Fab Short Stays Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11430486 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2020

FOR

FAB SHORT STAYS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N E J Griffiths

Mrs W Griffiths

REGISTERED OFFICE:

Landews Meadow

Green Lane

Challock

Kent

TN25 4BL

REGISTERED NUMBER:

11430486 (England and Wales)

ACCOUNTANTS:

Honey Barrett Limited

Chartered Accountants

Pharmacy Chambers

High Street

Wadhurst

East Sussex

TN5 6AP

FIXED ASSETS

Tangible assets

5

9,845

-

CURRENT ASSETS

Debtors

6

14,454

201

Cash at bank and in hand

62,286

35,260

76,740

35,461

CREDITORS

Amounts falling due within one year

7

39,203

37,602

NET CURRENT ASSETS/(LIABILITIES)

37,537

(2,141

)

TOTAL ASSETS LESS CURRENT LIABILITIES

47,382

(2,141

)

CREDITORS

Amounts falling due after more than one year

8

49,306

-

NET LIABILITIES

(1,924

)

(2,141

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(2,024

)

(2,241

)

(1,924

)

(2,141

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 23 April 2021 and were signed on its behalf by:

N E J Griffiths - Director

1.	STATUTORY INFORMATION

Fab Short Stays 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Government grants

The company has adopted the use of the accruals model in respect of grants received.

Any grant that becomes receivable as compensation for expenses or losses already incurred, of for the purpose of giving immediate financial support to the company with no future related costs shall be recognised as other income in the period to which it relates.

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.

Going concern

The company has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the business in future.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

Additions

10,000

2,306

12,306

At 30 June 2020

10,000

2,306

12,306

DEPRECIATION

Charge for year

2,000

461

2,461

At 30 June 2020

2,000

461

2,461

NET BOOK VALUE

At 30 June 2020

8,000

1,845

9,845

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

3

-

Other debtors

-

128

Directors' current accounts

10,124

73

Deferred tax asset

184

-

Prepayments and accrued income

4,143

-

14,454

201

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts (see note 9)

694

-

Trade creditors

784

-

PAYE and social security

-

345

Pension payable

-

93

Other creditors

36,549

35,916

Accruals and deferred income

1,176

1,248

39,203

37,602

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans (see note 9)

49,306

-

9.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

694

-

Amounts falling due between one and two years:

Bank loans - 1-5 years

49,306

-

10.	DEFERRED TAX

£

Provided during year

(184

)

Balance at 30 June 2020

(184

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2020

2019

£

£

N E J Griffiths

Balance outstanding at start of year

73

-

Amounts advanced

16,124

73

Amounts repaid

(6,073

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,124

73

The Director's loan balance was fully repaid within 9 months of the year end.

12.	CORONAVIRUS SUPPORT

The company took out a Bounce Back Loan of £50,000 (2019: £nil), and received an interest grant of £120.49 during the year. Repayments commence in June 2021, being 12 months post the initial receipt of the loan as per standard legislation.