Fabco 1 Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11500239 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Fabco 1 Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J A Heinrich

Mr C R Nichol

REGISTERED OFFICE:

27 Old Gloucester Street

London

United Kingdom

WC1N 3AX

REGISTERED NUMBER:

11500239 (England and Wales)

SENIOR STATUTORY AUDITOR:

Melissa Bowers FCCA

AUDITORS:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

FIXED ASSETS

Investment property

5

2,834,386

2,856,911

CURRENT ASSETS

Debtors

6

41,190

559,689

Cash at bank and in hand

31,124

114,377

72,314

674,066

CREDITORS

Amounts falling due within one year

7

3,316,540

1,960,002

NET CURRENT LIABILITIES

(3,244,226

)

(1,285,936

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(409,840

)

1,570,975

CREDITORS

Amounts falling due after more than one year

8

-

1,725,104

NET LIABILITIES

(409,840

)

(154,129

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(409,940

)

(154,229

)

SHAREHOLDERS' FUNDS

(409,840

)

(154,129

)

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 29 September 2022 and were signed on its behalf by:

Mr C R Nichol - Director

1.	STATUTORY INFORMATION

Fabco 1 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.

The place of business is 15 Rathbone Street, Fitzrovia, London W1T 1NB

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.

Preparation of consolidated financial statements

The financial statements contain information about Fabco 1 Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is derived from the rental of property, is stated net of any VAT and is recognised evenly over the period that the properties are let.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

After reviewing the company's financial situation, the directors have a reasonable expectation that the company has adequate resources, including the continuing financial support of its long term intra-group lender, to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	AUDITORS' REMUNERATION

31.12.21

31.12.20

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

1,590

1,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

2,856,911

Disposals

(22,525

)

At 31 December 2021

2,834,386

NET BOOK VALUE

At 31 December 2021

2,834,386

At 31 December 2020

2,856,911

The investment property was acquired in October 2020. The directors' deem that the cost reflects the fair value of the property at the year-end date.

A fixed charge over the company's property assets is held to secure loans made by Park Lane Group Management. The loan is secured by a floating charge over all assets and a fixed charge over certain property assets.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Other debtors

41,190

559,689

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

33,260

58,429

Amounts owed to associates

1,273,355

1,874,972

Taxation and social security

123

-

Other creditors

2,009,802

26,601

3,316,540

1,960,002

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

-

1,725,104

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100

Ordinary

£1

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Argo Holding GmbH, a company incorporated in Germany whose registered office is at Willy-Brandt-Platz 2, 12529 Schoenefeld, Germany. Consolidated accounts are available at their registered office.