PARTY

The parent undertaking, who held 100% of the share capital during this period, is Cherrington Properties Limited, a company registered in the British Virgin Islands. The directors are the ultimate controlling party by virtue of majority shareholdings.