Fitzwilliam Holdings Limited Filleted accounts for Companies House (small and micro)

FITZWILLIAM HOLDINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09613236

Fitzwilliam Holdings Limited

Filleted Unaudited Financial Statements

31 May 2021

Fitzwilliam Holdings Limited

Financial Statements

Year ended 31 May 2021

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 6

Fitzwilliam Holdings Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fitzwilliam Holdings Limited

Year ended 31 May 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fitzwilliam Holdings Limited for the year ended 31 May 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Fitzwilliam Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 24 September 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Fitzwilliam Holdings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fitzwilliam Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fitzwilliam Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fitzwilliam Holdings Limited. You consider that Fitzwilliam Holdings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Fitzwilliam Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

29 April 2022

Fitzwilliam Holdings Limited

Statement of Financial Position

31 May 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	4	163,490	163,490

Current assets

Cash at bank and in hand	37,070	32,759

Creditors: amounts falling due within one year	5	97,442	95,226
		--------	--------
Net current liabilities		60,372	62,467
		---------	---------
Total assets less current liabilities		103,118	101,023

Provisions

Taxation including deferred tax	3,073	3,073
	---------	---------
Net assets	100,045	97,950
	---------	---------

Fitzwilliam Holdings Limited

Statement of Financial Position (continued)

31 May 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	100	100
Fair value revaluation reserve	18,584	18,584
Profit and loss account	81,361	79,266
	---------	--------
Shareholders funds	100,045	97,950
	---------	--------

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 May 2021 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 29 April 2022 , and are signed on behalf of the board by:

Miss A L Swann

Director

Company registration number: 09613236

Fitzwilliam Holdings Limited

Notes to the Financial Statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 385 Anchor House, Smugglers Way, Wandsworth, London, SW18 1EN, England.

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.

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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable during the period in respect of property rent.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Investment property

In accordance with Statement of Standard Accounting Practice No. 19, company property is held for long term investment and as such is included in the Balance Sheet at open market value. Any surplus or deficit on revaluation of the property is transferred to the revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements give a true and fair view because changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 June 2020 and 31 May 2021	163,490
	---------
Depreciation
At 1 June 2020 and 31 May 2021	–
	---------
Carrying amount
At 31 May 2021	163,490
	---------
At 31 May 2020	163,490
	---------

The directors consider that the carrying value of the company property is indicative of its current fair open market value. One of the two properties was revalued during the year ended 31 May 2017 from its' original cost of £78,343 to £100,000 creating a revaluation reserve net of deferred tax. The second property is carried at cost which is indicative, in the opinion of the directors, to its' current open market value.

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	951	755
Other creditors	96,491	94,471
	--------	--------
	97,442	95,226
	--------	--------

6. Directors' advances, credits and guarantees

The company was under the control of Mr G Swann throughout the period. Mr G Swann is the managing director and majority shareholder. At the period end date the company was indebted to one of the directors, by way of loan, in the following amount, and in relation to which no formal repayment terms apply and on which balance interest is not being charged. Mr G Swann £95,831 (2020 £93,871)