Fuentes Resources Limited Filleted accounts for Companies House (small and micro)

FUENTES RESOURCES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08431542

FUENTES RESOURCES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2022

FUENTES RESOURCES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

FUENTES RESOURCES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	A E Robinson
	C M M Robinson

Registered office	Quintella
	33 Grays Lane
	Ashtead
	Surrey
	KT21 1BZ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9BQ

FUENTES RESOURCES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		676		1,143

CURRENT ASSETS

Debtors	5	5,785	5,826
Cash at bank and in hand		225	868
		-------	-------
		6,010	6,694

CREDITORS: amounts falling due within one year	6	( 144,477)		( 141,018)
		---------		---------
NET CURRENT LIABILITIES			( 138,467)		( 134,324)
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 137,791)		( 133,181)
			---------		---------
NET LIABILITIES			( 137,791)		( 133,181)
			---------		---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	( 137,891)	( 133,281)
	---------	---------
SHAREHOLDERS DEFICIT	( 137,791)	( 133,181)
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 9 December 2022 , and are signed on behalf of the board by:

A E Robinson

Director

Company registration number: 08431542

FUENTES RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quintella, 33 Grays Lane, Ashtead, Surrey, KT21 1BZ.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

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. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	2,489	2,489
	-------	-------
Depreciation
At 1 April 2021	1,346	1,346
Charge for the year	467	467
	-------	-------
At 31 March 2022	1,813	1,813
	-------	-------
Carrying amount
At 31 March 2022	676	676
	-------	-------
At 31 March 2021	1,143	1,143
	-------	-------

5. Debtors

	2022	2021
	£	£
Trade debtors	5,097	5,097
Other debtors	688	729
	-------	-------
	5,785	5,826
	-------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Other creditors	144,477	141,018
	---------	---------

7. Directors' advances, credits and guarantees

At the balance sheet date the directors loan account was in credit by £140,735 (2021: £137,276). The loan is interest free and repayable on demand.

8. Controlling party

The company was under the control of the directors throughout the current and previous year.