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Registration number: 02344807

Fallway Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

(Prepared in accordance with FRS 102 Section 1A)

 

Fallway Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

Fallway Limited

Company Information

Directors

Mr AC Jones

Company secretary

Mrs JA Jones

Registered office

10 Vale Lane
Bedminster
Bristol
BS3 5BU

Accountants

William Price & Company
Westbury Court
Church Road
Westbury on Trym
Bristol
BS9 3EF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fallway Limited
for the Year Ended 28 February 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fallway Limited for the year ended 28 February 2022 as set out on pages 3 to 8 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fallway Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fallway Limited and state those matters that we have agreed to state to the Board of Directors of Fallway Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fallway Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fallway Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fallway Limited. You consider that Fallway 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 accounts of Fallway 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 accounts.

......................................

William Price & Company
Westbury Court
Church Road
Westbury on Trym
Bristol
BS9 3EF

7 September 2022

 

Fallway Limited

(Registration number: 02344807)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

1,054,436

1,046,729

Current assets

 

Debtors

5

311,298

336,339

Cash at bank and in hand

 

11,001

19,983

 

322,299

356,322

Creditors: Amounts falling due within one year

6

(544,100)

(593,689)

Net current liabilities

 

(221,801)

(237,367)

Total assets less current liabilities

 

832,635

809,362

Provisions for liabilities

(94,529)

(71,842)

Net assets

 

738,106

737,520

Capital and reserves

 

Called up share capital

953

953

Share premium reserve

243,968

243,968

Non-distributable revenue reserve

170,451

193,138

Profit and loss account

322,734

299,461

Total equity

 

738,106

737,520

 

Fallway Limited

(Registration number: 02344807)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 September 2022
 

.........................................
Mr AC Jones
Director

 

Fallway Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10 Vale Lane
Bedminster
Bristol
BS3 5BU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fallway Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fallway Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

4

Investment properties

2022
£

At 1 March

1,046,729

Additions

7,707

At 28 February

1,054,436

The investment properties have been valued by the director on the basis of open market value for existing use. The original cost of the investment properties was £781,749 and the surplus on revaluation has been credited to a non-distributable reserve. A provision for deferred tax has been made in respect of the revalued property and this has also been recognised in the non-distributable reserve. The expected tax charge is £94,529 (2021:£71,842).

There has been no valuation of investment property by an independent valuer.

5

Debtors

Note

2022
£

2021
£

Loan to related party

7

307,557

333,870

Prepayments

 

3,702

2,369

Other debtors

 

39

100

 

311,298

336,339

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

2,793

-

Taxation and social security

 

4,904

3,084

Other creditors

 

536,403

590,605

 

544,100

593,689

 

Fallway Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

7

Related party transactions

Loans to related parties

 

Other related parties

2022
£

2021
£

At start of period

333,870

420,482

Advanced

15,000

-

Repaid

(41,313)

(86,612)

At end of period

307,557

333,870

Terms of loans to related parties

The loan was issued to CW Jones Carpet & Flooring that is the company under common control. The loan is repayable on demand.

Loans from related parties

2022

Key management
£

At Start of period

543,267

Repaid

(30,414)

At end of period

512,853

Terms of loans from related parties

The loan is repayable on demand and interest is charged at 2.75% p.a.
 

8

Parent and ultimate parent undertaking

The company's immediate parent is Fallway Holdings Ltd, incorporated in England & Wales.

 The ultimate controlling party is A C Jones.