Filsons Limited 30/06/2021 iXBRL

Filsons Limited 30/06/2021 iXBRL

FILSONS LIMITED - Company Information

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Company registration number: 04456172
Filsons Limited
Unaudited filleted financial statements
30 June 2021
Filsons Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Filsons Limited
Directors and other information
Directors Mr R W Adams
Mrs S L Adams
Secretary Mr R W Adams
Company number 04456172
Registered office 27 The Drive
Rickmansworth
Hertfordshire
WD3 4EA
Filsons Limited
Statement of financial position
30 June 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 1,200,000 1,200,000
_______ _______
1,200,000 1,200,000
Current assets
Debtors 5 183 183
Cash at bank and in hand 29,241 11,329
_______ _______
29,424 11,512
Creditors: amounts falling due
within one year 6 ( 9,664) ( 9,664)
_______ _______
Net current assets 19,760 1,848
_______ _______
Total assets less current liabilities 1,219,760 1,201,848
_______ _______
Net assets 1,219,760 1,201,848
_______ _______
Capital and reserves
Called up share capital 480,100 480,100
Profit and loss account 739,660 721,748
_______ _______
Shareholders funds 1,219,760 1,201,848
_______ _______
For the year ending 30 June 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 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.
These financial statements were approved by the board of directors and authorised for issue on 12 January 2022 , and are signed on behalf of the board by:
Mr R W Adams
Director
Company registration number: 04456172
Filsons Limited
Notes to the financial statements
Year ended 30 June 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 27 The Drive, Rickmansworth, Hertfordshire, WD3 4EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents the total of rent received and receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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:
Freehold property - no depreciation
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2020 and 30 June 2021 1,200,000 34,228 1,234,228
_______ _______ _______
Depreciation
At 1 July 2020 and 30 June 2021 - 34,228 34,228
_______ _______ _______
Carrying amount
At 30 June 2021 1,200,000 - 1,200,000
_______ _______ _______
At 30 June 2020 1,200,000 - 1,200,000
_______ _______ _______
5. Debtors
2021 2020
£ £
Other debtors 183 183
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Other creditors 9,664 9,664
_______ _______
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2021 2020
£ £
Mr R W Adams 294 294
_______ _______