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Registered number: 10168740









FAS REAL ESTATE DEVELOPMENT COMPANY LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
COMPANY INFORMATION


Directors
Kamel Badee Al Qalam 
Fawaz Abdulaziz Fahad Alhokair 
Salman Abdulaziz Fahad Alhokair 
Abdulmajid Abdulaziz Fahad Alhokair 
Ahmed Denerdash Badrawi (appointed 11 April 2024)




Company secretary
PD Cosec Limited



Registered number
10168740



Registered office
1 The Green

Richmond

Surrey

TW9 1PL




Independent auditors
Feltons
Chartered Accountants & Registered Auditors

1 The Green

Richmond

TW9 1PL





 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 8
Consolidated statement of income and retained earnings
9
Consolidated balance sheet
10 - 11
Company balance sheet
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 38


 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present their strategic report of the group for the year ended 31 December 2022.

Business review
 
The Group has one trading subsidiary, FAS Spain SLU.  The parent company does not trade.
The main activity of FAS Spain SLU is the operation of a 200 room, 4 star hotel located in Marbella.
The year ended 31 December 2022 saw turnover increase from £3,782,661 to £8,263,179 as a result of the lifting of pandemic regulations.  The operating loss for the year was £1,247,334 compared to an operating loss of £4,880,255 for 2021.

Principal risks and uncertainties
 
The Group  is exposed to financial risks including credit risk, liquidity risk and market risk arising from the
Group's normal business activities.
The Group operates in the travel and hospitality sector where their is a higher than normal risk of world events impacting on the ability of customers to travel. The Group operates credit control procedures and maintains strict controls over cash flow to mitigate against this risk  .
Liquidity risk is the risk that insufficient working capital will be generated by the Group's business activities
and that in this event suitable sources of funding may not be available. The Group ensures that sufficient
cash is available to fund ongoing operations and has sufficient cash reserves for its operations.
Market risk is the risk posed by competitors. The Group ensures that its products and services are of a quality and price level that is attractive to its customer base.

Financial key performance indicators
 
The directors of the Group use a variety of financial performance indicators, including turnover, gross profit
margins, operating profit, total assets less current liabilities and bank and cash balances. These are monitored on a regular basis.
The key performance indicators for the year were as follows:
Turnover £8,263,179
Gross margin 59.2%
Operating loss £1,247,334
Total assets less current liabilitiess £6,639,904
Bank and cash £742,503


This report was approved by the board on 18 April 2024 and signed on its behalf.



Kamel Badee Al Qalam
Director

Page 1

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,900,813 (2021 - loss £4,873,894).

No dividends were paid or are payable.

Directors

The directors who served during the year were:

Kamel Badee Al Qalam 
Fawaz Abdulaziz Fahad Alhokair 
Salman Abdulaziz Fahad Alhokair 
Abdulmajid Abdulaziz Fahad Alhokair 

Future developments

The Group aims to increase its turnover from its current operations.

Page 2

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsFeltonswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 April 2024 and signed on its behalf.
 





Kamel Badee Al Qalam
Director

Page 3

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 

Opinion


We have audited the financial statements of FAS Real Estate Development Company Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2022 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAS REAL ESTATE DEVELOPMENT COMPANY LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAS REAL ESTATE DEVELOPMENT COMPANY LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAS REAL ESTATE DEVELOPMENT COMPANY LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We assessed the risk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with management and those charged
with governance.
• We obtained an understanding of laws and regulations that could reasonably be expected to have a material
effect on the financial statements through discussion with management and those charged with governance,
including financial reporting and taxation legislation. We considered that extent of compliance with those laws
and regulations as part of our procedures on the related financial statement items.
• We inquired of management and those charged with governance as to any known instances of non-compliance
or suspected non-compliance with laws and regulations. We remained alert to any indications of non-compliance
throughout the audit.
• We addressed the risk of fraud through management override by reviewing the appropriateness of a sample of
journal entries and other adjustments; assessing whether the judgements made in making key accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business that we come across throughout the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both management and
those charged with governance of the company. Our examination should not be relied upon to disclose all such
material misstatements or frauds, errors or instances of non-compliance as may exist.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Auditors' report.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The consolidated financial statemenst for the year ended 31 December 2021 were not audited.


Page 7

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAS REAL ESTATE DEVELOPMENT COMPANY LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





David Alesbury (Senior statutory auditor)
  
for and on behalf of
Feltons
 
Chartered Accountants
Registered Auditors
  
1 The Green
Richmond
TW9 1PL

18 April 2024
Page 8

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
8,263,179
3,782,661

Cost of sales
  
(3,375,284)
(2,158,271)

Gross profit
  
4,887,895
1,624,390

Administrative expenses
  
(6,145,141)
(3,756,150)

Other operating income
 5 
9,913
408,142

Operating loss
 6 
(1,247,333)
(1,723,618)

Amounts written off investments
  
-
(3,080,032)

Interest receivable and similar income
 9 
53
6

Interest payable and similar expenses
 10 
(123,317)
(124,143)

Loss before tax
  
(1,370,597)
(4,927,787)

Tax on loss
 11 
(530,216)
53,893

Loss after tax
  
(1,900,813)
(4,873,894)

  

  

Retained earnings at the beginning of the year
  
(18,321,836)
(13,447,942)

  
(18,321,836)
(13,447,942)

Loss for the year attributable to the owners of the parent
  
(1,900,813)
(4,873,894)

Retained earnings at the end of the year
  
(20,222,649)
(18,321,836)

Non-controlling interest at the end of the year
  

The notes on pages 17 to 38 form part of these financial statements.

Page 9

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
REGISTERED NUMBER: 10168740

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 12 
22,764,989
25,158,938

Tangible assets
 13 
25,302,022
24,129,817

Investments
 14 
1,588,030
27,768

  
49,655,041
49,316,523

Current assets
  

Stocks
 15 
44,100
98

Debtors: amounts falling due within one year
 16 
1,132,022
1,154,686

Cash at bank and in hand
 17 
742,503
541,649

  
1,918,625
1,696,433

Creditors: amounts falling due within one year
 18 
(44,933,762)
(43,725,465)

Net current liabilities
  
 
 
(43,015,137)
 
 
(42,029,032)

Total assets less current liabilities
  
6,639,904
7,287,491

Creditors: amounts falling due after more than one year
 19 
(26,689,177)
(25,442,277)

Provisions for liabilities
  

Net assets excluding pension asset
  
(20,049,273)
(18,154,786)

Net liabilities
  
(20,049,273)
(18,154,786)


Capital and reserves
  

Called up share capital 
 24 
50,000
50,000

Other reserves
  
123,376
117,050

Profit and loss account
  
(20,222,649)
(18,321,836)

Equity attributable to owners of the parent Company
  
(20,049,273)
(18,154,786)

  
(20,049,273)
(18,154,786)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 April 2024.




Kamel Badee Al Qalam
Director

Page 10

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
REGISTERED NUMBER: 10168740
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The notes on pages 17 to 38 form part of these financial statements.

Page 11

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
REGISTERED NUMBER: 10168740

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 14 
19,480,750
18,470,786

  
19,480,750
18,470,786

Current assets
  

Debtors: amounts falling due within one year
 16 
103,114
73,114

Cash at bank and in hand
 17 
198,114
263,326

  
301,228
336,440

Creditors: amounts falling due within one year
 18 
(43,073,038)
(42,063,075)

Net current liabilities
  
 
 
(42,771,810)
 
 
(41,726,635)

Total assets less current liabilities
  
(23,291,060)
(23,255,849)

  

  

Net assets excluding pension asset
  
(23,291,060)
(23,255,849)

Net liabilities
  
(23,291,060)
(23,255,849)


Capital and reserves
  

Called up share capital 
 24 
50,000
50,000

Profit and loss account brought forward
  
(23,305,849)
(21,764,784)

Loss for the year
  
(35,211)
(1,541,065)

Profit and loss account carried forward
  
(23,341,060)
(23,305,849)

  
(23,291,060)
(23,255,849)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 April 2024.


Kamel Badee Al Qalam
Director

The notes on pages 17 to 38 form part of these financial statements.

Page 12

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

Loss for the financial year
(1,900,813)
(4,873,894)

Adjustments for:

Amortisation of intangible assets
3,238,505
3,156,637

Depreciation of tangible assets
726,469
645,776

Loss on disposal of tangible assets
15,381
-

Government grants
(9,913)
(408,142)

Interest paid
123,317
124,143

Interest received
(53)
(6)

Taxation charge
530,216
(53,893)

(Increase)/decrease in stocks
(44,001)
43,187

(Increase)/decrease in debtors
(366,526)
189,435

Decrease/(increase) in amounts owed by groups
43,740
(92,342)

Increase/(decrease) in creditors
2,135,181
(1,060,524)

Net fair value losses recognised in P&L
-
3,080,032

Corporation tax (paid)/received
(332,184)
-

Net cash generated from operating activities

4,159,319
750,409


Cash flows from investing activities

Purchase of intangible fixed assets
(43,590)
(50,961)

Sale of intangible assets
3,057
408,142

Purchase of tangible fixed assets
(1,831,449)
(2,539,044)

Sale of tangible fixed assets
9,914
2,337,101

New loans to associates
(1,558,761)
-

Purchase of unlisted and other investments
(1,501)
-

Government grants received
9,913
408,142

Interest received
53
6

Net cash from investing activities

(3,412,364)
563,386

Cash flows from financing activities

Repayment of loans
(415,267)
(765,609)

Repayment of/new finance leases
(7,517)
18,732

Interest paid
(123,317)
(124,143)

Net cash used in financing activities
(546,101)
(871,020)

Net increase in cash and cash equivalents
200,854
442,775

Cash and cash equivalents at beginning of year
541,649
98,874
Page 13

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


2022
2021

£
£


Cash and cash equivalents at the end of year
742,503
541,649


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
742,503
541,649

742,503
541,649


The notes on pages 17 to 38 form part of these financial statements.

Page 14

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
Page 15

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022




At 1 January 2022
Cash flows
At 31 December 2022
£

£

£

Cash at bank and in hand

541,649

200,854

742,503

Debt due after 1 year

(1,666,052)

337,090

(1,328,962)

Debt due within 1 year

(19,428,074)

(891,334)

(20,319,408)

Finance leases

(52,673)

7,516

(45,157)


(20,605,150)
(345,874)
(20,951,024)

The notes on pages 17 to 38 form part of these financial statements.

Page 16

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

FAS Real Estate Development Company Ltd is a company incorporated in the United Kingdom under
the Companies Act. The company is a private company limited by shares and is registered in England
and Wales. The address of the registered office is shown on the company information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

Page 17

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue can be measured reliably;
it is probable that the Group 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

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 21

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over 50 years
Fixtures and equipment
-
Over periods of between 6 and 20 years.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 22

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

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.

 
2.18

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Page 23

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 24

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 25

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are discussed below:
(ii) Recoverability of receivables
If necessary, the group establishes a provision for receivables that are estimated not to be recoverable.
When assessing the recoverability the directors consider factors such as aging of receivables, past
experience of recoverability, and the credit profile of an individual or groups of customers.
(iii) Determining residual value and useful economic lives of property, plant and equipment
The group depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of
assets is based on historic performance as well as expectations about future use and therefore requires
estimates and assumptions to be applied by management. The actual lives of these assets can vary
depending on a variety of factors, including technological innovation, product life cycles and maintenance
programmes.


4.


Turnover

An analysis of turnover by class of business is as follows:


2022
2021
£
£

Food and drinks
1,302,649
593,993

Accommodation
6,960,530
3,188,668

8,263,179
3,782,661


Analysis of turnover by country of destination:

2022
2021
£
£

Europe
8,263,179
3,782,661

8,263,179
3,782,661


Page 26

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Other operating income

2022
2021
£
£

Government grants receivable
9,913
408,142

9,913
408,142



6.


Operating loss

The operating loss is stated after charging:

2022
2021
£
£

Exchange differences
184,675
(1,547,336)

Other operating lease rentals
28,688
10,690


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
4,500
-

Fees payable to the Company's auditors in respect of:

Taxation compliance services
500
400

All non-audit services not included above
2,500
1,000

Page 27

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Wages and salaries
2,166,462
1,381,831
-
-

Social security costs
546,076
445,134
-
-

2,712,538
1,826,965
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Manager
1
1



Administration
6
6



Maintenance and cleaning
14
12



Restaurant staff
44
29



Other
16
17

81
65

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL)

9.


Interest receivable

2022
2021
£
£


Other interest receivable
53
6

53
6

Page 28

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
123,271
123,775

Other loan interest payable
46
368

123,317
124,143


11.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
175,553
-


175,553
-


Total current tax
175,553
-

Deferred tax


Origination and reversal of timing differences
354,663
(53,893)

Total deferred tax
354,663
(53,893)


Tax on loss
530,216
(53,893)
Page 29

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Loss on ordinary activities before tax
(1,370,597)
(4,927,787)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(260,413)
(936,280)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
646,425
599,761

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(6,277)
(3,677)

Capital allowances for year in excess of depreciation
(100,741)
(10,240)

Utilisation of tax losses
269,544
-

Other timing differences leading to an increase (decrease) in taxation
(18,322)
(288,663)

Capital gains
-
585,206

Total tax charge for the year
530,216
(53,893)

Page 30

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Intangible assets

Group and Company





Patents
Computer applications
Goodwill
Total

£
£
£
£



Cost


At 1 January 2022
16,792
174,264
31,375,314
31,566,370


Additions
-
43,590
-
43,590


Disposals
-
(15,449)
-
(15,449)


Foreign exchange movement
908
9,418
1,009,738
1,020,064



At 31 December 2022

17,700
211,823
32,385,052
32,614,575



Amortisation


At 1 January 2022
4,758
89,400
6,313,274
6,407,432


Charge for the year on owned assets
3,540
43,683
3,238,505
3,285,728


On disposals
-
(12,392)
-
(12,392)


Foreign exchange movement
257
4,831
163,730
168,818



At 31 December 2022

8,555
125,522
9,715,509
9,849,586



Net book value



At 31 December 2022
9,145
86,301
22,669,543
22,764,989



At 31 December 2021
12,034
84,864
25,062,040
25,158,938



Page 31

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Tangible fixed assets

Group






Freehold property
Fixtures and equipment
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 January 2022
20,935,038
4,987,411
1,064,046
26,986,495


Additions
1,426,325
307,552
97,573
1,831,450


Disposals
(73,526)
(30,429)
(1,157,917)
(1,261,872)


Exchange adjustments
1,131,418
269,541
57,506
1,458,465



At 31 December 2022

23,419,255
5,534,075
61,208
29,014,538



Depreciation


At 1 January 2022
1,699,419
1,157,259
-
2,856,678


Charge for the year on owned assets
320,125
389,953
-
710,078


Disposals
(302)
(8,324)
-
(8,626)


Exchange adjustments
91,844
62,542
-
154,386



At 31 December 2022

2,111,086
1,601,430
-
3,712,516



Net book value



At 31 December 2022
21,308,169
3,932,645
61,208
25,302,022



At 31 December 2021
19,235,619
3,830,152
1,064,046
24,129,817

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Motor vehicles
46,156
36,765

46,156
36,765

Page 32

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Fixed asset investments

Group





Loans to associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2022
-
27,768
27,768


Additions
1,558,761
1,501
1,560,262



At 31 December 2022
1,558,761
29,269
1,588,030




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
18,470,786


Foreign exchange movement
1,009,964



At 31 December 2022
19,480,750





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

FAS Spain S.L.U
Marbella
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

FAS Spain S.L.U
52,995
1,536,633

Page 33

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Stocks

Group
Group
2022
2021
£
£

Finished goods and goods for resale
44,100
98

44,100
98


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Trade debtors
164,983
95,149
-
-

Amounts owed by group undertakings
165,646
209,386
28,440
28,440

Other debtors
687,285
389,118
74,674
44,674

Prepayments and accrued income
10,560
12,035
-
-

Deferred taxation
103,548
448,998
-
-

1,132,022
1,154,686
103,114
73,114



17.


Cash and cash equivalents

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Cash at bank and in hand
742,503
541,649
198,114
263,326

742,503
541,649
198,114
263,326


Page 34

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank loans
879,112
957,288
-
-

Payments received on account
230,919
133,243
-
-

Trade creditors
71,105
(27,560)
-
-

Amounts owed to group undertakings
25,131,869
25,131,869
25,172,323
25,131,869

Corporation tax
154,995
13,459
-
-

Other taxation and social security
178,538
128,583
-
-

Obligations under finance lease and hire purchase contracts
29,140
9,832
-
-

Other creditors
18,250,484
17,231,165
17,893,115
16,923,606

Accruals and deferred income
7,600
147,586
7,600
7,600

44,933,762
43,725,465
43,073,038
42,063,075



19.


Creditors: Amounts falling due after more than one year

Group
Group
2022
2021
£
£

Bank loans
1,328,962
1,666,052

Net obligations under finance leases and hire purchase contracts
16,016
42,841

Other creditors
25,344,199
23,733,384

26,689,177
25,442,277




Page 35

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2022
2021
£
£

Amounts falling due within one year

Bank loans
879,112
957,288


879,112
957,288

Amounts falling due 1-2 years

Bank loans
437,637
405,675


437,637
405,675

Amounts falling due 2-5 years

Bank loans
891,325
1,050,482


891,325
1,050,482

Amounts falling due after more than 5 years

Bank loans
-
209,895

-
209,895

2,208,074
2,623,340



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2022
2021
£
£

Within one year
29,140
9,832

Between 1-5 years
16,016
42,841

45,156
52,673

Page 36

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

22.


Financial instruments

Group
Group
2022
2021
£
£

Financial assets

Financial assets measured at fair value through profit or loss
742,503
541,649




23.


Deferred taxation


Group



2022


£






At beginning of year
448,998


Charged to profit or loss
(369,715)


Exchange rate adjustment
24,265



At end of year
103,548

Company


2022






At end of year
-
Group
Group
2022
2021
£
£

Tax losses carried forward
103,548
448,998

103,548
448,998


24.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



50,000 (2021 - 50,000) Ordinary shares of £1.00 each
50,000
50,000


Page 37

 
FAS REAL ESTATE DEVELOPMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

25.


Commitments under operating leases

At 31 December 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£
£

Not later than 1 year
12,008
11,632

Later than 1 year and not later than 5 years
3,789
52,039

15,797
63,671
Page 38