ACCOUNTS - Final Accounts preparation

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Registered number: 03459320

FAT TYRE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2021

FAT TYRE LIMITED

COMPANY INFORMATION

Directors	J C Constable
	S K Constable


Company secretary	RJP Secretaries Limited


Registered number	03459320


Registered office	Ground Floor
	Egerton House
	68 Baker Street
	Weybridge
	Surrey
	KT13 8AL

FAT TYRE LIMITED

REGISTERED NUMBER: 03459320

BALANCE SHEET

AS AT 30 NOVEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Investment property	4		120,000		120,000
			120,000		120,000
Current assets
Debtors: amounts falling due within one year	5	1,153		6,141
Cash at bank and in hand	6	236,872		241,169
		238,025		247,310
Creditors: amounts falling due within one year	7	(8,645)		(9,751)
Net current assets			229,380		237,559
Total assets less current liabilities			349,380		357,559

Net assets			349,380		357,559

Capital and reserves
Called up share capital	8	4	4
Profit and loss account		349,376	357,555
Shareholders' funds		349,380	357,559

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S K Constable

Director

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FAT TYRE LIMITED

REGISTERED NUMBER: 03459320

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2021

Date: 22 November 2022

The notes on pages 3 to 6 form part of these financial statements.

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FAT TYRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

1.	General information

Fat Tyre 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.
The principal activity of the company is property investment.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income and income from service charges are recognised in the period to which they relate.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

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FAT TYRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties..

(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

Employees

The average monthly number of employees during the year was 0 (2020 - 0).

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FAT TYRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 December 2020	120,000
	At 30 November 2021	120,000

The 2021 valuations were made by the directors, on an open market value for existing use basis.

Debtors

					2021	2020
					£	£


Trade debtors	-	4,748
Prepayments and accrued income	1,153	1,393
	1,153	6,141

6.	Cash and cash equivalents
		2021	2020
		£	£

	Cash at bank and in hand	236,872	241,169

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FAT TYRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	3,126	25,797
Corporation tax	93	670
Other taxation and social security	(17,093)	(16,716)
Other creditors	21,560	-
Accruals and deferred income	959	-
	8,645	9,751

8.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

4 (2020 - 4) Ordinary shares shares of £1.00 each	4	4

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