Faraday House Functions Limited - Limited company accounts 20.1

REGISTERED NUMBER: 09100444

FARADAY HOUSE FUNCTIONS LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Report of the Directors

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

M J Argyle

M G Howitt

T J Johnston

R M Holland

REGISTERED OFFICE:

Faraday House

4 Chambers Street

Grantham

Lincolnshire

NG31 8BL

REGISTERED NUMBER:

09100444

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

The directors present their report with the financial statements of the company for the year to 31 December 2020.

COMPANY STATUS

The company is limited by guarantee.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of catering, bar facilities and hall hire for functions.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

M J Argyle

M G Howitt

T J Johnston

R M Holland

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M J Argyle - Director

28 April 2021

TURNOVER

2,657

16,306

Cost of sales

2,317

13,039

GROSS PROFIT

340

3,267

Administrative expenses

307

370

OPERATING PROFIT and

PROFIT BEFORE TAXATION

33

2,897

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

33

2,897

Retained earnings at beginning of year

1,742

3,259

Gift aid

(1,775

)

(4,414

)

RETAINED EARNINGS AT END OF YEAR

-

1,742

CURRENT ASSETS

Debtors

4

110

-

Cash at bank and in hand

10

4,818

120

4,818

CREDITORS

Amounts falling due within one year

5

120

3,076

NET CURRENT ASSETS

-

1,742

TOTAL ASSETS LESS CURRENT LIABILITIES

-

1,742

RESERVES

Retained earnings

-

1,742

-

1,742

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 April 2021 and were signed on its behalf by:

M J Argyle - Director

1.	STATUTORY INFORMATION

Faraday House Functions Limited is a private company, limited by guarantee, 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with the changes to Financial Reporting Standard 102 issued in March 2018.

Turnover

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

Taxation

Taxation for the year 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 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.

Gift aid

The surplus for the year passes as Gift Aid to the company's owner. Such Gift Aid distributions are accounted for on a cash basis and are shown as Gift Aid on the Statement of Income and Retained Earnings in accordance with FRS 102.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 2 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Amounts owed by group undertakings

47

-

Other debtors

63

-

110

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Amounts owed to group undertakings

-

2,956

Other creditors

120

3,076

6.	LIMITED BY GUARANTEE

There is no share capital as the company is limited by guarantee.

The member has guaranteed an amount not exceeding £1 towards the company's liabilities in the event of a winding up.