Fareshape Limited - Period Ending 2018-12-31

Registration number: 03763935

Fareshape Limited

Unaudited Financial Statements

for the Year Ended 31 December 2018

Fareshape Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 8

Fareshape Limited

Company Information

Directors

R J Acreman S N G Barratt N J B Gravell P K Ison T P Lewis C J Newman R H Warren

Company secretary

C J Newman

Registered office

34 Boulevard Weston-super-Mare Somerset BS23 1NF

Accountants

Four Fifty Partnership Chartered Accountants 34 Boulevard Weston-super-Mare Somerset BS23 1NF

Page 1

Fareshape Limited

(Registration number: 03763935)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Investments	4	2,959,291	2,959,291
Capital and reserves
Called up share capital	5	2,000	2,000
Profit and loss account		2,957,291	2,957,291
Total equity		2,959,291	2,959,291

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Board on 25 September 2019 and signed on its behalf by:
 

.........................................

T P Lewis
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Fareshape Limited

Statement of Changes in Equity for the Year Ended 31 December 2018

	Share capital £	Profit and loss account £	Total £
At 1 January 2018	2,000	2,957,291	2,959,291
Profit for the year	-	250,000	250,000
Total comprehensive income	-	250,000	250,000
Dividends	-	(250,000)	(250,000)
At 31 December 2018	2,000	2,957,291	2,959,291

	Share capital £	Profit and loss account £	Total £
At 1 January 2017	2,000	6,605	8,605
Profit for the year	-	3,200,686	3,200,686
Total comprehensive income	-	3,200,686	3,200,686
Dividends	-	(250,000)	(250,000)
At 31 December 2017	2,000	2,957,291	2,959,291

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

These financial statements were authorised for issue by the Board on 25 September 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.

The presentation currency of the financial statements is Pound Sterling (£). All monetary amounts are rounded to the nearest Pound (£).

Group accounts not prepared

In accordance with Section 399 of the Companies Act 2006, exemption has been taken from preparing group accounts on the grounds that the company qualifies as the parent of a small group.

Page 4

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company. after deducting all liabilities.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 0).

Page 5

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4	Investments

	2018 £	2017 £
Investments in subsidiaries	2,959,291	2,959,291

Subsidiaries	£
Cost or valuation
At 1 January 2018	2,959,291
Carrying amount
At 31 December 2018	2,959,291
At 31 December 2017	2,959,291

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017

Subsidiary undertakings
Rayglow Securities Limited	34 Boulevard, Weston-super-Mare, Somerset, BS23 1NF	Ordinary	100%	100%
	England and Wales

The principal activity of Rayglow Securities Limited is property investment / letting.

The profit for the financial period of Rayglow Securities Limited was £173,173 and the aggregate amount of capital and reserves at the end of the period was £6,886,709.

Page 6

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary A of £0.10 each	10,000	1,000.00	10,000	1,000.00
Ordinary B of £0.10 each	10,000	1,000.00	10,000	1,000.00
	20,000	2,000	20,000	2,000

6

Dividends

Final dividends paid

	2018 £	2017 £
Final dividend of £12.50 per each Ordinary A share	125,000	125,000
Final dividend of £12.50 per each Ordinary B share	125,000	125,000
	250,000	250,000

Page 7

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7	Related party transactions

Summary of transactions with subsidiaries

Rayglow Securities Limited
 

Loans from related parties

2017	Subsidiary £
At start of period	2,950,686
Repaid	(2,950,686)
At end of period	-

Terms of loans from related parties

The loan from the subsidiary company was interest-free and was repaid in full on 10 August 2017.
 

Page 8