Friends Alliance Properties Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10056426 (England and Wales)

Friends Alliance Properties Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

S Madan

T McNerney

Registered office:

Coolhurst Grange Doomsday Lane

Coolhurst

Horsham

West Sussex

RH13 6LE

Registered number:

10056426 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

3

-

-

Investment property

4

3,691,733

3,691,733

3,691,733

3,691,733

Current assets

Debtors

5

34,443

1,147

Cash at bank

31,634

146,564

66,077

147,711

Creditors

Amounts falling due within one year

6

42,347

36,224

Net current assets

23,730

111,487

Total assets less current liabilities

3,715,463

3,803,220

Creditors

Amounts falling due after more than one year

7

3,690,549

3,783,602

Net assets

24,914

19,618

Capital and reserves

Called up share capital

10

1,000

1,000

Retained earnings

11

23,914

18,618

Shareholders' funds

24,914

19,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 14 November 2022 and were signed on its behalf by:

T McNerney - Director

1.	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.

Going concern

The company meets its day to day working capital requirements through the support of the director and shareholder of the company. On this basis, the director and shareholder consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover represents amounts receivable for services provided in the year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Investment property

Investment properties are included in the balance sheet at their fair value.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

3.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 April 2021

and 31 March 2022

29,355

Depreciation

At 1 April 2021

and 31 March 2022

29,355

Net book value

At 31 March 2022

-

At 31 March 2021

-

4.	Investment property

Total

£

Fair value

At 1 April 2021

and 31 March 2022

3,691,733

Net book value

At 31 March 2022

3,691,733

At 31 March 2021

3,691,733

5.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

3,725

-

Other debtors

30,718

1,147

34,443

1,147

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts (see note 8)

18,000

9,600

Trade creditors

6,310

130

Taxation and social security

1,242

6,334

Other creditors

16,795

20,160

42,347

36,224

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans (see note 8)

1,777,500

1,869,600

Other creditors

1,913,049

1,914,002

3,690,549

3,783,602

8.

Loans

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

18,000

9,600

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,777,500

1,869,600

9.	Secured debts

The following secured debts are included within creditors:

2022

2021

£

£

Mortgage

1,795,500

1,879,200

The mortgage is secured by a fixed and floating charge over the investment properties of the company.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100,000

Ordinary

£0.01

1,000

1,000

11.

Reserves

Retained

earnings

£

At 1 April 2021

18,618

Profit for the year

5,296

At 31 March 2022

23,914

12.	Related party disclosures

Included within other creditors is a balance of £1,913,049 (2021 - £1,914,002) owed to the directors.