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REGISTERED NUMBER: SC492396 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Graeme Faith & Co Ltd

Graeme Faith & Co Ltd (Registered number: SC492396)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Graeme Faith & Co Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTORS: G Faith
K A Faith





REGISTERED OFFICE: 95 West Regent Street
Glasgow
G2 2BA





REGISTERED NUMBER: SC492396 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

Graeme Faith & Co Ltd (Registered number: SC492396)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,525 3,024
Investments 5 4,250 2,950
6,775 5,974

CURRENT ASSETS
Debtors 6 3,124 386
Cash at bank 116,320 145,442
119,444 145,828
CREDITORS
Amounts falling due within one year 7 22,973 14,533
NET CURRENT ASSETS 96,471 131,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,246

137,269

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 103,146 137,169
SHAREHOLDERS' FUNDS 103,246 137,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Graeme Faith & Co Ltd (Registered number: SC492396)

Balance Sheet - continued
31 December 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 20 June 2022 and were signed on its behalf by:





G Faith - Director


Graeme Faith & Co Ltd (Registered number: SC492396)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Graeme Faith & Co Ltd 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.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.
Plant and machinery etc - 25% on cost

Financial instruments
Financial instruments are recognised in the Company's balance sheet when the COmpany becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the COmpany transfers the financial asset and substantially all the risks and rewards of ownership to another entity or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price including transaction costs. Financial liabilities classified as due within one year are not discounted.


Graeme Faith & Co Ltd (Registered number: SC492396)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
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.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and consists of deposits held on call with banks.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 7,839
Additions 916
At 31 December 2021 8,755
DEPRECIATION
At 1 January 2021 4,815
Charge for year 1,415
At 31 December 2021 6,230
NET BOOK VALUE
At 31 December 2021 2,525
At 31 December 2020 3,024

Graeme Faith & Co Ltd (Registered number: SC492396)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.21 31.12.20
£    £   
Other Investments 4,250 2,950

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Other debtors 3,124 386

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Taxation and social security 9,927 (33 )
Other creditors 13,046 14,566
22,973 14,533

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21 31.12.20
£    £   
G Faith
Balance outstanding at start of year (5,353 ) 2,837
Amounts advanced 47,440 -
Amounts repaid (40,928 ) (8,190 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,159 (5,353 )

K A Faith
Balance outstanding at start of year (5,366 ) 3,500
Amounts advanced 25,000 -
Amounts repaid (18,000 ) (8,866 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,634 (5,366 )