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Registered number: 11823388
FRIARGROVE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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FRIARGROVE LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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FRIARGROVE LIMITED
REGISTERED NUMBER: 11823388
BALANCE SHEET
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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FRIARGROVE LIMITED
REGISTERED NUMBER: 11823388
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
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 profit and loss account 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:
................................................
R A J Smith
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The notes on pages 4 to 9 form part of these financial statements.
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FRIARGROVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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Comprehensive income for the year
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Fair value movements on investments (net of deferred tax)
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Total comprehensive income for the year
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Comprehensive income for the year
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Fair value movements on investments (net of deferred tax)
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Total comprehensive income for the year
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Shares issued during the year
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The notes on pages 4 to 9 form part of these financial statements.
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FRIARGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The company is a private company limited by share capital, incorporated in England and Wales with registration number 11823388. The address of its registered office is 10th Floor, 240 Blackfriars Road, London, SE1 8NW.
2.Accounting policies
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Basis of preparation of financial statements
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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:
As at 31 March 2022, the company had a loan from the shareholder and director of the company totalling £3,570,222 (see Note 7) which has contributed to the company being in a net current liabilities position of £3,198,596. The loan is repayable on demand however the lender has confirmed they have no intention of demanding repayment for at least twelve months from the date of signing the financial statements for the year ended 31 March 2022.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue represents income derived from the company's investments including, where applicable, dividends and interest, and net capital gains realised on disposal of the investments.
These items are recognised to the extent that it is probable that the economic benefits will flow to the company and can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. Capital gains included in income reflects proceeds of disposal less the historic cost of that particular investment.
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FRIARGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
To assist with the identification of distributable profits, unrealised fair value gains and losses (net of associated deferred tax) is transferred to the Fair value reserve at the Balance Sheet date as reflected in the Statement of Changes in Equity.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Unlisted investments represent investment in partnerships which are measured at fair value with changes in fair value being recognised in profit and loss for the period.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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FRIARGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including non-payrolled directors, during the year was 2 (2021 - 2).
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The cost of the investments as at 31 March 2022 was £3,848,493 (2021 - £3,335,187).
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FRIARGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Other loans relate to an amount loaned by a shareholder and director of the company. It has been restated from creditors due after more than one year to within one year as the loan is interest free, repayable on demand and unsecured.
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand, listed and unlisted investments.
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FRIARGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Unrealised fair value adjustment
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Allotted, called up and fully paid
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6 (2021 - 6) Ordinary shares of £1 each
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3 (2021 - ) B Ordinary shares of £1 each
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3 (2021 - ) C Ordinary shares of £1 each
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3 (2021 - ) D Ordinary shares of £1 each
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1 (2021 - ) E Ordinary share of £1
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1 (2021 - ) F Ordinary share of £1
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On 8 April 2021, 3 B, C and D Ordinary shares with a par value of £1 each were issued for £36,666.66 per share. On the same day, E and F Ordinary shares were also issued with a par value of £1.
Share premium account
The share premium account represents the difference between the amount paid for the shares and their par value.
Fair value reserve
This non-distributable reserve includes the fair value movement arising from the revaluation of the listed and unlisted investments less the associated deferred tax.
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FRIARGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
12.Other financial commitments
The total amount of financial commitments not included in the balance sheet as at 31 March 2022 is £1,413,001 (2021 - £2,062,588). This amount relates to future commitments in relation to the partnerships shown as unlisted investments in Note 4.
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