Famtas Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09502021 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Famtas Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investments

4

5,872,264

6,034,470

Investment property

5

100,000

100,000

5,972,264

6,134,470

CURRENT ASSETS

Debtors

6

1,480

4,227

Cash at bank and in hand

188,857

340,134

190,337

344,361

CREDITORS

Amounts falling due within one year

7

5,154,807

5,140,055

NET CURRENT LIABILITIES

(4,964,470

)

(4,795,694

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,007,794

1,338,776

PROVISIONS FOR LIABILITIES

-

114,000

NET ASSETS

1,007,794

1,224,776

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

1,007,793

1,224,775

SHAREHOLDERS' FUNDS

1,007,794

1,224,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2023 and were signed on its behalf by:

P R Halliday - Director

1.	STATUTORY INFORMATION

Famtas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09502021

Registered office:

1 Mariner Court

Calder Business Park

Wakefield

West Yorkshire

WF4 3FL

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to give a true and fair view.

The financial statements have been prepared under the historical cost convention modified to include certain items at fair value.

Turnover

Turnover comprises of rents receivable from tenants, and dividends and interest received from pooled investment vehicles.

Rent is credited to the profit and loss account on a straight-line basis over the term of the lease.

Dividends and interest are accounted for on an accruals basis.

Investment property

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - other debtors, cash and bank balances, trade creditors and other creditors. These are all measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. Deferred tax relating to investment property and investments are measured using tax rates and allowances that apply to the sale of the asset.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	FIXED ASSET INVESTMENTS

Other Investments

FAIR VALUE

£

At 31 March 2022

6,034,470

Additions

1,261,584

Disposals

(964,345

)

Decrease in fair value

(459,445

)

At 31 March 2023

5,872,264

NET BOOK VALUE

At 31 March 2023

5,872,264

At 31 March 2022

6,034,470

Other investments represent pooled investment vehicles. The fair value of the investments held was determined by the Fund Managers with reference to current market prices as at the reporting date. This resulted in an decrease in fair value of £459,445. (2022 Gain: £249,722).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

100,000

NET BOOK VALUE

At 31 March 2023

100,000

At 31 March 2022

100,000

The directors undertake a review of the property portfolio at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair values, management considers current residential property trends and rental yields. The company makes an estimate of the fair value of the investment property at each reporting date.

The directors' are of the opinion that the market value of the investment property at 31 March 2023 is £100,000 based on the trends in residential property since the property was acquired in January 2016.

The historic cost of investment property is £78,299 (2022 - £78,299).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

1,480

4,227

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

2,700

2,340

Other creditors

5,152,107

5,137,715

5,154,807

5,140,055

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1

Ordinary

£1

1

1

9.

RESERVES

At 31 March 2023 within retained earnings is a gain of £673,106 (2022: £1,018,551) relating to fair value adjustments to investment property and pooled investment vehicles and the recognition of the associated deferred tax liability.

10.	RELATED PARTY DISCLOSURES