Fralana Limited - Period Ending 2018-11-30

Fralana Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2018

Registration number: 09884151

Fralana Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Fralana Limited

Balance Sheet

30 November 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	4	431,887	431,887
Current assets
Debtors	5	275	275
Cash at bank and in hand		8,166	11,377
		8,441	11,652
Creditors: Amounts falling due within one year	6	(25,723)	(25,217)
Net current liabilities		(17,282)	(13,565)
Total assets less current liabilities		414,605	418,322
Creditors: Amounts falling due after more than one year	6	(371,659)	(394,659)
Net assets		42,946	23,663
Capital and reserves
Called up share capital		1	1
Profit and loss account		42,945	23,662
Total equity		42,946	23,663

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Fralana Limited

Balance Sheet

30 November 2018

For the financial year ending 30 November 2018 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 accounts 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 accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 August 2019
 

......................................... Mr R Day Director

Company Registration Number: 09884151

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Fralana Limited

Notes to the Financial Statements

Year Ended 30 November 2018

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:
37 Craigie Drive
Plymouth
PL1 3JB

These financial statements were authorised for issue by the director on 29 August 2019.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 3

Fralana Limited

Notes to the Financial Statements

Year Ended 30 November 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4	Investment properties

	2018 £
At 30 November	431,887

The investment properties were valued by the director at 30 November 2018 at fair value.

5

Debtors

	2018 £	2017 £
Prepayments	275	275
	275	275

Page 4

Fralana Limited

Notes to the Financial Statements

Year Ended 30 November 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017  £
Due within one year
Corporation tax		4,523	4,120
Other creditors		20,000	20,097
Accrued expenses		1,200	1,000
		25,723	25,217

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	302,049	325,049
Other creditors		69,610	69,610
		371,659	394,659

7	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Other borrowings	302,049	325,049

Page 5

Fralana Limited

Notes to the Financial Statements

Year Ended 30 November 2018

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
1 Ordinary share of £1 each	1	1	1	1

Page 6