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Fiennes Restoration Holdings Limited
























Financial statements



For the year ended 31 December 2022



Registered number: 10685999
Information for filing with the registrar

 
Fiennes Restoration Holdings Limited - Registered number: 10685999

Statement of financial position
As at 31 December 2022

2022
2021
Note
£
£

  

Investments
 4 
-
-

  
-
-

Current assets
  

Debtors
 5 
-
38,243

Cash at bank and in hand
 6 
4,277
12,487

  
4,277
50,730

Creditors: amounts falling due within one year
 7 
(3,760,266)
(2,494,191)

Net current liabilities
  
 
 
(3,755,989)
 
 
(2,443,461)

Total assets less current liabilities
  
(3,755,989)
(2,443,461)

  

Net liabilities
  
(3,755,989)
(2,443,461)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,755,990)
(2,443,462)

  
(3,755,989)
(2,443,461)


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board on 29 September 2023 and were signed on its behalf by:




Hugh Whitcomb
Director

Page 1

 
Fiennes Restoration Holdings Limited

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46/48 Beak Street, London, England, W1F 9RJ.

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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, is a parent company that is a subsidary included in the consolidated financial statements of its immediate parent undertaking established in the UK and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

The director acknowledges there is material uncertainty over going concern, due to the principal creditor no longer providing financial support to the company. In addition, during the year to December 2022, the overall net liability of the company at the reporting date was £3,755,989. Whilst the company's management is exploring options, the director believes that in the current position, the going concern basis of preparation remains appropriate for these financial statements.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
Fiennes Restoration Holdings Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The company has no employees other than the director (2021 - no employees), who did not receive any remuneration (2021 - £Nil).
 
Page 3

 
Fiennes Restoration Holdings Limited

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
174,296



At 31 December 2022

174,296



Impairment


At 1 January 2022
174,296



At 31 December 2022

174,296



Net book value



At 31 December 2022
-



At 31 December 2021
-

Subsidiary undertakings
At 31 December 2022, the following were subsidiary undertakings of the company:
Name         Country of incorporation  Class of shares  Holding
Fiennes Restoration Limited     UK     Ordinary   100%
The Historic Engine Company Limited    UK     Ordinary    100%
Robert Walker Engineering Limited    UK     Ordinary   100%
The Coventry Boring & Metalling Company Limited  UK     Ordinary   100%
On 23 March 2023, The Coventry Boring & Metalling Company Limited was dissolved. As of this date, the company is no longer considered a subsidiary.
On 8 February 2023, Fiennes Restoration Limited entered in administration, with an administrator being appointed as of this date.

Page 4

 
Fiennes Restoration Holdings Limited

 
Notes to the financial statements
For the year ended 31 December 2022

5.


Debtors

2022
2021
£
£


Trade debtors
-
37,812

Other debtors
-
431

-
38,243



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
4,277
12,487

4,277
12,487



7.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
43,831
109,780

Amounts owed to group undertakings
3,309,616
1,978,012

Other creditors
200,000
200,000

Accruals and deferred income
206,819
206,399

3,760,266
2,494,191


The loan to group undertakings of £3,309,616 (2021 - £1,978,012) is secured against the fixed and floating assets of the company. The loan is repayable on demand and is interest free.


8.


Contingent liabilities

The company had no contingent liabilities at 31 December 2022 or 31 December 2021.


9.


Capital commitments

The company had no capital commitments at 31 December 2022 or 31 December 2021.

Page 5

 
Fiennes Restoration Holdings Limited

 
Notes to the financial statements
For the year ended 31 December 2022

10.


Controlling party

The immediate parent undertaking of the company is Amcomri 16 Limited, a company incorporated in England and Wales.
The ultimate controlling party is Paul McGowan by virtue of his controlling interest in Amcomri 16 Limited.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates the company's net liabilitity position at 31 December 2022 was £3,755,989. The note also indicates the company has received confirmation from its principal creditor that it is no longer their current intention to offer financial support to the company. As stated in note 2.2, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 29 September 2023 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 6