FIP Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10546163 (England and Wales)

FIP PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

4 JANUARY 2017 TO 31 JANUARY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S J Clarke

REGISTERED OFFICE:

Station House

North Street

Havant

Hampshire

PO9 1QU

REGISTERED NUMBER:

10546163 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Intangible assets

4

22,080

Tangible assets

5

18,229

Investment property

6

783,229

823,538

CURRENT ASSETS

Cash at bank

15,762

CREDITORS

Amounts falling due within one year

7

984,404

NET CURRENT LIABILITIES

(968,642

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(145,104

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(145,204

)

(145,104

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 August 2018 and were signed by:

S J Clarke - Director

1.	STATUTORY INFORMATION

FIP 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fee are being amortised evenly over their estimated useful life of five years.

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

-

33% on cost

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 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.

Going concern

The company has the continued financial support of its director, Mr Simon James Clarke, who has

agreed not to request repayment of his loan until the company has the funds available. On this basis

the director of FIP Properties Ltd considers it appropriate to prepare accounts on the going concern

basis. The financial statements do not include any adjustments that would result in the company

suffering further trading losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

27,600

At 31 January 2018

27,600

AMORTISATION

Charge for period

5,520

At 31 January 2018

5,520

NET BOOK VALUE

At 31 January 2018

22,080

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

27,344

At 31 January 2018

27,344

DEPRECIATION

Charge for period

9,115

At 31 January 2018

9,115

NET BOOK VALUE

At 31 January 2018

18,229

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

783,229

At 31 January 2018

783,229

NET BOOK VALUE

At 31 January 2018

783,229

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

984,404