Favermead Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 02707691 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

FAVERMEAD LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Professor N D Khalili

M S Khalili

D J Khalili

B Khalili

R Khalili

SECRETARY:

D J Khalili

REGISTERED OFFICE:

Nour House

2 Old Burlington Street

London

W1S 3AD

REGISTERED NUMBER:

02707691 (England and Wales)

ACCOUNTANTS:

Civvals Limited

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

2

73,736

81,624

Investment property

3

-

26,000,000

73,736

26,081,624

CURRENT ASSETS

Debtors

4

7,721,815

7,982,478

Cash at bank and in hand

108,396

4,687,468

7,830,211

12,669,946

CREDITORS

Amounts falling due within one year

654,643

4,662,044

NET CURRENT ASSETS

7,175,568

8,007,902

TOTAL ASSETS LESS CURRENT LIABILITIES

7,249,304

34,089,526

CREDITORS

Amounts falling due after more than one year

9,675,707

16,596,568

NET (LIABILITIES)/ASSETS

(2,426,403

)

17,492,958

CAPITAL AND RESERVES

Called up share capital

5

100

100

Revaluation reserve

-

20,775,131

Profit and loss account

(2,426,503

)

(3,282,273

)

SHAREHOLDERS' FUNDS

(2,426,403

)

17,492,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 February 2016 and were signed on its behalf by:

Professor N D Khalili - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis as the directors are satisfied that the

company will have adequate funds to meet its liabilities to third parties as they fall due.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

Over the life of the lease

Plant and machinery

-

25% - 33 % on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

417,230

Additions

20,626

At 31 March 2015

437,856

DEPRECIATION

At 1 April 2014

335,606

Charge for year

28,514

At 31 March 2015

364,120

NET BOOK VALUE

At 31 March 2015

73,736

At 31 March 2014

81,624

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2014

26,000,000

Disposals

(26,000,000

)

At 31 March 2015

-

NET BOOK VALUE

At 31 March 2015

-

At 31 March 2014

26,000,000

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 7,023,419 (2014 - £ 7,049,821 )

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary shares

£1

100

100

6.	ULTIMATE PARENT COMPANY

The ultimate parent company is Meriken Holdings Inc, a company incorporated in the British Virgin Islands.