FIN-EX FB 1HG (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Fin-Ex FB 1HG (UK) Limited (Company number: 11231702), having its registered office and principal place of business at 1 Harrington Gardens, London, SW7 4JJ, is a private limited company incorporated in England and Wales.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.
The company's principal activity is the operation of a restaurant in Central London. The restaurant closed for refurbishment in October 2018 and has not re-opened since that date. At present, there is no planned date for the re-opening of the restaurant.
In addition to the above, the coronavirus pandemic has created unprecedented global uncertainty, particularly in the hospitality sector. This has contributed to the delay in the re-opening of the restaurant, but is not the primary factor.
At the year end, the Company had net liabilities of £1,196,989 (2020: £880,311) and incurred a loss of £316,678 (2020: £282,918) during the year ended 31 December 2021. Of these amounts, balances totalling £1,236,639 are included within creditors, which are amounts due to related parties.
The Company is reliant on the support of related parties. The director of the Company is of the opinion that this support will continue.
The Company should, therefore, be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue, although at the date of approval of these financial statements, he has no reason to believe that it will not do so.
On this basis, the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
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