Friars Limited - Accounts to registrar

REGISTERED NUMBER: 02113831 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

FRIARS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J S Hazell

A M Hazell

SECRETARY:

A M Hazell

REGISTERED OFFICE:

Hill Farm

Goldcliffe

Newport

South Wales

NP18 2PH

REGISTERED NUMBER:

02113831 (England and Wales)

ACCOUNTANTS:

Arthur Gait & Company

Chartered Accountants

18 Gold Tops

Newport

South Wales

NP20 5WJ

FIXED ASSETS

Investment property

3

1,980,000

CURRENT ASSETS

Debtors

4

60,001

Cash at bank

938,579

786,555

998,580

846,556

CREDITORS

Amounts falling due within one year

5

1,108,625

968,452

NET CURRENT LIABILITIES

(110,045

)

(121,896

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,869,955

1,858,104

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

1,869,855

1,858,004

SHAREHOLDERS' FUNDS

1,869,955

1,858,104

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2017 and were signed on its behalf
by:

M J S Hazell - Director

1.	STATUTORY INFORMATION

Friars Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net rents , excluding value added tax.

Investment property

Investment property is included at fair value as determined annually by Mr. M.J.S.Hazell. Movements in the

valuation are reflected in the income statement.The deferred tax loss arising on the revaluation of investment

property has not been provided as it is not expected to be recoverable in the foreseeable future.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

Basic financial instruments are included at amortised cost.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

1,980,000

NET BOOK VALUE

At 31 December 2016

1,980,000

At 31 December 2015

1,980,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2008

317,427

Valuation in 2009

49,600

Valuation in 2010

130,000

Cost

1,482,973

1,980,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

Trade debtors

60,001

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

Tax

31,175

31,091

VAT

7,324

7,339

Other creditors

58,751

35,751

Amounts owed to related companies

748,211

717,121

Directors' current accounts

263,164

177,150

1,108,625

968,452

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £92,000 (2015 - £92,000) were paid to the directors .

At 31st December 2016 £263,164 (2015 £177,150) was due to the directors.

Friars Limited - Accounts to registrar - small 17.2

Friars Limited - Accounts to registrar - small 17.2