Registered number
01106898
Fiesta Girl of London Limited
Filleted Accounts
31 March 2023
Fiesta Girl of London Limited
Registered number: 01106898
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,227,571 16,204,031
Current assets
Debtors 4 236,219 208,664
Cash at bank and in hand 913,847 893,336
1,150,066 1,102,000
Creditors: amounts falling due within one year 5 (296,041) (434,949)
Net current assets 854,025 667,051
Total assets less current liabilities 17,081,596 16,871,082
Provisions for liabilities (2,814,872) (2,814,872)
Net assets 14,266,724 14,056,210
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 14,256,724 14,046,210
Shareholders' funds 14,266,724 14,056,210
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Spyrou
Director
Approved by the board on 31 October 2023
Fiesta Girl of London Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% on reducing balance method
Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss. No depreciation is provided.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 16,200,000 197,583 16,397,583
Additions 24,547 - 24,547
At 31 March 2023 16,224,547 197,583 16,422,130
Depreciation
At 1 April 2022 - 193,552 193,552
Charge for the year - 1,007 1,007
At 31 March 2023 - 194,559 194,559
Net book value
At 31 March 2023 16,224,547 3,024 16,227,571
At 31 March 2022 16,200,000 4,031 16,204,031
Freehold land and buildings: 2023 2022
£ £
Historical cost 4,973,059 4,948,512
Cumulative depreciation based on historical cost - -
4,973,059 4,948,512
The properties were revalued on 21 March 2022 by Mr J Pishiri MRICS and Mr K Fraser MRICS of Jon Christopher, Chartered Surveyors, on the open market for current use.The above valuations have been reviewed by the directors on 31 March 2023 and considered that there is no difference from previous years.
4 Debtors 2023 2022
£ £
Trade debtors 169,188 143,523
Other debtors 67,031 65,141
236,219 208,664
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 105,949 169,113
Taxation and social security costs 86,217 95,649
Other creditors 103,875 170,187
296,041 434,949
6 Related Party transactions
At the balance sheet date the sum of £33,381 (2022: £115,605) was due from the company to the directors.
7 Controlling party
The company is controlled by Mr and Mrs Spyrou, the directors of the company.
8 Other information
Fiesta Girl of London Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Godwin Street
London
N4 3XJ
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