Favermead Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02707691 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

FAVERMEAD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Khalili

R Khalili

SECRETARY:

D J Khalili

REGISTERED OFFICE:

Nour House

2 Old Burlington Street

London

W1S 3AD

REGISTERED NUMBER:

02707691 (England and Wales)

ACCOUNTANTS:

Civvals Limited

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

43,277

64,534

CURRENT ASSETS

Debtors

5

7,235,193

8,022,067

Cash at bank and in hand

332,164

127,930

7,567,357

8,149,997

CREDITORS

Amounts falling due within one year

6

6,844,845

7,218,264

NET CURRENT ASSETS

722,512

931,733

TOTAL ASSETS LESS CURRENT LIABILITIES

765,789

996,267

CREDITORS

Amounts falling due after more than one year

7

5,885,623

5,643,563

NET LIABILITIES

(5,119,834

)

(4,647,296

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(5,119,934

)

(4,647,396

)

SHAREHOLDERS' FUNDS

(5,119,834

)

(4,647,296

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 20 November 2019 and were signed on its behalf by:

R Khalili - Director

1.	STATUTORY INFORMATION

Favermead 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 directors are satisfied that the

company will have adequate funds to meet its liabilities to third parties as they fall due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

Over the life of the lease

Plant and machinery

-

25% - 33 % on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

87,962

462,052

550,014

DEPRECIATION

At 1 April 2018

85,162

400,318

485,480

Charge for year

2,800

18,457

21,257

At 31 March 2019

87,962

418,775

506,737

NET BOOK VALUE

At 31 March 2019

-

43,277

43,277

At 31 March 2018

2,800

61,734

64,534

5.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Other debtors

34,332

54,332

VAT

65,418

82,582

Prepayments and accrued income

305,000

605,000

404,750

741,914

Amounts falling due after more than one year:

Amounts owed by group undertakings

6,830,443

7,280,153

Aggregate amounts

7,235,193

8,022,067

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

3,580

Social security and other taxes

7,625

5,144

Other creditors

59,800

976

KFT Loan

6,756,220

7,108,818

Directors' current accounts

-

63,546

Accruals and deferred income

21,200

36,200

6,844,845

7,218,264

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

5,885,623

5,643,563

8.	RELATED PARTY DISCLOSURES

The company contributed £11,000 (2018: £4,800) to The Nasser David Khalili Charitable Settlement, a

registered Charity in which N D Khalili and M S Khalili are trustees.

The company contributed £5,167 (2018: £36,538) to the Maimonides Interfaith Foundation, a registered Charity

in which N D Khalili is a trustee.

Loans from shareholders are detailed in note 8 to the financial statements.The Khalili Family Trust continues to

be involved in joint venture collaborations with the company and has agreed to provide on going financial

support to enable the company to continue as a going concern.

During the year, the company charged fellow subsidiaries fees of £55,000 (2018: £55,000) in respect of the

management and administration of their investment properties.

During the year, the company charged Burlington Properties Limited, a company in which the Khalili Family

Trust has an interest, fees of £150,000 (2018: £150,000) in respect of the management and administration of its

investment properties.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Khalili Family Trust.