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REGISTERED NUMBER: 05282311 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

FAVA RENTAL LIMITED

FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

FAVA RENTAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTORS: P Ralston
Mrs J L Ralston





SECRETARY: Mrs J L Ralston





REGISTERED OFFICE: Market House
21 Lenten Street
Alton
Hampshire
GU34 1HG





REGISTERED NUMBER: 05282311 (England and Wales)





ACCOUNTANTS: Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG

FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 610,316 401,852

CURRENT ASSETS
Debtors 5 73,040 38,946
Cash at bank 81,802 51,988
154,842 90,934
CREDITORS
Amounts falling due within one year 6 125,029 64,314
NET CURRENT ASSETS 29,813 26,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

640,129

428,472

CREDITORS
Amounts falling due after more than one
year

7

(432,817

)

(259,758

)

PROVISIONS FOR LIABILITIES 9 (115,596 ) (75,907 )
NET ASSETS 91,716 92,807

CAPITAL AND RESERVES
Called up share capital 10 3 3
Retained earnings 91,713 92,804
SHAREHOLDERS' FUNDS 91,716 92,807

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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.

FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

BALANCE SHEET - continued
30 NOVEMBER 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2022 and were signed on its behalf by:





P Ralston - Director


FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021


1. STATUTORY INFORMATION

Fava Rental 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost, 20% on reducing balance, 10% on reducing balance, 10% on cost and 7.5% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on reducing balance

There have been changes in the depreciation accounting policies to provide true and fair view of the fair value of assets. Included within plant and machinery are various subcategories of asset classes that are subject to the revaluation method, along with their own depreciation rates.

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.

FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operation profit.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2020 842,004 28,661 27,318 23,068 921,051
Additions 280,404 - 36,446 - 316,850
Disposals (7,180 ) - - - (7,180 )
At 30 November 2021 1,115,228 28,661 63,764 23,068 1,230,721
DEPRECIATION
At 1 December 2020 474,750 19,082 9,318 16,049 519,199
Charge for year 91,738 2,394 8,167 1,757 104,056
Eliminated on disposal (2,850 ) - - - (2,850 )
At 30 November 2021 563,638 21,476 17,485 17,806 620,405
NET BOOK VALUE
At 30 November 2021 551,590 7,185 46,279 5,262 610,316
At 30 November 2020 367,254 9,579 18,000 7,019 401,852

FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2021 is represented by:

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2020 170,587 - 6,020 - 176,607
Cost 944,641 28,661 57,744 23,068 1,054,114
1,115,228 28,661 63,764 23,068 1,230,721

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 December 2020 195,081
Transfer to ownership (135,187 )
At 30 November 2021 59,894
DEPRECIATION
At 1 December 2020 58,177
Charge for year 9,583
Transfer to ownership (46,200 )
At 30 November 2021 21,560
NET BOOK VALUE
At 30 November 2021 38,334
At 30 November 2020 136,904

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 62,592 23,179
Other debtors 10,448 15,767
73,040 38,946

FAVA RENTAL LIMITED (REGISTERED NUMBER: 05282311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 65,000 10,000
Hire purchase contracts 38,214 41,863
Trade creditors 2,329 2,674
Taxation and social security 19,324 9,615
Other creditors 162 162
125,029 64,314

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 211,250 83,333
Hire purchase contracts 52,417 7,226
Other creditors 169,150 169,199
432,817 259,758

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 90,631 49,089

9. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 115,596 75,907

Deferred
tax
£   
Balance at 1 December 2020 75,907
Movement in the year 39,689
Balance at 30 November 2021 115,596

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
3 Ordinary £1 3 3

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FAVA RENTAL LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fava Rental Limited for the year ended 30 November 2021 which comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Fava Rental Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fava Rental Limited and state those matters that we have agreed to state to the Board of Directors of Fava Rental Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fava Rental 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 loss of Fava Rental Limited. You consider that Fava Rental 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 Fava Rental 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.






Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG


31 May 2022