Faulkners (London) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12356135 (England and Wales)

Faulkners (London) Limited

Abridged Unaudited Financial Statements

for the period

9 December 2019 to 31 December 2020

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr M Erdogan

REGISTERED OFFICE:

424-426 Kingsland Road

London

E8 4AA

REGISTERED NUMBER:

12356135 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Faulkners (London) Limited for the period ended 31 December 2020 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Faulkners (London) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Faulkners (London) Limited and state those matters that we have agreed to state to the director of Faulkners (London) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Faulkners (London) Limited and its director for our work or for this report.

It is your duty to ensure that Faulkners (London) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Faulkners (London) Limited. You consider that Faulkners (London) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Faulkners (London) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

11 March 2021

FIXED ASSETS

Property, plant and equipment

4

828

CURRENT ASSETS

Inventories

2,854

Debtors

3,440

Cash at bank and in hand

102,888

109,182

CREDITORS

Amounts falling due within one year

26,957

NET CURRENT ASSETS

82,225

TOTAL ASSETS LESS CURRENT LIABILITIES

83,053

CREDITORS

Amounts falling due after more than one year

5

(50,000

)

PROVISIONS FOR LIABILITIES

6

(157

)

NET ASSETS

32,896

CAPITAL AND RESERVES

Called up share capital

7

1

Retained earnings

8

32,895

SHAREHOLDERS' FUNDS

32,896

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the period ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 March 2021 and were signed by:

Mr M Erdogan - Director

1.	STATUTORY INFORMATION

Faulkners (London) 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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the customer takes delivery of the order and is generated from the ordinary activities of the company.

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 reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

Additions

4,433

Disposals

(3,329

)

At 31 December 2020

1,104

DEPRECIATION

Charge for period

276

At 31 December 2020

276

NET BOOK VALUE

At 31 December 2020

828

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

50,000

6.	PROVISIONS FOR LIABILITIES

£

Deferred tax

157

Deferred

tax

£

Provided during period

157

Balance at 31 December 2020

157

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1

Ordinary

£1

1

1 Ordinary share of £1 was allotted and fully paid for cash at par during the period.

8.

RESERVES

Retained

earnings

£

Profit for the period

32,895

At 31 December 2020

32,895

9.	RELATED PARTY DISCLOSURES

Included within creditors are amounts due to key management personnel at balance sheet date of £1,871.

The company also paid rent of £40,000 to key management personnel during the period.