Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true11No description of principal activitytrue2021-01-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11231702 2021-01-01 2021-12-31 11231702 2020-01-01 2020-12-31 11231702 2021-12-31 11231702 2020-12-31 11231702 c:CompanySecretary1 2021-01-01 2021-12-31 11231702 c:Director1 2021-01-01 2021-12-31 11231702 c:RegisteredOffice 2021-01-01 2021-12-31 11231702 d:CurrentFinancialInstruments 2021-12-31 11231702 d:CurrentFinancialInstruments 2020-12-31 11231702 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11231702 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 11231702 d:ShareCapital 2021-12-31 11231702 d:ShareCapital 2020-12-31 11231702 d:RetainedEarningsAccumulatedLosses 2021-12-31 11231702 d:RetainedEarningsAccumulatedLosses 2020-12-31 11231702 c:FRS102 2021-01-01 2021-12-31 11231702 c:Audited 2021-01-01 2021-12-31 11231702 c:FullAccounts 2021-01-01 2021-12-31 11231702 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 11231702 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure
Registered number: 11231702







FIN-EX FB 1HG (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
FIN-EX FB 1HG (UK) LIMITED
 

COMPANY INFORMATION


DIRECTOR
K S Arora 




COMPANY SECRETARIES
M Chowdhury
D Gosrani


REGISTERED NUMBER
11231702



REGISTERED OFFICE
1 Harrington Gardens

London

SW7 4JJ




INDEPENDENT AUDITORS
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
FIN-EX FB 1HG (UK) LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 4


 
FIN-EX FB 1HG (UK) LIMITED
REGISTERED NUMBER: 11231702

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

  

CURRENT ASSETS
  

Debtors
 4 
31,282
12,487

Cash at bank and in hand
  
12,256
-

Creditors: amounts falling due within one year
 5 
(1,240,527)
(892,798)

NET LIABILITIES
  
(1,196,989)
(880,311)


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
1
1

Profit and loss account
  
(1,196,990)
(880,312)

EQUITY SHAREHOLDER'S DEFICIT
  
(1,196,989)
(880,311)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Director's Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2022.




K S Arora
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
FIN-EX FB 1HG (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

  
2.2

STATEMENT OF CASH FLOWS

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.

  
2.3

GOING CONCERN

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.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.5

CREDITORS

Short-term creditors are measured at the transaction price.

Page 2

 
FIN-EX FB 1HG (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

 
2.6

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.7

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


3.


EMPLOYEES

The average monthly number of employees, including the director, during the year was 1 (2020 - 1).

Page 3

 
FIN-EX FB 1HG (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


DEBTORS

2021
2020
£
£

Due within one year

Amounts owed by group undertakings
1
1

Other debtors
11,197
12,486

Prepayments and accrued income
20,084
-

31,282
12,487



5.


CREDITORS: Amounts falling due within one year

2021
2020
£
£

Trade creditors
1,110,214
696,771

Amounts owed to group undertakings
126,425
129,640

Other creditors
1,138
1,138

Accruals and deferred income
2,750
65,249

1,240,527
892,798



6.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group. 


7.


AUDITORS' INFORMATION

The Company was subject to an audit for the year ended 31 December 2021. The audit report issued by Chris Abbott ACA CTA MAAT, as Senior Statutory Auditor of Wilder Coe Ltd, was issued with a material uncertainty in respect of going concern. The details are as follows:
"We draw attention to note note 2.3 in the financial statements, which explains the potential implications of the continued closure of the restaurant from which the Company operates, due to refurbishment work being undertaken.
As stated in note 2.3, these events or conditions indicate that a material uncertainty exists that may cast doubt on the Company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
06/09/2022


Page 4