Five Areas Resources Limited Company accounts

FIVE AREAS RESOURCES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06758898

Five Areas Resources Limited

Unaudited Financial Statements

For the year ended

30 November 2021

Five Areas Resources Limited

Financial Statements

Year ended 30 November 2021

Contents	Page

Officers and professional advisers	1

Director's report	2

Statement of financial position	3

Notes to the financial statements	4

Five Areas Resources Limited

Officers and Professional Advisers

Director	Dr C J Williams

Registered office	49 Norwood Grove
	Harrogate
	North Yorkshire
	HG3 2XL

Accountants	Nelson Gilmour Smith
	Chartered Accountants
	33 Kittoch Street
	East Kilbride
	G74 4JW

Five Areas Resources Limited

Director's Report

Year ended 30 November 2021

The director presents his report and the unaudited financial statements of the company for the year ended 30 November 2021 .

The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year and preceding financial year. It is anticipated that the company will remain dormant for the foreseeable future.

Director

The director who served the company during the year was as follows:

Dr C J Williams

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 31 May 2022 and signed on behalf of the board by:

Dr C J Williams
Director

Trading address:

Suite 0-07

Titan Enterprise Business Centre

1 Aurora Avenue

Clydebank

G81 1BF

Five Areas Resources Limited

Statement of Financial Position

30 November 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	4		750,000	750,000

Current assets

Cash at bank and in hand	100		100
	----		----
Net current assets		100	100
		---------	---------
Total assets less current liabilities		750,100	750,100
		---------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	750,000	750,000
	---------	---------
Shareholders funds	750,100	750,100
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The company did not trade during the current year or prior year and has not made either a profit or loss.

For the year ending 30 November 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 May 2022 , and are signed on behalf of the board by:

Dr C J Williams
Director

Company registration number: 06758898

Five Areas Resources Limited

Notes to the Financial Statements

Year ended 30 November 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 49 Norwood Grove, Harrogate, North Yorkshire, HG3 2XL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Income statement

The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in shareholders funds during the current year or prior year.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Intangible assets

	Development costs
	£
Cost
At 1 December 2020 and 30 November 2021	750,000
	---------
Amortisation
At 1 December 2020 and 30 November 2021	–
	---------
Carrying amount
At 30 November 2021	750,000
	---------
At 30 November 2020	750,000
	---------

5. Related party transactions

Control:- The company was under the control of Dr C J Williams throughout the current and previous year. Dr C J Williams is the sole director and majority shareholder. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102.