FFF Properties Limited - Period Ending 2016-12-31

Registration number: 5243853

FFF Properties Limited Annual Report and Unaudited Filleted Financial Statements for the Year Ended 31 December 2016

FFF Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Filleted Financial Statements	3 to 8

FFF Properties Limited

Company Information

Director

S Mustafa

Registered office

45 City Road Chester Cheshire CH1 3AE

Accountants

Shaw Austin Limited Chartered Accountants 45 City Road Chester Cheshire CH1 3AE

Page 1

FFF Properties Limited

(Registration number: 5243853)
Filleted Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Tangible assets	4	56	70
Investment property	5	140,761	140,761
		140,817	140,831
Current assets
Cash at bank and in hand		119	764
Creditors: Amounts falling due within one year	6	(51,302)	(52,618)
Net current liabilities		(51,183)	(51,854)
Total assets less current liabilities		89,634	88,977
Creditors: Amounts falling due after more than one year	6	(106,194)	(106,194)
Net liabilities		(16,560)	(17,217)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(16,561)	(17,218)
Total equity		(16,560)	(17,217)

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 September 2017

S Mustafa Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

FFF Properties Limited

Notes to the Filleted Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
45 City Road
Chester
Cheshire
CH1 3AE
United Kingdom

The principal place of business is:
9 Gleneagles Avenue
Heywood
Lancashire
OL10 2BZ

These financial statements were authorised for issue by the director on 20 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ Sterling and all amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the director considers appropriate having regard to the circumstances outlined in note 9.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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FFF Properties Limited

Notes to the Filleted Financial Statements for the Year Ended 31 December 2016

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% on net book value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the company director. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2015 - 1).

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FFF Properties Limited

Notes to the Filleted Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 January 2016	646	646
At 31 December 2016	646	646
Depreciation
At 1 January 2016	576	576
Charge for the year	14	14
At 31 December 2016	590	590
Carrying amount
At 31 December 2016	56	56
At 31 December 2015	70	70

5	Investment properties

	£
At 1 January 2016	140,761
At 31 December 2016	140,761

Page 5

FFF Properties Limited

Notes to the Filleted Financial Statements for the Year Ended 31 December 2016

6

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		493	-
Amounts due to related parties	8	50,329	52,139
Other creditors		480	479
		51,302	52,618
Due after one year
Loans and borrowings	7	106,194	106,194

	2016 £	2015 £
After more than five years not by instalments	106,194	106,194
	106,194	106,194

Security

A mortgage deed is held over the company property by Barclays Bank plc, in respect of the bank loan.

7	Loans and borrowings

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	106,194	106,194

8	Related party transactions

Loans from related parties

2016	Director £
At start of period	52,139
Repaid	(1,810)
At end of period	50,329

2015	Director £
At start of period	52,265
Repaid	(126)
At end of period	52,139

Terms of loans from related parties

The director makes an interest free loan available to the company throughout the year, repayable on demand.
 

Page 6

FFF Properties Limited

Notes to the Filleted Financial Statements for the Year Ended 31 December 2016

9	Going concern

The financial statements have been prepared on a going concern basis. As the director will continue to make funds available to the company in future, he believes that the going concern basis is appropriate for these financial statements.

10	Transition to FRS 102

These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A has resulted in a small number of changes in accounting policies to those previously used.

In addition, the property has been reclassified as investment property. This reclassification has resulted in accumulated depreciation to 31 December 2015 of £56,301 being credited back to the profit and loss account. The director considers that the fair value of the investment property is equal to its original cost. There are no other financial effects due to the adoption of FRS 102 Section 1A for small entities.

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		90,177	(90,090)	-	87
Investment property		-	140,761	-	140,761
		90,177	50,671	-	140,848
Current assets
Cash at bank and in hand		238	-	-	238
Creditors: Amounts falling due within one year		(53,038)	-	-	(53,038)
Net current liabilities		(52,800)	-	-	(52,800)
Total assets less current liabilities		37,377	50,671	-	88,048
Creditors: Amounts falling due after more than one year		(106,194)	-	-	(106,194)
Net (liabilities)/assets		(68,817)	50,671	-	(18,146)
Capital and reserves
Called up share capital		1	-	-	1
Profit and loss account		(68,818)	50,671	-	(18,147)
Total equity		(68,817)	50,671	-	(18,146)

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FFF Properties Limited

Notes to the Filleted Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		84,530	(84,460)	-	70
Investment property		-	140,761	-	140,761
		84,530	56,301	-	140,831
Current assets
Cash at bank and in hand		764	-	-	764
Creditors: Amounts falling due within one year		(52,618)	-	-	(52,618)
Net current liabilities		(51,854)	-	-	(51,854)
Total assets less current liabilities		32,676	56,301	-	88,977
Creditors: Amounts falling due after more than one year		(106,194)	-	-	(106,194)
Net (liabilities)/assets		(73,518)	56,301	-	(17,217)
Capital and reserves
Called up share capital		1	-	-	1
Profit and loss account		(73,519)	56,301	-	(17,218)
Total equity		(73,518)	56,301	-	(17,217)

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