Registered number
05723518
Falin (Midlands) Limited
Report and Accounts
31 May 2023
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Falin (Midlands) Limited
Registered number: 05723518
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 11,829 10,246
Cash at bank and in hand - 1,583
11,829 11,829
Net current assets 11,829 11,829
Net assets 11,829 11,829
Capital and reserves
Called up share capital 10 10
Profit and loss account 11,819 11,819
Shareholders' funds 11,829 11,829
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 S Ashgar Ali
Director
Approved by the board on 30 August 2023
Falin (Midlands) Limited
Notes to the Accounts
for the year ended 31 May 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.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 11,829 10,246
4 Related party transactions
There are no related party transactions.
5 Controlling party
The company is controlled by its directors who are the shareholders.
7 Contingent liabilities
During the year the Company has received tax assessments seeking to charge the Company PAYE and NI of over £127,700 in respect of funds introduced by the director into the Company to cover an investment loss some 6 years ago.
They have also sought to charge corporate tax of £118,000 in respect of the same transaction as an alternative treatment.
The directors have received advice that these assessments are incorrect and have appealed against the assessments and agreed with HMRC that the amounts be stood over in the interim.
Since the year end HMRC has issued an accelerated payment notice requiring the Company to make an upfront payment of the disputed tax.
The Company is currently in the process of making a representation to have the matter reconsidered. Should the company run out of funds to defend its position it will be forced to liquidate irrespective of whether or not any tax ultimately proves to be payable.
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