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Registered number: 08313143
Fersam (U.K.) Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2018
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Fersam (U.K.) Limited
Registered number: 08313143
Balance sheet
As at 31 December 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Investment property reserve
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Page 1
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Fersam (U.K.) Limited
Registered number: 08313143
Balance sheet (continued)
As at 31 December 2018
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J Marcus
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The notes on pages 4 to 10 form part of these financial statements.
Page 2
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Fersam (U.K.) Limited
Statement of changes in equity
For the Year Ended 31 December 2018
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Investment property revaluation reserve
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Transfer from profit and loss account
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Transfer from profit and loss account
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
Fersam (U.K.) Limited is a private company limited by shares and incorporated in England and Wales, registration number 08313143. The registered office address is The Business Park, One Maydwell Avenue, Slinfold, Horsham, West Sussex, RH13 0AS.
The financial statements are presented in sterling and rounded to the nearest £1.
The principal activity of the company in the year under review was that of ownership and leasing of property.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in the Income statement using the effective interest method.
Finance costs are charged to the Income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Income statement in the year in which they are incurred.
Page 4
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income statement.
Page 5
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Income statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
Investment properties
The Company has investment property with a value of £3,500,000 at the reporting date. The fair value of investment property has been determined by the Director, Mr Julian Marcus, on an open market value for existing use basis. They have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £44,652 at the reporting date. This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time.
Page 6
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
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The average monthly number of employees, including directors, during the year was 1 (2017 - 1).
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Charge for the year on owned assets
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Page 7
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
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Freehold investment property
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The 2018 valuations were made by the director, Mr Julian Marcus, on an open market value for existing use basis.
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Prepayments and accrued income
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Cash and cash equivalents
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Page 8
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 9
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Fersam (U.K.) Limited
Notes to the financial statements
For the Year Ended 31 December 2018
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Potential capital gains tax on Investment property
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Investment property revaluation reserve
The company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.
Profit & loss account
The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.
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Related party transactions
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N El Masry is the father of the shareholder of Fersam UK Limited and Euroll UK Limited, as well as the shareholder of Touchdown Aviation Limited.
During the year Touchdown Aviation Limited loaned Fersam UK Limited £Nil (2017 - £436,100). Touchdown Aviation Limited also has a rental agreement with Fersam UK Limited. Rental income has been recognised in the year totalling £102,000 (2017 - £101,875). The balance due to Touchdown Aviation Limited at the 31 December 2018 was £2,049,214 (2017 - £2,049,214).
During the year there was no movement on the loan between Euroll UK Limited and Fersam UK Limited. Euroll UK Limited also has a rental agreement with Fersam UK Limited. Rental income has been recognised in the year totalling £15,749 (2017 - £17,808). The balance due to Euroll UK Limited at 31 December 2018 was £1,958 (2017 - £1,958).
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Page 10
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