Company Registration No. 13374628 (England and Wales)
Faulkner James Ltd
Unaudited accounts
for the year ended 31 May 2023
Faulkner James Ltd
Unaudited accounts
Contents
Faulkner James Ltd
Statement of financial position
as at 31 May 2023
Investment property
555,000
185,572
Cash at bank and in hand
1,450
615
Creditors: amounts falling due within one year
(146,948)
(58,708)
Net current liabilities
(145,498)
(58,093)
Total assets less current liabilities
409,502
127,479
Creditors: amounts falling due after more than one year
(359,230)
(132,730)
Net assets/(liabilities)
50,272
(5,251)
Called up share capital
2
2
Profit and loss account
50,270
(5,253)
Shareholders' funds
50,272
(5,251)
For the year ending 31 May 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 10 December 2023 and were signed on its behalf by
Daniel Wilson
Director
Company Registration No. 13374628
Faulkner James Ltd
Notes to the Accounts
for the year ended 31 May 2023
Faulkner James Ltd is a private company, limited by shares, registered in England and Wales, registration number 13374628. The registered office is 9 Westfield Farm, Askham Lane, York, YO24 3HU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. 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 accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover represents amounts receivable in respect of rent.
Fair value at 1 June 2022
185,572
Net gain from fair value adjustments
54,261
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Creditors: amounts falling due within one year
2023
2022
Other creditors
146,948
58,708
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
359,230
132,730
Faulkner James Ltd
Notes to the Accounts
for the year ended 31 May 2023
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).