Company Registration No. 06262755 (England and Wales)
Fascroft Limited
Unaudited accounts
for the year ended 30 April 2023
Fascroft Limited
Unaudited accounts
Contents
Fascroft Limited
Company Information
for the year ended 30 April 2023
Directors
Mr D S Baroukh
Mr A M Khalastchi
Mr E M F Khalastchi
Mr P S D Khalastchi
Company Number
06262755 (England and Wales)
Registered Office
60 High Street
Wimbledon
London
SW19 5EE
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Fascroft Limited
Statement of financial position
as at 30 April 2023
Inventories
7,812,397
9,607,137
Cash at bank and in hand
261,453
609,911
Creditors: amounts falling due within one year
(484,158)
(6,884,567)
Net current assets
7,589,694
3,343,483
Total assets less current liabilities
7,589,694
3,343,483
Creditors: amounts falling due after more than one year
(5,727,450)
-
Net assets
1,862,244
3,343,483
Called up share capital
2
2
Profit and loss account
1,862,242
3,343,481
Shareholders' funds
1,862,244
3,343,483
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by
Mr D S Baroukh
Director
Company Registration No. 06262755
Fascroft Limited
Notes to the Accounts
for the year ended 30 April 2023
Fascroft Limited is a private company, limited by shares, registered in England and Wales, registration number 06262755. The registered office is 60 High Street , Wimbledon, London, SW19 5EE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised to the extent that it is probable that the economic benefit 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:
Turnover comprises rental income from operating leases (net of any incentives given to the lessees) and is recognised on a straight-line basis over the lease term.
Interest payable is charged to the 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 instruments.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or 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 balance sheet date in the countries where the Company operates and generates income.
Stocks are valued at the lower of cost and net realisable value. Cost is the historic price of acquiring each property. Net realisable value is based on an estimated selling price, less further costs to be incurred to completion and disposal.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour cost and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduce to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Fascroft Limited
Notes to the Accounts
for the year ended 30 April 2023
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.
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.
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.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the different between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional rights to defer settlement of the liability for at least twelve months after the reporting date.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Finished goods
7,812,397
9,607,137
Amounts falling due within one year
Fascroft Limited
Notes to the Accounts
for the year ended 30 April 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
178,900
6,584,000
Amounts owed to group undertakings and other participating interests
100,000
-
Taxes and social security
29,806
152,856
Deferred income
105,735
126,425
The bank loan is attracting interest 2.7% above the Bank of England base rate per annum, and the final instalment is due on 29/06/2027.
The bank loan is secured by the way of fixed charges over the Company's stock of properties and by floating charges over all the Company's assets.
7
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
There is no controlling party.
10
Average number of employees
During the year the average number of employees was 4 (2022: 4).