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REGISTERED NUMBER: SC678732 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

PROPERTY BY FAB LIMITED

PROPERTY BY FAB LIMITED (REGISTERED NUMBER: SC678732)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROPERTY BY FAB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: L Porter





REGISTERED OFFICE: 216 Mill Street
Rutherglen
Glasgow
G73 2NE





REGISTERED NUMBER: SC678732 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

PROPERTY BY FAB LIMITED (REGISTERED NUMBER: SC678732)

BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,844 22,091
Investment property 5 95,666 95,666
115,510 117,757

CURRENT ASSETS
Cash at bank 1,849 939

CREDITORS
Amounts falling due within one year 6 122,110 127,265
NET CURRENT LIABILITIES (120,261 ) (126,326 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,751

)

(8,569

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (4,752 ) (8,570 )
(4,751 ) (8,569 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 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 director and authorised for issue on 5 August 2022 and were signed by:





L Porter - Director


PROPERTY BY FAB LIMITED (REGISTERED NUMBER: SC678732)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Property By Fab Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 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.

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.


PROPERTY BY FAB LIMITED (REGISTERED NUMBER: SC678732)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued
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.

Interest free loans from related parties
Loans provided to the company from related parties in the period have been made under no formal agreement. The directors have provided these loans on an interest free basis and are repayable on demand.

Going concern
The company will continue to trade with the ongoing support of the director.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. TANGIBLE FIXED ASSETS
Property
improvements
£   
COST
At 1 April 2021
and 31 March 2022 22,465
DEPRECIATION
At 1 April 2021 374
Charge for year 2,247
At 31 March 2022 2,621
NET BOOK VALUE
At 31 March 2022 19,844
At 31 March 2021 22,091

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 95,666
NET BOOK VALUE
At 31 March 2022 95,666
At 31 March 2021 95,666

PROPERTY BY FAB LIMITED (REGISTERED NUMBER: SC678732)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Other creditors 122,110 127,265

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2022 and the period ended 31 March 2021:

31.3.22 31.3.21
£    £   
L Porter
Balance outstanding at start of year 25,634 -
Amounts advanced 2 25,635
Amounts repaid (25,463 ) (1 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 173 25,634

Loans to/ from the director are interest free and repayable upon demand.

8. RELATED PARTY DISCLOSURES

L Porter is 100% shareholder and director of Lipofirm Pro UK Ltd. Included within other creditors is a balance of £2,000 (2021: £2,000) due to the company.

L Porter is 100% shareholder and director of Face and Body by Laura Ltd. Included within other creditors is a balance of £61,025 (2021: £35,025) due to the company.

L Porter is 100% shareholder and director of Face and Beauty by Laura Ltd. Included within other creditors is a balance of £46,012 (2021: £46,012) due to the company.