Registered number
Flagship Investments Limited
Abbreviated Accounts
31 March 2016
Flagship Investments Limited
Registered number: 04199377
Abbreviated Balance Sheet
as at 31 March 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 614,298 1,606,980
Investments 3 100 100
614,398 1,607,080
Current assets
Debtors 866,142 725,752
Cash at bank and in hand 728 1,194
866,870 726,946
Creditors: amounts falling due within one year (224,223) (741,786)
Net current assets/(liabilities) 642,647 (14,840)
Total assets less current liabilities 1,257,045 1,592,240
Creditors: amounts falling due after more than one year (1,972,279) (2,119,330)
Net liabilities (715,234) (527,090)
Capital and reserves
Called up share capital 5 1 1
Revaluation reserve 209,231 644,754
Profit and loss account (924,466) (1,171,845)
Shareholder's funds (715,234) (527,090)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
H N Sharif
Approved by the board on 21 July 2016
The notes on pages 2 to 4 form part of these accounts
Flagship Investments Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016
1 Accounting policies
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of freehold and leasehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The accounts have been prepared on the going concern basis. Due to the financial position of the company, the validity of this basis is conditional upon the continued support of the director and sole shareholder of the company and its bankers.
The director of the company has confirmed that he will not demand payment of any amount due to him or payment of any amounts due to the related companies, of which he is also a director, for at least the next 12 months from the date of approval of these accounts. The director is not, however, legally bound by these assurances.
Should the company be unable to continue trading as a result of the withdrawal of support from the director or its bankers, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for any further liability which might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
Turnover represents rents receivable from leasing investment properties.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property No depreciation
Long leashold property No depreciation
Leasehold improvements 10% per annum over the term of the lease
Fixtures, fittings and equipment 20%-25% per annum on reducing balance
In accordance with Statement of Standard Accounting Practice No 19 :
- investment properties are revalued annually and the aggregate surplus or deficit is transferred
to a revaluation reserve, and
- no depreciation or amortisation is provided in respect of freehold properties and leasehold
investment properties with over 20 years to run.
This treatment, with regard to the company's investment properties, may be a departure from the requirements of the Companies Act 2006 concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is, therefore, necessary for the accounts to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Fixed asset investments are valued at the lower of cost less provision for impairment.
1 Accounting policies (continued)
Deferred taxation
No provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Group accounts
The accounts present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-size group. The company has, therefore, taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Finance costs
The cost of obtaining finance are written off in the year in which they occur.
2 Tangible fixed assets £
At 1 April 2015 1,783,689
Disposals (980,000)
At 31 March 2016 803,689
At 1 April 2015 176,709
Charge for the year 12,682
At 31 March 2016 189,391
Net book value
At 31 March 2016 614,298
At 31 March 2015 1,606,980
3 Investments 2016 2015
£ £
Cost 100 100
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Flagship Securities Ltd Ordinary 100 (726,608) (103,100)
4 Loans 2016 2015
£ £
Creditors include:
Secured bank loans - 485,000
5 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1 1 1
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