Farepay Limited - Filleted accounts

Registered number

10102791

Farepay Limited

Filleted Accounts

30 April 2019

Farepay Limited
Registered number:		10102791
Balance Sheet
as at 30 April 2019

Notes			2019			2018
£				£
Current assets
Debtors	3	361			200
Cash at bank and in hand		124			632
		485			832

Creditors: amounts falling due within one year	4	(163)			-

Net current assets			322			832

Total assets less current liabilities			322			832

Creditors: amounts falling due after more than one year	5		(109,396)			(82,807)



Net liabilities			(109,074)			(81,975)

Capital and reserves
Called up share capital			200			200
Profit and loss account			(109,274)			(82,175)

Shareholders' funds			(109,074)			(81,975)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




David Marshall
Director
Approved by the board on 29 January 2020

Farepay Limited
Notes to the Accounts
for the year ended 30 April 2019


1	Accounting policies

1.1	Basis of preparation
	These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2	Cash at bank and in hand
	Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.3	Financial Instruments
	The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
	Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4	Equity Instruments
	Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.


2	Employees	2019		2018
Number			Number

	Average number of persons employed by the company	3		3


3	Debtors	2019		2018
£			£

	Other debtors	361		200


4	Creditors: amounts falling due within one year	2019		2018
£			£

	Trade creditors	163		-


5	Creditors: amounts falling due after one year	2019		2018
£			£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest	109,396		-
	Other creditors	-		82,807
		109,396		82,807


6	Called up share capital	2019		2018
	Ordinary share capital	£	£
	Issued and fully paid
	200 Ordinary of £1 each	200		200


7	Other information

	Farepay Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Olivers Barn
	Maldon Road
	Witham
	Essex
	CM8 3HY

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