| Flexiplus Investments Limited |
|
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Flexiplus Investments Limited for the year ended 31 March 2016 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Flexiplus Investments Limited for the year ended 31 March 2016 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook. |
| Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation. |
|
| G P Ivory & Co |
344 Croydon Road |
| Chartered Accountants |
Beckenham |
|
|
Kent |
| Dated 23 December 2016 |
BR3 4EX |
|
| Flexiplus Investments Limited |
| Balance Sheet |
| as at 31 March 2016 |
|
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Investments |
6 |
|
|
4,050,000 |
|
|
3,900,000 |
|
| Current assets |
| Debtors |
7 |
|
5,827 |
|
|
5,871 |
| Cash at bank and in hand |
|
|
222,304 |
|
|
137,159 |
|
|
|
228,131 |
|
|
143,030 |
|
| Creditors: amounts falling due within one year |
8 |
|
(65,280) |
|
|
(43,720) |
|
| Net current assets |
|
|
|
162,851 |
|
|
99,310 |
|
| Total assets less current liabilities |
|
|
|
4,212,851 |
|
|
3,999,310 |
|
| Creditors: amounts falling due after more than one year |
9 |
|
|
(1,752,751) |
|
|
(1,752,749) |
|
| Provisions for liabilities |
11 |
|
|
(467,924) |
|
|
(437,924) |
|
|
| Net assets |
|
|
|
1,992,176 |
|
|
1,808,637 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
12 |
|
|
100 |
|
|
100 |
| Revaluation reserve |
13 |
|
|
1,871,698 |
|
|
1,751,698 |
| Profit and loss account |
14 |
|
|
120,378 |
|
|
56,839 |
|
| Shareholders' funds |
|
|
|
1,992,176 |
|
|
1,808,637 |
|
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
| Approved by the board on 22 December 2016 |
|
|
|
|
| D R Walshe |
| Director |
|
| Flexiplus Investments Limited |
| Notes to the Accounts |
| for the year ended 31 March 2016 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents rent and service charges due to the company in the year. |
|
|
Investment properties |
|
Investment properties are valued by the directors at their open market value at the balance sheet date. Any surplus on revaluation is transferred to the investment property revaluation reserve. Any deficit is deducted from the investment property revaluation reserve, except for permanent diminutions in value, which are charged to the profit and loss account. |
|
|
No amortisation or depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to expiry, in accordance with Statement of Standard Accounting Practice 19: "Accounting for investment properties". This treatment is contrary to the requirements of the Companies Act 2006 to provide for depreciation but is considered necessary to ensure the accounts give a true and fair view. Depreciation is only one of the factors reflected in the balance sheet date valuation and that component can not be seperately identified or quantified. |
|
|
| 2 |
Operating profit |
2016 |
|
2015 |
| £ |
£ |
|
This is stated after charging: |
|
|
Directors' remuneration |
9,600 |
|
35,300 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Interest payable |
2016 |
|
2015 |
| £ |
£ |
|
|
Interest payable |
41,734 |
|
41,709 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Taxation |
2016 |
|
2015 |
| £ |
£ |
|
|
UK corporation tax |
14,299 |
|
9,021 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Investments |
|
|
|
|
|
|
|
|
Other investments |
| £ |
|
Cost or valuation |
|
At 1 April 2015 |
3,900,000 |
|
Surplus on revaluation |
150,000 |
|
At 31 March 2016 |
4,050,000 |
|
|
|
|
|
|
|
|
|
|
Revaluation of the property portfolio was made by the directors based on their knowledge of local market conditions. |
|
|
| 6 |
Investments |
|
Other investments |
2016 |
|
2015 |
| £ |
£ |
|
|
Freehold and long leasehold property |
4,050,000 |
|
3,900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade debtors |
4,728 |
|
4,823 |
|
Other debtors |
1,099 |
|
1,048 |
|
|
|
|
|
|
5,827 |
|
5,871 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade creditors |
21,943 |
|
21,341 |
|
Corporation tax |
14,299 |
|
9,021 |
|
Other taxes and social security costs |
(2,956) |
|
1,053 |
|
Other creditors |
31,994 |
|
12,305 |
|
|
|
|
|
|
65,280 |
|
43,720 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Loans |
1,752,751 |
|
1,752,749 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
1,752,751 |
|
1,752,749 |
|
Secured bank loans |
1,752,751 |
|
1,752,749 |
|
|
|
|
|
|
|
|
|
|
The loan agreements provide for the payment of interest only and are for fixed terms. Interest is charged at fixed rates in the range of 2.10% and 2.85% and the loans are repayable at fixed dates between 8 years 8 months and 11 years 1 month from the balance sheet date. |
|
|
| 11 |
Provisions for liabilities |
|
Deferred taxation: |
2016 |
|
2015 |
| £ |
£ |
|
|
On unrealised gains on revaluations |
467,924 |
|
437,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
| £ |
£ |
|
|
At 1 April |
437,924 |
|
302,924 |
|
Transferred from revaluation reserve |
30,000 |
|
135,000 |
|
|
At 31 March |
467,924 |
|
437,924 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Revaluation reserve |
2016 |
| £ |
|
|
At 1 April 2015 |
1,751,698 |
|
Revaluation |
150,000 |
|
Transfer to deferred taxation provision |
(30,000) |
|
At 31 March 2016 |
1,871,698 |
|
|
|
|
|
|
|
|
| 14 |
Profit and loss account |
2016 |
| £ |
|
|
At 1 April 2015 |
56,839 |
|
Profit for the year |
63,539 |
|
At 31 March 2016 |
120,378 |
|
|
|
|
|
|
|
|
| 15 |
Dividends |
2016 |
|
2015 |
| £ |
£ |
|
|
Dividends for which the company became liable during the year: |
|
Dividends paid |
- |
|
12,000 |
|
|
|
|
|
|
|
|
|
|
| 16 |
Post balance sheet events |
|
|
There were no significant events since the balance sheet date that in the opinion of the directors would effect the accounts. |
|
|
| 17 |
Related party transactions |
|
|
|
|
2016 |
|
2015 |
|
A B Walshe |
£ |
£ |
|
director and shareholder |
|
dividends paid |
- |
|
(6,000) |
|
D R Walshe |
|
director and shareholder |
|
dividends paid |
- |
|
(6,000) |
|
|
|
|
|
|
|
|
|
