Friends Alliance Properties Ltd - Accounts to registrar (filleted) - small 18.2

FRIENDS ALLIANCE PROPERTIES LTD

Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

S Madan

T McNerney

Registered office:

1a Berens Road

London

NW10 5DX

Registered number:

10056426 (England and Wales)

Accountants:

Haines Watts

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

3

-

7,339

Investment property

4

3,691,733

3,691,733

3,691,733

3,699,072

Current assets

Debtors

5

2,284

5,753

Cash at bank

121,859

111,117

124,143

116,870

Creditors

Amounts falling due within one year

6

30,059

20,517

Net current assets

94,084

96,353

Total assets less current liabilities

3,785,817

3,795,425

Creditors

Amounts falling due after more than one year

7

3,793,202

3,802,802

Net liabilities

(7,385

)

(7,377

)

Capital and reserves

Called up share capital

10

1,000

1,000

Retained earnings

11

(8,385

)

(8,377

)

Shareholders' funds

(7,385

)

(7,377

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 31 December 2020 and were signed on its behalf by:

T McNerney - Director

1.	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.

Going concern

The company meets its day to day working capital requirements through the support of the director and shareholder of the company. On this basis, the director and shareholder consider it appropriate to prepare the financial statements on the going concern basis.

Following the emergence and spread of the coronavirus (COVID-19) as well as its financial effects on business's worldwide the directors have considered its effects on the business of the company and believe there are sufficient funds available for the business to continue as a going concern.

Turnover

Turnover represents amounts receivable for services provided in the year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Investment property

Investment properties are included in the balance sheet at their fair value.

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.

2.	Employees and directors

The average number of employees during the year was NIL (2019 - NIL).

3.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 April 2019

and 31 March 2020

29,355

Depreciation

At 1 April 2019

22,016

Charge for year

7,339

At 31 March 2020

29,355

Net book value

At 31 March 2020

-

At 31 March 2019

7,339

4.	Investment property

Total

£

Fair value

At 1 April 2019

and 31 March 2020

3,691,733

Net book value

At 31 March 2020

3,691,733

At 31 March 2019

3,691,733

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

1,083

225

Other debtors

1,201

5,528

2,284

5,753

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Bank loans and overdrafts (see note 8)

9,600

9,600

Taxation and social security

2,867

-

Other creditors

17,592

10,917

30,059

20,517

7.

Creditors: amounts falling due after more than one year

2020

2019

£

£

Bank loans (see note 8)

1,879,200

1,888,800

Other creditors

1,914,002

1,914,002

3,793,202

3,802,802

8.

Loans

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

9,600

9,600

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,879,200

1,888,800

9.	Secured debts

The following secured debts are included within creditors:

2020

2019

£

£

Mortgage

1,888,800

1,898,400

The mortgage is secured by a fixed and floating charge over the investment properties of the company.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100,000

Ordinary

£0.01

1,000

1,000

11.

Reserves

Retained

earnings

£

At 1 April 2019

(8,377

)

Deficit for the year

(8

)

At 31 March 2020

(8,385

)

12.	Related party disclosures

Included within other creditors is a balance of £1,914,002 (2019: £1,914,002) owed to the directors.