Faircotes Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03110338

Faircotes Limited

Filleted Unaudited Financial Statements

31 October 2017

Faircotes Limited

Financial Statements

Year ended 31 October 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Faircotes Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Faircotes Limited

Year ended 31 October 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Faircotes Limited for the year ended 31 October 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Faircotes Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Faircotes Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Faircotes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Faircotes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Faircotes Limited. You consider that Faircotes Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Faircotes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE GREEN Chartered Accountants

22 Friars Street Sudbury Suffolk CO10 2AA

18 June 2018

Faircotes Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		200,000	200,000

Current assets

Debtors	5	2,508	2,601
Cash at bank and in hand		22,609	30,494
		--------	--------
		25,117	33,095

Creditors: amounts falling due within one year	6	2,090		3,381
		--------		--------
Net current assets			23,027	29,714
			---------	---------
Total assets less current liabilities			223,027	229,714

Provisions

Taxation including deferred tax	11,728	11,728
	---------	---------
Net assets	211,299	217,986
	---------	---------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	112,382	112,382
Profit and loss account	98,915	105,602
	---------	---------
Shareholders funds	211,299	217,986
	---------	---------

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 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 income statement has not been delivered.

For the year ending 31 October 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 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 .

Faircotes Limited

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 8 June 2018 , and are signed on behalf of the board by:

W H Muldoon
Director

Company registration number: 03110338

Faircotes Limited

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

The freehold property of the company is stated at open market value in accordance with the provisions of FRS 102.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 November 2016 and 31 October 2017	200,000
	---------
Depreciation
At 1 November 2016 and 31 October 2017	–
	---------
Carrying amount
At 31 October 2017	200,000
	---------
At 31 October 2016	200,000
	---------

5. Debtors

	2017	2016
	£	£
Other debtors	2,508	2,601
	-------	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	1,280	2,571
Other creditors	810	810
	-------	-------
	2,090	3,381
	-------	-------

7. Directors' advances, credits and guarantees

There are no such transactions for the accounting period.

8. Related party transactions

Material interests of directors W H Muldoon , a director, is a senior employee of Wilson Davies & Co., which rents the ground floor of the freehold property from the company. Rent of £14,400 (2016: £14,400) was paid to the company during the year. Dividends of £12,000 were paid in the year. The company is controlled by Dr C Wilson and Ms R Taylor, each of whom own 50% of the issued share capital of the company.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

Reconciliation of equity

	1 November 2015			31 October 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	200,000	–	200,000	200,000	–	200,000
Current assets	34,947	–	34,947	33,095	–	33,095
Creditors: amounts falling due within one year	( 3,503)	–	( 3,503)	( 3,381)	–	( 3,381)
	---------	----	---------	---------	----	---------
Net current assets	31,444	–	31,444	29,714	–	29,714
	---------	----	---------	---------	----	---------
Total assets less current liabilities	231,444	–	231,444	229,714	–	229,714

Provisions	–	( 11,728)	( 11,728)	–	( 11,728)	( 11,728)
	---------	--------	---------	---------	--------	---------
Net assets	231,444	( 11,728)	219,716	229,714	( 11,728)	217,986
	---------	--------	---------	---------	--------	---------

	---------	--------	---------	---------	--------	---------
Capital and reserves	231,444	( 11,728)	219,716	229,714	( 11,728)	217,986
	---------	--------	---------	---------	--------	---------

Deferred tax is now accounted for on investment properties as detailed in FRS 102. Previously no deferred tax was accounted for in accordance with FRS 19 as there was no commitment or intention to sell the properties.