Family Redemption Company Limited - Period Ending 2017-05-31

Registration number: NI607373

Family Redemption Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

D T Carson & Co.
Chartered Accountants
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

Family Redemption Company Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 3

Family Redemption Company Limited

(Registration number: NI607373)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Current assets
Cash at bank and in hand		3,385,477	4,256,586
Creditors: Amounts falling due within one year	3	(17,419)	(16,262)
Net assets		3,368,058	4,240,324
Capital and reserves
Called up share capital		2,960,518	3,860,518
Profit and loss account		407,540	379,806
Total equity		3,368,058	4,240,324

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 February 2018 and signed on its behalf by:
 

.........................................

Ms Fiona Eastwood

Director

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

Family Redemption Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
DT Carson & Co
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

These financial statements were authorised for issue by the Board on 15 February 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 2

Family Redemption Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

3

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Accruals and deferred income	9,000	4,800
Other creditors	8,419	11,462
	17,419	16,262

4	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	4	4	4	4
Redeemable shares of £1 each	2,960,514	2,960,514	3,860,514	3,860,514
	2,960,518	2,960,518	3,860,518	3,860,518

5	Parent and ultimate parent undertaking

The company is controlled by the trustees of Eastwood Discretionary Trust who own 100% of the issued ordinary share capital.

 

6	Transition to FRS 102

Family Redemption Company Limited prepares its first financial statements that comply with FRS 102 for the year ended 31 May 2017. Family Redemption Company Limited date of transition to FRS 102 is 1 June 2015. For Family Redemption Company Limited the transition to FRS 102 has resulted in no transitional adjustments to the financial statements.

Page 3