Falcon International Financial Services - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06208954 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

Falcon International Financial Services

Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M S Baker

REGISTERED OFFICE:

Woodgate House

2-8 Games Road

Cockfosters

EN4 9HN

REGISTERED NUMBER:

06208954 (England and Wales)

FIXED ASSETS

Tangible assets

4

8,515

2,718

Investments

5

85

3

Investment property

6

3,462,400

3,462,400

3,471,000

3,465,121

CURRENT ASSETS

Debtors

7

2,038,772

999,464

Cash at bank

6,192

15,111

2,044,964

1,014,575

CREDITORS

Amounts falling due within one year

8

2,447,261

2,148,383

NET CURRENT LIABILITIES

(402,297

)

(1,133,808

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,068,703

2,331,313

CAPITAL AND RESERVES

Called up share capital

5,002

5,002

Fair value reserve

9

3,417,400

3,417,400

Retained earnings

(353,699

)

(1,091,089

)

SHAREHOLDERS' FUNDS

3,068,703

2,331,313

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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

The financial statements were approved by the director and authorised for issue on 29 March 2021 and were signed by:

M S Baker - Director

1.	STATUTORY INFORMATION

Falcon International Financial Services Ltd 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.

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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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 12 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

2,885

Additions

6,623

At 30 September 2020

9,508

DEPRECIATION

At 1 October 2019

167

Charge for year

826

At 30 September 2020

993

NET BOOK VALUE

At 30 September 2020

8,515

At 30 September 2019

2,718

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2019

3

Additions

82

At 30 September 2020

85

NET BOOK VALUE

At 30 September 2020

85

At 30 September 2019

3

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Cam Land (Dursley) Limited

Registered office: Woodgate House, 2-8 Games Road, Cockfosters, EN4 9HN

Nature of business: Fund management

%

Class of shares:

holding

Ordinary A

100.00

30.9.20

30.9.19

£

£

Aggregate capital and reserves

27,207

27,268

Loss for the year

(61

)

(6,947

)

Castle Donnington Ltd

Registered office: Woodgate House, 2-8 Games Road, Cockfosters, EN4 9HN

Nature of business: Fund management

%

Class of shares:

holding

Ordinary A

100.00

30.9.20

30.9.19

£

£

Aggregate capital and reserves

196,555

198,368

Loss for the year

(813

)

(50,279

)

Newington (Sittingbourne) Ltd

Registered office: Woodgate House, 2-8 Games Road, Cockfosters, EN4 9HN

Nature of business: Fund management

%

Class of shares:

holding

Ordinary A

100.00

30.9.20

30.9.19

£

£

Aggregate capital and reserves

1,129,065

1,123,704

Loss for the year

(7,639

)

(3,060,297

)

Fordwich (Well Lane) Ltd

Registered office: Woodgate House, 2-8 Games Road, Cockfosters, EN4 9HN

Nature of business: Fund management

%

Class of shares:

holding

Ordinary A

100.00

30.9.20

£

Aggregate capital and reserves

548,144

Loss for the year

(929,356

)

Warden Bay Sheppey Ltd

Registered office: Woodgate House, 2-8 Games Road, Cockfosters, EN4 9HN

Nature of business: Fund management

%

Class of shares:

holding

Ordinary A

100.00

31.12.20

31.12.19

£

£

Aggregate capital and reserves

539,649

1,124,322

Loss for the year/period

(899,673

)

(38,679

)

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

and 30 September 2020

3,462,400

NET BOOK VALUE

At 30 September 2020

3,462,400

At 30 September 2019

3,462,400

Fair value at 30 September 2020 is represented by:

£

Valuation in 2019

3,462,400

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

360,000

31,400

Amounts owed by group undertakings

438,429

121,993

Other debtors

1,240,343

846,071

2,038,772

999,464

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

132,642

61,710

Amounts owed to group undertakings

54,550

98

Taxation and social security

144,290

47,501

Other creditors

2,065,779

2,039,074

2,447,261

2,148,383

9.

RESERVES

Fair

value

reserve

£

At 1 October 2019

and 30 September 2020

3,417,400

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

M S Baker

Balance outstanding at start of year

-

-

Amounts advanced

9,800

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,800

-

11.	RELATED PARTY DISCLOSURES

During the year, the company had the following related party transactions and balances:

Cadnam Management Ltd - A company controlled by the director

Amount due to related party: £487,743 (2019: £467,265)

The company provided management services amounting to £28,850 (2019: £28,850)

The Loan shall accrue interest at a rate of 4% annually. The Loan shall be reduced by the value of Fees settled by the Borrower and upon sale by the Lender of the plot of land at Cadnam, the Borrower will promptly pay to the Lender the balance of the Balance Amount in full and final settlement of all sums due.

Clopton Fields Management Ltd - A company controlled by the director

Amount due to related party: £128,167 (2019: £138,257)

The company provided management services amounting to £20,200 (2019: £20,200)

The Loan shall accrue interest at a rate of 4% annually. The Loan shall be reduced by the value of Fees settled by the Borrower and upon sale by the Lender of the plot of land at Clopton fields, the Borrower will promptly pay to the Lender the balance of the Balance Amount in full and final settlement of all sums due.

College Wood Farm Phase 1 Ltd - A company controlled by the director

Amount due to related party: £231,732 (2019: £387,198)

The company provided management services amounting to £65,000 (2019: £65,000)

The loan shall accrue interest at a rate of 4% annually. The Loan shall be reduced by the value of Fees settled by the Borrower and upon sale by the Lender of the plot of land at Cane End, the Borrower will promptly pay to the Lender the balance of the Balance Amount in full and final settlement of all sums due.

Badby Ltd - A company controlled by the director

Amount due to related party: £12,475 (2019: £78,475)

The company provided management services amounting to £Nil (2019: £Nil)

The loan is interest free and repayable on demand.

GEO Alpha Ltd - A company controlled by the director

Amount due from related party: £392,819 (2019: £180,415)

The loan is subject to interest of 4% above the Bank of England base rate and payable quarterly in arrears.

Renegades Films Ltd - A company controlled by the director

Amount due from related party: £7,866

The loan is subject to interest of 4% above the Bank of England base rate and payable quarterly in arrears.

Greentech Capital Ltd - A company controlled by the director

Amount due from related party: £2,590

The loan is subject to interest of 4% above the Bank of England base rate and payable quarterly in arrears.

The company has taken advantage of the exemptions provided by the provisions of Financial Reporting Standard No.8: Related Party Disclosures, and has not disclosed transactions with fellow group undertakings on the basis that the company is a wholly owned subsidiary of the group.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by Invexus Financial Group Limited by virtue of its 100% shareholding.