FPR Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12071874 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

FPR DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

N Sidikov

REGISTERED OFFICE:

Riverbank House

2 Swan Lane

London

EC4R 3TT

REGISTERED NUMBER:

12071874 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

CURRENT ASSETS

Inventories

13,376,924

11,064,771

Debtors

4

429,689

2,094,619

Cash at bank

25,634

8,618

13,832,247

13,168,008

CREDITORS

Amounts falling due within one year

5

132,694

7,796,605

NET CURRENT ASSETS

13,699,553

5,371,403

TOTAL ASSETS LESS CURRENT LIABILITIES

13,699,553

5,371,403

CREDITORS

Amounts falling due after more than one year

6

13,707,441

5,372,268

NET LIABILITIES

(7,888

)

(865

)

CAPITAL AND RESERVES

Called up share capital

1,086

1,000

Retained earnings

(8,974

)

(1,865

)

(7,888

)

(865

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 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 director and authorised for issue on 28 June 2022 and were signed by:

N Sidikov - Director

1.	STATUTORY INFORMATION

FPR Development 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet it's liabilities to third parties as and when they fall due. Also, the director will continue to support the company when required.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes purchase costs of the property, capitalised interest and borrowing costs on loans used to fund the property development and all development expenditure incurred for the property after acquisition.

At each balance sheet date, inventories are assessed for impairment. If inventories is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Financial instruments

Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 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 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 (2020 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by connected company

363,500

281,000

Other debtors

66,189

1,813,619

429,689

2,094,619

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

123,644

219,261

Amounts owed to connected company

5,000

-

Other creditors

4,050

7,577,344

132,694

7,796,605

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

13,707,441

5,372,268

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other loans

6,374,835

7,281,112

Loans are secured by way of fixed and floating charges over the property included in inventory and contain negative pledge.

8.	LOAN NOTES

Loan notes are repayable not later than three years from the date of completion of the redevelopment of and 108-114 Fulham Palace Road London and bear interest of 10% per annum and a share of profits of the development after completion.

9.	RELATED PARTY DISCLOSURES